Here at Hampton Law, we keep our clients in-the-know when it comes to important things like a living trust. Learn about what exactly a living trust is and why you need one for estate planning in Fort Myers.
What is a Living Trust?
When we talk about a living trust, we’re referencing a revocable living trust. This kind of trust can be edited or completely revoked by the trustor as long as they are living and competent.
Once the trust is created, all of your assets, including your home, stocks, bank accounts, and more are transferred into it. During your lifetime, the trust is administered for your benefit. When you die, the assets will be transferred to the beneficiaries that you’ve designated in the trust documents.
Do I Need a Living Trust?
Having a living trust is important for any and everyone. In the event of an accident or sudden illness, it will eliminate any unsureness or confusion. It will ensure that your assets are managed in the way you want, and allotted to the designated beneficiaries.
If you and your spouse own a home or have children, you can benefit from a living trust because your assets and heirs can avoid a time-consuming and expensive experience in probate court.
The asset that your living trust holds can be managed by the trustee and distributed according to your wishes without the courts ever becoming involved, or even supervising the process.
Avoiding Probate
If assets under your name are not included in a living trust when you pass away, or they don’t pass ‘beneficiary designation,’ and they surpass a certain amount of value, those assets could be subject to probate. Probate is a process supervised by the court that handles transferring assets to beneficiaries listed in a person’s will.
After the event of your death, a petition is filed with the court and a hearing is held. The process concludes when the court approves a final distribution of your assets. Probate takes much more time than property distribution related to a living trust, and assets may get tied up in probate in a manner they wouldn’t in a living trust.
A Living Trust Attorney Near Me
Estate planning in Fort Myers is important. Hampton Law specializes in estate planning and elder law, and we would be more than happy to help you figure out your living trust. Contact us today to get the ball rolling.
