You may be wondering what a living trust is and why this is something that you should need in your lifetime. Essentially this is a form of trust that ensures that all of the assets that a person has are going to go to someone that is going to take care of those assets as carefully as possible. Normally this is a close family member, or someone who is prepared ahead of time to manage the assets rather than someone who is unknown.
From a known estate planning lawyer, the best advice is to instead move your assets into a trust with a successor. The reason being is because of the following definitions:
Probate Assets
Probate assets are things such as stocks, homes, rental property, business and certificates of deposit are going to be considered probate assets because they have to go through probate court before any beneficiaries can receive the items.
Non-Probate Assets
On the other hand, things that already have a beneficiary listed such as life insurance and more aren’t going to need to go through probate court because the legal portion of that document and money has already been taken care of.
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