Why Probate Court?
Without a last will and testament, your property and assets will automatically be controlled by a probate court. The probate court will allocate your assets based on the laws of the state where the property is located. The state will decide what your loved ones can inherit- which may affect minor children, and most likely will disrupt the legacy you would like to leave for your family.
TRUSTS
By setting up a trust and “funding it” (don’t worry, funding the trust sounds complicated but we explain it in more detail during our webinar you can keep your estate matters private (no court), efficient (smooth transfer of gifts), and save your family the burden of waiting for their inheritance and paying expensive attorney fees just to get what you left them!
Essentially a trust is a contract you create during your lifetime that allows people you trust to distribute your assets according to your wishes WITHOUT going through the court probate process.
A will and a trust allow you to give directions over how your beneficiaries will receive their inheritance. In other words, you can address how you would like them to use their inheritance.
There are several kinds of Trusts, so it’s important to speak with an attorney to help you assess your goals and wishes before you decide on which type you’ll create.
When we hear the word "Trust" – we tend to imagine things like "wealthy trust fund kids" and elderly
people with high net worth. In fact, Trusts can be used for individuals and families of all sized estates,
not just very large ones.
There are many benefits to a Trust, including:
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ï‚· Avoiding costly probate court
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Privacyï‚·
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ï‚· Reduced or eliminated estate and gift taxes