Are you worried about probate but don't fully understand what it actually means? It can be a stressful and overwhelming thing to think about. Today, we are going to talk further about probate, from where our estate lawyer in Raleigh left off in our last blog post.
Probate | Estate Lawyer in Raleigh
Remember, in our last blog post, we mentioned that a probate can tie up your assets as well as your estate executor’s time. It can also cost your estate money. A living trust can help you avoid probate, and save your family unnecessary and complicated procedures during what is already a difficult time.
A will outlines what you want to happen to your assets. A living trust does the same but avoids the probate process. When you establish a living trust, you move your assets into it while you are living. You have control of the trust while you are living, but you name who will take over after your death. You can also make changes if you need to as situations change, such as additions or deaths in the family.
Some suggest that you should also create a will to include in your estate plan. This will ensure that any property not transferred according to your living trust will go to the people you name. Otherwise, it will be determined by the laws of your state who receives it, which may not be the people you want.
If you have a living trust, when you die the person you name as the trustee can distribute your assets according to your wishes. This process is fairly straightforward and does not include the lengthy and complicated procedures of a probate.
There are many reasons to create a living trust instead of a will, including avoiding probate. If you have a large estate and want to ensure that it is protected and that the people you want to inherit it will receive it, you may want to consider a living trust.
The amount of time it takes to create a living trust is only a little more than creating a will. Any costs you incur now from establishing a living trust will help your family avoid fees in the future if your estate is subject to the probate process. You can talk with an estate lawyer in Raleigh about your options and see if a living trust is the best choice for you and your family.
Eldreth Law Firm, PLLC | Estate Lawyer in Raleigh
As always, feel free to contact us with any questions or concerns you may have about your current estate plan. Also, feel free to contact our office to schedule a consultation with us if you are looking for a probate lawyer in Cary NC. We are here to help you with all your legal matters, whether it be small business, trademarking, copyrighting, or DWI issues.