The #1 Way To Avoid Probate
Have you heard of probate? If so, you know that it’s something you want to avoid. If you are waiting on an inheritance, probate is the cause of the delay. Probate is the process of settling someone’s estate when they die and then distributing the remaining assets in accordance with either the decedent’s will or the Massachusetts intestate succession statutes. During probate, the decedent’s will must be determined to be valid and any interested party may challenge it. This can result in lengthy and costly litigation that will keep beneficiaries from accessing critical assets and will deplete the entire estate. For this reason, if you want to preserve the assets going to your loved ones, it is critical to find ways to avoid probate. There is one way in particular that the majority of people find to be the most beneficial and practical. Read on to learn about the most popular way to avoid probate.
The Most Popular Way to Avoid Probate
The most popular way to avoid probate is to establish a living trust. As the name implies, a living trust is a trust that you can establish while you are alive and that you have the ability to exercise a great deal of control over while you are living. When someone passes away, any assets in their name must proceed to probate. A living trust is able to circumvent this process. After an individual establishes a living trust, they may transfer assets into the trust. When they do this, the trust becomes the legal owner of the assets. This means that when the individual passes away, any asset in the trust will not be in their name since it is in the name of the trust, allowing all assets in the trust to bypass the probate process.
The Benefits of a Living Trust
As discussed above, one of the primary benefits of a living trust is that it allows you to avoid probate. However, that is a benefit shared by all trusts. What sets living trusts apart from other kinds of trusts is the flexibility and accessibility that they offer. An individual may transfer assets in and out of their living trust whenever they want to during their lifetime, and may add or remove beneficiaries easily. The ease and adaptability offered by living trusts are one of the reasons that so many people choose to utilize them. If you are interested to learn how a living trust may benefit you, talk to a Massachusetts estate attorney.
Schedule a Consultation with Fisher Law, LLC in Norwood, Massachusetts
If you are interested in the benefits of a living trust or want to develop a comprehensive estate plan that meets all of your needs, contact the experienced Norwood estate planning attorneys at Fisher Law, LLC today to schedule a consultation.