Avoid Probate and Create Your Living Trust

July 16, 2009 - PRLog -- We have talked in great length about compliance and asset protection but another area of focus that is surprisingly overlooked much of the time is a Living Trust. Too often people want to do this but put it on the back burner. However, as we have said in previous entries, people naturally are inclined to think positively, or have what is common in today’s ontological vernacular, dominant thoughts of success. They do not want to think of when their days are numbered. Why should your home, your business, and your legacy be wasted on the courts to be picked apart in probate when you pass away? On average, probate can absorb as much as fifty percent of the value of your assets before your heirs see a penny of it. How is that fair? It’s like a lion cub having to wait until the vultures are finished before getting a chance to eat the kill. Living Trusts are a legal way to avoid probate. Sure, your beneficiaries pay taxes as would anyone, but half your fortune isn’t handed over to the government before your kids get it. For a nominal cost of under a thousand dollars, we can prepare a Living Trust that in the long run will save your family thousands of dollars.

Living Trusts are great because you can place your estate, any property of significant value and your business in your trust. You place anyone you want to be the beneficiaries and you can divide your assets in any way you desire. The best part, and as I said before, is that Living Trusts allow your beneficiaries, those who inherit your assets, to avoid probate. Money aside, probates could take a long time and it is conceivable your heirs could die before they even get your inheritance. Working in an estate attorney’s office, we had seen one client during the beginning of our tenure begin his probate and ten years later the probate process was still pending after we left that attorney’s office to go into business for ourselves. Next time I’ll discuss some basic details on how a trust is structured.

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