We would like to invite all of our readers to attend one of our upcoming estate planning workshops. These workshops are going to focus on estate planning in general, and living trusts in particular.
Why Consider a Living Trust?
Why would you consider a living trust as an alternative to a last will as a vehicle of asset transfer? The answer to this question can for the most part be reduced to two words: probate avoidance.
Probate is the legal process of estate administration. A last will is not something that is only read among family members who are named in it. When you die using a last will to direct the transfer of your assets, the will must be admitted to probate.
The probate court is charged with the responsibility of determining the validity of the will. The executor that you choose handles the estate administration tasks under the supervision of the probate court.
The process of probate provides certain protections for various interested parties, but it comes with some pitfalls. For one thing, the process is time-consuming. Your loved ones will not be receiving any inheritances until the estate has been probated and closed if you use a last will to direct asset transfers.
In addition to this time consumption, there are significant costs that typically pile up during the probate process. Monies spent during probate could otherwise be utilized by the heirs to the estate.
Finally, probate takes away your privacy. Anyone can access probate records and find out what went on during probate.
When you convey assets into a revocable living trust you name a trustee, and you also name beneficiaries. After you pass away, the trustee that you select will distribute monetary resources to the beneficiaries. This would be done in accordance with your wishes as stated in the trust agreement.
The probate court would not be involved. These distributions would be made directly to the beneficiaries in a timely manner shortly after your death outside of probate.
Estate Planning Workshop Registration
Our upcoming estate planning workshops are going to cover living trusts in detail. We will explain all of the benefits to you, and give you the opportunity to ask any questions that you may have about living trusts, probate, and other estate planning matters.
The first workshop will be taking place on January 21st in Bettendorf. The last one on the schedule at the present time is being held in Eldridge on February 27th. To see a complete list of the schedule, which contains a total of nine different sessions that are being held over the next few weeks, click here: Free Estate Planning Workshops.
Though these workshops are free, we ask that you register in advance, because seating is limited.