Living Trust, An Easier Process
There are a handful of legal documents that every person should arrange for in their lives. Although, it isn't one that quickly comes to mind, particularly if you are a young person, we often think of a last will and testament as one of those 'must have" documents. Wills have been the standard through generations, and although they are fairly easy to create, some can even be constructed online, a last will and testament is not the only way to ensure your assets are handed down after your death. You may want to consider setting up a Living Trust, in lieu of a Will. If you have ever experienced the execution of a Last Will and Testament, you know that it is a complicated process. Maybe you have been appointed as the executor, meaning you are the go-to person, the one who directs the process, making sure that all that was intended actually gets accomplished. What you may or may not know, is that when someone dies, their estate, no matter how large or small, becomes involved in probate. Probate is a legal state that even if there is an uncontested Will, can often take several months to come to a final resolution. The intention of a Living Trust is to expedite this process for the surviving family. When all is said and done, creating a Living Trust may save time, but does not save money. In terms of taxation, a traditional will may be the better bargain. Although a Living Trust may seem like the quicker way to dissolve a person's assets, it is expedited because it does not involve a court proceeding of any kind. A traditional is required to be witnessed by two or three impartial people, not so with a Living Trust. Neither will the execution of this Trust have the oversight that a traditional will does. Although this may seem like a riskier option, for many people, knowing that their final wishes will be followed in a timely manner, without subjecting their loved ones to months of court proceedings, is enough to prompt them to choose a Living Trust for their final arrangements.
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