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What is a Living Trust?

A Living trust is a legal document distributing your assets in the event of your death much like a will. They are also called revocable trusts. Living trusts however do not just distribute your assets. While you are alive your assets are put into the trust for your benefit. Once you die the assets (your home, car, bank etc…) in your trust are given to your heirs according to your wishes by the executor of your trust. The most notable benefit from this type of trust over a will is that the trust avoids probate.

Probate is the process by which your assets are distributed with a will and after your death your assets go into probate in order to allow for creditors or other heirs to make claims. Probate generally lasts a year when there are no problems and can cost around 5 thousand dollars assuming everything goes well. As you can see this can be quite expensive and time consuming. Living trusts offer stronger protections from these proceedings and protect your privacy. This is because probate is a matter of public record so anyone can see your assets and will. Not so with a trust which is private.

As you can see Living Trusts provide all sorts of benefits despite the fact that they are complex documents. In addition you can eliminate the Living Trust whenever you want. If this sounds like something that might be beneficial to you make an appointment with a Certified Elder Law Attorney at the Morton Law Firm today. 601-925-9797 We look forward to meeting you!

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