Trusts are a popular way to engage in probate avoidance. Many people who plan their estates prioritize probate avoidance because they want to maximize the funds that they will be able to leave to their beneficiaries.
If you are interested in avoiding probate, you should consider implementing several strategies in order to efficiently achieve these goals. This article will focus specifically on the pros and cons of using living trusts as a probate avoidance strategy.
The benefits of living trusts
Perhaps the biggest advantage of the creation of a living trust is that it almost guarantees that the assets help within will now be subject to court oversight or involvement after you pass away. This is because when assets are placed into a living trust, they effectively are not your possessions anymore.
Another great advantage of living trusts is that they make it very easy and simple for beneficiaries access. At the end of your lifetime, your loved ones will be able to gain the inheritance held in the trust very quickly, and they will not have to go through the stressful process of probate in such a difficult time.
The disadvantages of living trusts
However, living trusts are not always the best choice for everyone. To set up, they are typically much more complex when compared to simply writing a will, for example. They are also expensive to fund. However the upfront costs are likely to pay off in the long-run.
If you are interested in setting up a living trust so that you can avoid probate, you should take swift action to understand more about the law.
