A living trust, also known as a revocable trust, is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust avoids probate at death, can control all of your assets even after you are gone, and prevents the court from controlling your assets at incapacity.
Does a Trust and a Will do the Same Thing?
Not quite. A will requires all of your assets to go into probate, to be distributed at the court’s order to the heirs you chose in the will. An estate will usually go through the probate process for an average of 2 years, where a trust can generally be administered and finalized in about 90 days. With a trust you already transferred your assets into the Living Trust during your life time, thus, there are no assets to go through probate.
Who should have a Living Trust?
Age, marital status and wealth don’t really matter. If you own titled assets and want your loved ones (spouse, children or parents) to avoid court interference at your death or incapacity, consider a living trust. You may also want to en