Upon your passing, your Will may be subject to probate—the Court-supervised process of distributing your property. This process involves unnecessary time and expense for your loved ones.
A Separate Legal Entity
You can avoid probate if, before your death, you transfer all of your property to a revocable living trust.
Your trust is a separate legal entity from you as an individual. This means that when you die, you do not own any probate assets; the trust owns them. You have complete control of your assets during your lifetime because you are both the beneficiary of the trust and the trustee.
Saving Both Time and Money
Upon your death, your loved ones will not have to engage the services of a probate lawyer to take them through the archaic probate process. Attorney's fees and court costs for a probate can easily run several thousands of dollars.
All the assets owned by your trust at your death will be distributed by your successor trustee, according to the terms of your trust, without court approval or supervision. This saves thousands of dollars in attorney's fees and court costs. It also saves time, since probates can last a minimum of a few months to years.
If you would like to establish a revocable living trust, contact me to for a consultation.
Grayson P. Van Horn is an attorney at law serving Oklahoma residents and property owners.
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