Pinnacle Legacy Law Blog

Understanding the Benefits of a Revocable Living Trust: Avoiding Probate Made Simple

Can probate be avoided? The answer is yes, and one of the best ways to do so is by creating a revocable living trust. By transferring your assets into this trust, you effectively remove ownership from yourself and place it within it.

In essence, the trust becomes a substitute for a will, and a trustee carries out the instructions you leave behind without needing a court-supervised process. Your assets can be distributed smoothly and immediately when you pass away. This informative post will delve deeper into the benefits of a revocable living trust and show you how avoiding probate can be made simple. So, if you’re ready to take control of your estate planning, keep reading to learn more.

What is Probate, and Why Should You Avoid It?

Probate is a legal process that takes place after someone dies. It includes proving in court that a deceased person’s will is valid, identifying and inventorying the deceased’s property, appraising the property, paying debts and taxes, and distributing the remaining property as the will (or state law if there’s no will) directs. Typically, probate involves paperwork and court appearances by lawyers. The lawyers and court fees are paid from estate property, which would otherwise go to those who inherit the deceased person’s property.

The Revocable Living Trust: An Overview

A revocable living trust is a legal document that, like a will, contains instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust can avoid probate at death, control all of your assets, and prevent the court from holding your assets if you become incapacitated.

Transferring Assets to a Revocable Living Trust

Transferring assets into a Revocable Living Trust involves re-titling those assets in the trust’s name. You can transfer various assets, such as real estate, bank accounts, and investment accounts. Creating a trust can be complicated and may require the assistance of an experienced attorney.

The Role of a Trustee in a Revocable Living Trust

The trustee is the person who manages the trust. You can be the trustee of your living trust, keeping complete control over all property held in the trust. A “successor trustee” manages the trust after your death.

How to Create a Revocable Living Trust

Creating a trust generally involves four steps: drafting the trust document, signing the document in front of a notary public, transferring property to the trust, and ensuring all relevant parties have copies.

Understanding the Difference: Will vs. Trust – Which Do You Need?

Planning for the future is crucial, especially when it comes to the distribution of your assets after you're gone. Often, the question arises: do I need a will or a trust? Both outline your wishes regarding asset distribution but differ significantly in their...

Why Hiring an Attorney Can Streamline the Probate Process and Prevent Family Conflicts

As many of you know, probate is a complex and often challenging process. It can be both time-consuming and expensive, and a multitude of paperwork and legal requirements can make it feel overwhelming. "Should I avoid probate?" is a frequent question many individuals...

Estate Planning Mistakes Farmers and Ranchers Make and Avoiding Them

Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life.  Unfortunately, many farmers and ranchers fail to make an estate plan.  The farm or ranch passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending the family’s unique lifestyle choice.

10 Reasons to Start Estate Planning Now

Although it may not be ideal to think about the future of your possessions after your departure, creating an estate plan ensures you and your assets are protected during and after your life. For those who haven’t started planning their estate, here are ten pressing reasons to use estate planning services sooner rather than later.

Understanding the Benefits of a Revocable Living Trust: Avoiding Probate Made Simple

Can probate be avoided? The answer is yes, and one of the best ways to do so is by creating a revocable living trust. By transferring your assets into this trust, you effectively remove ownership from yourself and place it within it. In essence, the trust becomes a...

Understanding the Basics: What is a Living Trust and Why You Should Consider One

What is a Living Trust? Understanding the Basics A living trust is a legal entity created to hold your assets while alive. It provides a way to transfer your assets to beneficiaries upon your passing without the need to go through the probate process. Avoiding the...

What You Lose By Not Planning

The motivation to put a legal plan in place increases when you fully understand what you lost when you do not plan.

How to Find a Quality Probate Lawyer

It’s crucial to find probate lawyers specializing in estate law because they have the experience and understanding of this area of law to make the process as smooth as possible for you and your family.

Top Reasons Why You Should Have a Will

Few people these days seriously consider the major benefits of estate planning, such as writing a will. While it might seem too early for you to write a will, it’s never too late to start.

Estate Planning 101: Everything You Need to Know

You’ll need an estate plan to protect your assets and loved ones when you can no longer do it. Estate planning helps you designate individuals entitled to your assets in the event of your incapacitation or death. An attorney can guide you to ensure beneficiaries and heirs receive assets with minimal gift taxes, estate taxes, and other tax impacts.

Start protecting your legacy.

Click the link below and schedule a call with a member of our team.  We will explain our unique process for working with farmers, ranchers and their families. The call is FREE!