Why a Living Trust?

Everyone needs and should have a living trust. If you have only a Will, that Will must be verified by a probate court before it can be enforced and assets distributed to your heirs. Probate costs many thousands of dollars and can take up to 2 years to complete. That is time your heirs have to wait to collect their inheritance, and needless money out of the estate before they collect.

Joint ownership does not avoid probate, it only postpones it.

Also, because a Will only goes into effect after you die, it provides no protection if you become physically or mentally incapacitated and unable to sign your checks or manage your assets and affairs. So, the court could easily take control of your assets while you are alive once you become incapacitated - and after you die. With real estate, all owners must sign to sell or refinance. If one spouse becomes incapacitated, the other spouse can find themselves with the court as their co-owner.

 A living trust avoids this unfortunate situation.

If you cannot conduct business due to mental or physical incapacity (for example Alzheimers, stroke, coma, etc) only a court appointee can sign for you - even if you have a Will. The court, not your family, will determine how your assets are used to take care of you. If you recover, it is difficult to gain control back. A power of attorney is not enough, as they can't be used to avoid probate and many also end at incapacity.

A living trust avoids all probate, and lets you keep full control of your assets while you are alive, even if you become incapacitated.

What is probate?

Probate is the legal process by which a court determines the legitimacy of your will and your heirs and distributes your assets according to your will. Without a will, your assets are distributed as the court sees fit and according to your state's laws.