A living trust is an important tool that many of our clients have chosen to use in order to ensure that in the event of their death, their family and loved ones are taken care of. It enables a quick transfer of assets to your family. A living trust avoids the hassle, delay, and cost of probate. If you are interested in setting up a living trust for your family, contact Kelly & West to speak to a Lillington living trust attorney.
With a living trust, you create a trust for your property and appoint a “trustee” to hold the legal title to the assets. The appointed trustee can be a relative, a bank, an attorney, or you can act as the trustee yourself. Whoever is appointed as the trustee manages the assets and property. In the event of your death, the property left behind is given to the individuals you selected to inherit, bypassing the process of probate.
Probate is the process in which your property must be inventoried and appraised, and debts and taxes paid from the estate. When probate is complete, the remainder of the property goes to the people you designated. Probate is a costly and time consuming process, and the living trust will help your family avoid it.
Our Lillington living trust attorneys want to help you decide what is best for you and your family. Contact Kelly & West today.