Everyone needs a will, a trust, or both. These important tools ensure that your legacy will be carried out according to your wishes and allow you to provide for loved ones after your passing. A properly prepared trust can also help avoid probate.
A completely funded trust not only helps the trustmaker and their loved ones avoid the dreaded probate process but can also smooth the transition from you as trustee to your appointed successor trustee.
Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. However, because probate involves the court system, most filings become a matter of public record.
Creating a trust to hold accounts and property can avoid the long, complicated probate process.
The bad news: Going through probate court may lead to various expenses, including fees for attorneys, executors, appraisers, accountants, court filings, and other costs required by state law. The good news: Many costs can be reduced by avoiding probate altogether.
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