Living Trusts or Revocable Trusts are becoming a progressively popular estate planning method due to the many benefits and freedom they offer both the individual and their heirs. One such benefit is the ability to change the details or terms of your trust at any time. You are also able to cancel the trust in its entirety, which is obviously where revocable comes in. You may be wondering why living trusts are becoming more commonplace when we already have the process of wills in place to achieve essentially the same results. While there are several reasons a trust outperforms a will, a major benefit lies in the ability to avoid probate.
Living Trust Attorneys Can Help Heirs Avoid Lengthy Probate Processes
Probate is the court supervised process in which your assets are distributed in the event of your death. Depending on each individual’s unique circumstances, probate can extend this process to months or even years after your death. As you can imagine, this can oftentimes create stress and undue financial strain for the loved ones you have left behind. It can also mean that the amount of what your heirs stand to inherit is considerably reduced. Law offices like Franks & Roeder work with their clients to help them avoid these common pitfalls with living trusts, so applicable assets can be distributed much faster without the need for court intervention.
Review Your Assets with Experienced Legal Professionals
This means that specified assets can be distributed to your beneficiaries within weeks of your death, as opposed to other modes of estate planning that can take months or years. It is also important to note that inheritances named within a living trust a less likely to incur any additional expenses upon distribution. If you are interested in attaining a Living Trusts Attorney in Moline, IL consider contacting the experts at Franks & Roeder today. They can review your assets and help you determine if a Living Trust is an effective estate planning tool for you.
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