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Avoiding Probate – The Living Trust

The Best Things in Life Aren’t Things

Most people want an estate plan to give your estate to whom you want, when you want and how you want. One of the ways to ensure this is through a LIVING TRUST.

In an interview with AMERICAN SENIOR TV, Bradley B Anderson, an attorney whose law practice is devoted exclusively to estate planning, explained the advantages and value a Living Trust provides. "One of the ways to avoid death Probate is to have your assets owned by a Revocable Living Trust." Having only a Will does not ensure this. He adds, that "upon your death or disability, a trustee can take over the management of those assets for you and after the administration, transfer those assets without the need for court involvement. Assuming your assets are titled in the name of your Living Trust…it will avoid the need for a Probate."

By having the estate remain in the trust – with your heirs able to use what they need to use, as they need to use it – the estate remains protected in a variety of ways that is otherwise vulnerable: Protection from creditors and lawsuits, as well as divorce and remarriage protection. In addition setting up the "protection" of what you have spent a lifetime accumulating, most people want the years they have invested in building their estate to actually mean something. What good does it do to pass on an inheritance to an heir who doesn’t appreciate what it takes to create such an estate in the first place?

Having a Living Trust offers many advantages, and creating a comprehensive estate plan is also a very wise decision. Descendants often argue more over family distribution of personal possessions than over more valuable assets. Many people have the belief that the best things in life aren’t things. As part of your overall estate plan, families can create a LEGACY PLANNING LETTER. This ensures your heirlooms and prized possessions are distributed according to your wishes. A Legacy Planning Letter is a part of the overall LEGACY WEALTH PLAN. Your legacy – and the legacy of your ancestors, also includes your family’s values, history, traditions and anecdotes. Your family will certainly appreciate the assets you pass on, but they will treasure, even more, the memories and stories you have left behind. This brief article is intended only as a simple overview of the basic estate planning issues. We recommend you consult a qualified estate planning attorney to advise you on these matters.

Coming soon: A Purpose Driven Estate Plan

References: American Academy of Estate Planning Attorneys/AAEPA and Bradley B Anderson, law offices of Anderson, Dorn & Rader, Ltd. For more detailed information on Estate Planning, please visit www.probatebusters.com, or www.wealth-counselors.com.