There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax planning, avoiding probate, and caring for family members with special needs. A living trust also lets you dictate how your assets will pass on to future generations after your death.
One of the primary reasons for using a living trust is to avoid probate. Unlike a will, a fully funded living trust will avoid probate. Probate can be costly and is very time-consuming for your family. It can take from nine to twelve months (or even longer) to complete the probate process. Complications, such as a contested will or an inability to find clear records of all of the deceased’s assets and debts, can extend this timeline. Finally, probate proceedings are a matter of public record so when your estate goes through this process, there is no privacy.
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