A living trust is an alternative to a will with a major advantage of avoiding lengthy and expensive probate processes. A living trust transfers your possessions into a trust during your lifetime. Then after your death, ownership of your property is passed on by the trustee to your beneficiaries. The living trust permits transfer of your possessions to beneficiaries without the need for lawyer’s fees or court filings. Unlike a will, the terms of a living trust can be kept completely private. There may be circumstances where you choose to not transfer certain property into the living trust and in those cases, you will need a will to assign those specific possessions to the beneficiaries you designate. Speak with your unbundled provider attorney to learn more about the advantages of a living trust.
