Most people never truly love talking about their own demise. However, death is an inevitability for everyone. When this inevitable event happens, most Arkansas residents want to pass down property and assets to their loved ones while also making the process as simple as possible. This is why having the appropriate estate plan is crucial. Here’s why a living trust is a great way to secure an estate and avoid probate.
Why avoid probate?
Probate is the legal, court-supervised process of administering the property and assets that belonged to a deceased individual. Probate is notorious for being a long and arduous process that can take anywhere from six months to two years to complete. There are also various fees included in the probate process. Additionally, everything that goes through probate is accessible to the public. These are just a few reasons why most people want to avoid probate
How living trusts can avoid probate
Luckily, an advantage of living trusts is that they can avoid probate. When property or assets are placed in a trust, ownership of these things is technically transferred from the trust creator to the trust. However, while living, the creator of the trust controls the assets as if they were his or hers. Since the creator of the trust does not legally own the contents of the trust, these things can be passed down immediately to beneficiaries when the trust owner dies. In doing so, this works to avoid probate.
No matter the size of a person’s estate, securing property and assets for future generations to enjoy only makes sense. However, estate planning can be very complicated and confusing. Those in Arkansas who have questions about estate planning and want to ensure that their loved ones are taken care of may want to consider contacting a knowledgeable and experienced legal representative.