Make Your Own Living Trust & Avoid Probate

When a person dies, their assets often have to go through a formal court supervised process called probate. During that process, the deceased’s assets are often frozen until probate is complete. During the intervening period, the deceased’s family and other beneficiaries may be unable to access those assets. This can often cause them financial hardship as they wait months, and in some cases years, to have the assets released.

Add to this the fact that legal and probate fees can cost up to 11% of the gross value of an estate, and it’s not difficult to see why so many people want to avoid probate.

Fortunately, probate can (for the most part) be easily avoided by making a revocable living trust.

It’s relatively easy to make a living trust. All you need to do is complete and sign a revocable living trust agreement naming yourself as both grantor (the creator of the living trust) and trustee (the person who manages the assets transferred to the living trust). So, it’s essentially an agreement between you as grantor and you as trustee – no third parties involved. Once the living trust is created, you then transfer some or all of your assets to the trust. As trustee, you then take over the management of those same trust assets – which means you retain the use of and control over those assets.

When you die, the assets in your living trust are distributed by a successor trustee (which is little like an executor of a will, and is someone who you name in your living trust) to the beneficiaries named in your living trust agreement – in much the same way as assets are transferred to beneficiaries under a will.

However, importantly, as the assets are held in the trust’s name rather than in your personal name, they will not form part of your estate for probate purposes. As a result, they will not need to go through the probate process and can therefore be distributed quite quickly after you die.

EstateBee’s lawyers have created a straightforward and easy to understand book to show you how to:

• easily create your own revocable living trust & avoid probate;
• transfer property to and from your living trust;
• amend and revoke your living trust;
• manage your living trust;
• make gifts to beneficiaries;
• make provisions for the management of property gifted to young beneficiaries; and
• much more.

If you like this book, please leave a Review on Amazon.

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