Should I Use Living Trust To Avoid Probate
I am recently married, and own an LLC in which I hold rental property. My wife and I recently drafted simple wills (on the internet) which basically say that if one of us dies, the other gets all of our stuff. My lawyer has advised me that I should set up a living trust to give her an interest in my LLC, to avoid probate should I die. Is this necessary, or is my lawyer trying to do something over and above what is truly necessary?
Thanks,
Ted
I've personally used trust to hold property, and having experienced lots of clients' anguished delays and expenses on probate of wills, would unhesitatingly recommend the trust.
Why would you deliberately set up your estate so there HAS to be a will probate with its attendant expense?
John is correct. I would highly recommend a trust in almost every situation, especially when there is a married couple, children or significant assets involved. Probate can vary, but typically will take a minimum of 6 months and can take much longer if any issues arise. The trust will bypass probate and eliminate any delays in your beneficiaries having access to the assets. It is also the second step (the will was the first step) in beginning your estate planning process.
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