Many people believe that their Will alone is enough to avoid Probate. That just isn't the case. Assets must still go through a court process before they can be distributed to their heirs. An effective tool many are discovering to avoid Probate is to create a Living Trust.
A Living Trust is a legal document that holds the ownership of your assets to that trust. Living Trusts are created while a person is alive. They are important because they layout a game plan for how your assets and properties should be managed or transferred in the event you are not able to manage them yourself. A Trust will protect your assets and provide clear direction as to how they should be distributed.
It also helps to circumvent probate proceedings, decreases your estate tax burden, and assists in the transfer of property and assets.
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