Will vs. Trust: How to Avoid Probate
How protected are you really? How to protect your assets long after you’ve passed. Death is typically a topic many people avoid. Particularly as it pertains to loved ones in our personal lives. Or when it comes to your own realization that one day, we all have our day. Death, like change is inevitable. However, probate does not have to be.
Probate happens when a homeowner passes away and leaves behind property and/or assets to loved ones to inherit. In a way, it is a person's legacy, what they leave behind. They want to pass on all their earnings, valuables to those that are still living and what most people may not know when preparing for such day, is the difference between a will and a trust. People think having a will is enough and will protect their assets. However, they are gravely mistaken.
A will is a simpler, cheaper approach to pass on your belongings, property and valuable possessions. What it does NOT protect your loved ones from is from going through the agonizing and lengthy probate process. Not only is it stressful, lots of responsibilities, it also ends up costing your loved ones from paying hefty fees to the probate courts and the lawyer who may or may not have their best interests in mind. Like in any profession, there are great reps and not so favorable ones. Furthermore, when someone is going through the probate process, it all becomes public knowledge. Which also means, what you owe to creditors, hospitals, your assets, your family members, or friends listed in your will (if you even went to that length of getting one made) are all made public. That just equals messy and too personal.
What a living trust does is it not only protects your assets, when you pass, your family members or appointed executor will be able to surpass the court and have your debts and personal business, all private. Affairs will be handled by the estate lawyer that you hired. Not only will that save your family money and stress in the long run, while you are alive, should you ever experience a situation where you are incapacitated or ill, unable to speak or make decisions for yourself, you may appoint someone to stand as a durable power or attorney as well as a health care directive. This also minimizes state and federal taxes and so much more. Sure, a living trust is more costly upfront, but you pay so much more with less benefits going the will route. It’s important to make decisions that will pay off in the long run. With a trust, you can be at more peace and trust that you made the right decision, even after we are gone. And may your legacy continue to live on.
