Basics to avoid Probate with living trusts

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If you’re among those people who want to leave everything you own in this planet to your loved ones without ever having to pay big amount of money to probate lawyers, you must make a living trust. It’s the only way to avoid the hefty price of paying for probate and all the fees associated with it.

You wouldn’t want to pay for probate or go through the processes involved in a probate. It involves appraising and inventorying of your properties. It will require you to pay debts and taxes. And it will make you distribute the remainder of your property according to the will.

On the other hand, if you spend time and effort on a living trust, your surviving family members wouldn’t have the hassle of acquiring the properties you left behind. With a living trust, your properties will be transferred to them easily and quickly. Not only that, most of the property you intend to leave to your loved ones will really go to them.

Create a trust

When you create a trust, you become a trustee. In a living trust you must transfer the ownership of your properties to yourself wherein you clearly spell out that you are the owner of your properties. Included in the trust is the list of the people and/or organizations you wish to succeed your properties after your death. They will be called successor trustee. While creating a trust, you must also create a back-up Will to make sure that any properties you owned that weren’t transferred to the trust will really go to the people or organizations you named to succeed what you own.

Taxes and recordkeeping

Make sure all the necessary records are intact after the living trust has been created. You must also make sure all the taxes on your properties are paid for.

The help of a lawyer

To ensure that your trust and Will both clear any legal requirements, hire the presence of a lawyer.

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