Posted on: 3 June 2015
Over the past few years, the probate process has been gaining in popularity at the expense of living trusts. This is mainly because a number of states, such as New Jersey and New York, have opted for simplification, thus making this process less daunting for those who are trying to take possession of their inheritance. While there is no indication that this trend will end anytime soon, it's important to understand that living trusts can still be used in certain situations involving estate. This article discusses why you should choose to get a living trust rather than letting your heirs go through the probate process.
The costs associated with the probate process can be significant
While the probate process has been made easier in a couple of states, it still remains relatively costly-- especially when considering things such as travel expenses, for example. As you might know, the purpose of this legal recourse is to help legally transfer property from a deceased individual to an estate beneficiary. If you have originated a living trust and possess various assets in different states, then your heir/heiress won't have to go through the hassle of traveling from one state to another, and undergo the probate process to claim what you have left for them.
Living trusts promote privacy.
Another key feature of living trusts is that the assets that are left for estate purposes cannot be seized by the state government. Indeed, this is what usually happens when no will can be found or there is uncertainty as for who is legally entitled to inherit the assets. Until the estate lawyer is able to prove that the estate must be transferred to their client, the property will be listed under the state records.
It's important to make sure that all of your assets have been included in your living trust the day you decide to establish one. This is the only way your estate beneficiaries will be able to avoid dealing with the frustration that comes with probate proceedings.
As you might see, there still are a few situations for which having a living trust is strongly recommended, which makes it a relevant legal tool for inheritance purposes. No one knows exactly how many additional states will elect to make their probate process easier but until then, know that if your assets are located in one of the following states, then living trusts are the way to go. Talk to an attorney, like George M Cappello, Lawyer., for more information.Share