Probate vs. Trust
Probate is a judicial process that is required with or without a will, where the court determines the value and distribution of a deceased person’s property. A revocable living trust can avoid probate and save you thousands of dollars.
The Disadvantages of Probate are:
- Court Fees
- Length of time probate takes
- Attorney Fees
- Disclosure of personal finances
- Beneficiaries must wait till end of probate to use assets
A Living Trust is NOT subject to probate, a living trust’s advantages are:
- Avoids probate
- Control of your own assets
- Protects your privacy
- Prevents the court from controlling your assets
- Avoids the high costs of probate
Assets can be transferred immediately instead of taking months or years.