Avoid probate with a trust #revocablelivingtrust [Video]

One of the primary advantages of a trust, particularly a revocable living trust, is its ability to avoid probate, unlike a will. When you set up a trust, you transfer the ownership of your assets from your personal estate into the trust. This reassignment of ownership means that upon your death, the assets within the trust are not considered part of your personal estate that would normally go through probate. Instead, they are controlled by the trust.

Here’s how a trust helps in avoiding probate:

Control of assets by the trust. When assets are placed in a trust, they are legally owned by the trust, not by you as an individual. Therefore, upon your death, these assets are not part of your probate estate.

Immediate transfer to beneficiaries. Since the assets in a trust are not part of the probate estate, they can be transferred immediately to beneficiaries as per the terms of the trust, without waiting for the probate process.

Privacy preservation. Unlike probate, which is a public process, a trust operates privately. The distribution of assets through a trust is not recorded in public probate court records, maintaining confidentiality in estate affairs.

Reduction of legal costs and delays. Probate can be a lengthy and costly process, involving court fees, legal expenses and other costs. A trust typically allows for the distribution of assets to occur more quickly and with fewer expenses.

Flexibility and control. Trusts offer more flexibility and control over how and when your assets are distributed to your beneficiaries, which is a level of detail not typically afforded in a will.

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