Essex Junction living trust attorneys can provide you with help and support as you make plans to leave your legacy. While many people use a will to determine who will inherit and how assets will pass on to loved ones, your heirs or beneficiaries would likely prefer it if you would use a living trust.
When you create a living trust and transfer assets into it, assets can transfer outside of the probate process. Unsworth LaPlante, PLLC can help you to determine what this would mean to your heirs and why it may be beneficial for them to inherit through the trust administration process instead of through the probate process.
You can give us a call to find out more about the ways in which our legal team can help you with the trust creation process and with taking steps to provide a legacy for loved ones. You can also read on to find out about some of the key reasons why your heirs or beneficiaries would prefer a living trust as a means of transferring wealth.
A Living Trust Allows Heirs or Beneficiaries to Inherit More Quickly
When you create a living trust, the assets that you fund the trust with are able to transfer to assets through the trust administration process. This process is a much faster process for transferring wealth than the probate process. While Investopedia estimates that the probate process takes around a year to complete, the trust administration process tends to be a much faster way to move wealth to new owners.
Transferring wealth is quickly if your heirs or beneficiaries are counting on an inheritance because they relied on income you are no longer providing to your household now that you have passed away. It’s also important because your loved ones can begin to move on more quickly because they are not waiting for the probate process to end.
A Living Trust Means There’s No Need to go to Court
When assets pass through the probate process, this requires going to court, which can be a very stressful and difficult experience for family members. The trust administration process allows assets to be transferred entirely outside of court unless there is a problem. This means there’s no stress involved in filing court paperwork or going to court hearings.
A Living Trust Allows You to Save Money on the Transfer of Wealth
The probate process can be costly, with Investopedia estimating that the process costs around three percent to seven percent of the value of the estate. Your heirs are better off if they can inherit more of your wealth instead of all of this money being used on costs and fees associated with the probate process. Transferring assets through the trust administration process makes it possible for wealth to be transferred in a much less costly process.
A Living Trust Allows for a More Private Transfer of Wealth
In circumstances where assets must be transferred through the probate process, a judge presides over a probate hearing. The proceedings from probate court can become public record and, unless court records are sealed, could be accessible to interested parties. In many cases, your heirs or beneficiaries would prefer to not have information about who inherits and how much is inherited made public. Because the trust administration process takes place outside of court and is handled by the trust administrator, there is no reason for court records to exist that become public. Privacy can be protected.
Getting Help from Essex Junction Living Trust Attorneys
Essex Junction living trust attorneys can provide personalized one-on-one help with the creation of a legacy plan. We can help you to use the right legal tools to provide for your loved ones and protect the assets that you want to pass on to the next generation. We can also help you to ensure you are able to pass your wealth on as quickly as possible so that your loved ones can inherit the money and assets that you wish to provide for them in a timely manner.