Probate refers to the legal proceedings during which an estate is settled. Although simple estates with few beneficiaries can be settled fairly quickly, larger estates with more complicated arrangements often result in lengthy probates. In addition to the emotional burden of navigating these proceedings while grieving the loss of a loved one, beneficiaries must also deal with court costs and legal expenses. Fortunately, the creation of a living trust is one way to bypass probate when distributing assets.

Last Will

A last will is the most basic estate planning document. In a will, you can establish guardianship over any children who are still minors at the time of your passing, distribute assets and bequeath personal property to loved ones, and state any last wishes regarding the funeral or burial. If you have a fairly small estate, a last will may be the only document you need to draft. However, everything that transfers to beneficiaries through a will must pass through probate first.

Living Trust

A living trust is a financial arrangement in which a third party manages specific assets until the beneficiaries are eligible to acquire them. These arrangements do not become “active” until the creator funds them with the assets in question, which requires the transfer of property. By transferring assets to the trustee on behalf of any beneficiaries, the trust maker loses ownership of them, so they do not have to pass through probate upon his or her death. This allows beneficiaries to acquire property immediately—or whenever they meet the conditions set forth by the deceased.  

If you want to help loved ones avoid lengthy or contentious probate proceedings upon your passing by creating a living trust, turn to Woodlawn Law Offices in O’Fallon, MO. For more than 25 years, David Schmidt, Attorney at Law, has been providing comprehensive legal counsel in virtually every practice area. You can learn more about this firm by visiting them online. To schedule an initial consultation with a probate law attorney, call (636) 240-6667.