While traditional wills remain the most common estate planning tool, living trusts have become more popular over the years and provide individuals who create them with a variety of unique advantages.
When you die, property is passed on through a will. However, this document must be acknowledged to be legally valid through a process known as probate, which can, at times, be long, expensive, and stressful. With a living trust in place before you die, your will's validity will not need to be acknowledge upon death, and you will be able to avoid the time, hassle, and costs associated with the probate process.
Some of the benefits that having a living trust in place provides include:
During the probate process, courts have been known to freeze assets for time periods of weeks to months while they determine the disposition of the estate. Your loved ones may need immediate financial assistance in the occurrence of your death. They could be prevented from getting the help they need if only a will is in place.
At Johnson, Gasink & Baxter, LLP, our Virginia estate planning attorneys have more than 40 years of combined experience, and are more than capable of helping you create a detailed and legally sound living trust as part of your comprehensive estate plan. We offer customized solutions that are centered around your unique needs, and make it a priority to help you achieve the peace of mind you deserve, knowing that your loved ones will be cared for.