The main reason we have estate planning is to make life easier after a loved one has passed – the paperwork and estate distribution will all be taken care of so family and friends have time to grieve without worrying about logistics and details.

With a solid plan in place, loved ones will be relieved of the burden, complications, and costs associated with probate.

Estate planning, however, is not a one-size-fits-all. Each person has their own unique circumstances, goals, and concerns that need to be addressed. In order to customize each plan, estate planning attorneys have many tools they can utilize to keep your estate out of probate.

Some simple examples are: establishing joint ownership on bank accounts and real estate titles; and designating beneficiaries for life insurance policies.

However, the most effective and comprehensive way to avoid probate is to setup a revocable living trust.

What is a trust?

A trust is a legal structure in which one person (the trustor) holds title to property with the obligation to keep or use the property for the benefit of another (the trustee). I go into more detail about trusts here.

How does a trust help you avoid probate?

Probate is the legal process to transfer ownership of a decedent's assets (real estate, bank accounts, investments, property, etc) to someone else.

A trust can completely avoid this process because your accounts and property are either transferred to the trust while you are alive or named as the beneficiary upon your death. So, when you die everything is either already in your trust, or was automatically transferred into the trust.

As a result, nothing needs to be transferred by the probate court.

Pay now or Pay later

While initially creating your trust can be more complicated and cost quite a bit more than creating a will, you are essentially avoiding the costs that your loved ones would have to bear if your estate entered the probate court.

Sum It Up

The key to effective estate planning is to relieve your loved ones of the burdens associated with your death so they can focus on the grieving process. The best way to accomplish this is to avoid probate, and, setting up a trust is the most effective way to do that.

Keep in mind that while trusts are the most effective way to keep your estate out of probate, they may not be what is best for your personal situation.

My advice is to find a lawyer who genuinely cares about you and your family! They can help you decide what is best for you.

Are you ready to take control?

Follow these steps to get the ball rolling in your court!

Download our Estate Planning Workbook to help you think through some of the questions you will be required to answer
Review our Estate Planning pricing plans to learn more about how we help you plan for your future.
Get started working with us when you are ready to take control of your legacy!

Contact us