Although it isn’t the most uplifting thing to think about, every person will die one day. When this inevitable event happens, it’s safe to say those in Arkansas want to pass down their property and assets to their loved ones while making this transition as simple and easy as possible. A living trust is a great way to do this.
Why most want to avoid probate
Most people want to avoid having their possessions go through the hassle of the probate process before being passed down. Probate is the court-supervised process of administering the property and assets that belonged to the deceased person. The probate process is lengthy, lasting anywhere from six months to two years, and everything that passes through probate is public. The property of those who die without a plan in place will go through probate.
Living trusts
Fortunately, living trusts are a great way for estate owners to pass down their possessions to heirs without dealing with the probate process. Trusts can avoid probate because, technically, the property and assets that are placed in a trust are not owned by the trust creator, or trustee. When the grantor dies, the contents of the trust can bypass the probate process since the deceased person does not “own” the property and assets contained in the trust. However, with a living trust, the trustee still has control over the property in the trust while he or she is alive.
Help with estate planning
Trusts can provide much-needed peace of mind for those who want to ensure that their loved ones are taken care of. However, creating a trust can be confusing and complicated. Those in Arkansas who have questions about creating trusts or any aspect of estate planning can get help by speaking with a knowledgeable and experienced legal professional.