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How living trusts avoid probate

Probate Attorney Austin Texas Lawyer


How Living Trusts Avoid Probate

Here are the basics on avoiding probate with living trusts.
Most people want to leave as much of their money to their children, or other
heirs, as possible -- and want to avoid a big chunk of that money going to
probate lawyers. That's where living trusts come in -- they can help in avoiding
probate and probate fees.

Probate involves inventorying and appraising the property, paying debts and
taxes, and distributing the remainder of the property according to the will.
When you make a living trust, your surviving family members can transfer your
property quickly and easily, without probate. More of the property you leave
goes to the people you want to inherit it.
A basic living trust allows property to avoid probate and to quickly and
efficiently pass to the beneficiaries you name, without the hassles and expense
of probate court proceedings. A married couple can use one basic living trust to
handle both co-owned property and separate property.

Creating a Trust
To create a basic living trust, you make a document called a declaration of
trust, which is similar to a will. You name yourself as trustee -- the person in
charge of the trust property. If you and your spouse create a trust together,
you will be co-trustees.
Then you transfer ownership of some or all of your property to yourself in your
capacity as trustee. For example, you might sign a deed transferring your house
from yourself to yourself "as trustee of the Jane Smith Revocable Living Trust
dated July 12, 2010." Because you're the trustee, you don't give up any control
over the property you put in trust.
In the declaration of trust document, you name the people or organizations you
want to inherit trust property after your death. You can change those choices if
you wish; you can also revoke the trust at any time.
When you make a living trust, you should also make a back-up will. Doing so will
ensure that any property not transferred to the trust will go to the people or
organizations you want to receive it. If you don't make a will, any property not
included in your trust will be distributed according to the laws of your state
-- usually to the nearest relatives.

After You Die
When you die, the person you named in the trust document to take over -- called
the successor trustee -- transfers ownership of trust property to the people you
want to get it. In most cases, the successor trustee can handle the whole thing
in a few weeks with some simple paperwork. No probate court proceedings are
required.

Do You Need a Lawyer to Create a Trust?
Making a living trust takes about the same amount of time and is only a little
more complicated than making a will. If your circumstances aren't complicated
and you are willing to invest a few hours of your time using an estate planning
book or software, you may end up with a decent result. However, consulting an
attorney to review your situation is always a good idea.




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