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A living trust and the probate process

As you consider the idea of creating a living trust, it is important to understand the many benefits associated with doing so. This includes the advantages while you are living, as well as what this will do for your family once you pass on.

The primary reason to create a living trust is to avoid the probate process. Some people don't worry about this because they don't know any better. Others, however, have a strong grasp of the pitfalls associated with probate. This is why they are seeking the best way to help their heirs avoid it.

With a living trust in place, assets can make their way to the intended beneficiary within a matter of weeks. This is much different than the probate process, which has the potential to drag on for many months. Not only does probate take a long time to complete, but here is something else to remember: Assets can be greatly diminished over time due to attorney fees and court costs.

While a living trust is not the right choice for everybody, when creating an estate plan it is something to consider. If nothing else, this can help your heirs avoid probate, which will make life a little easier on them after you pass away.

The most important thing about an estate plan is that you are 100 percent comfortable with the details. If you have yet to consider the benefits of a living trust, now is the time to do so. This could put your mind at ease, knowing that the probate process will never become an issue for your loved ones.

Source: FindLaw, "Living Trust Information," accessed July 29, 2015

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