The details of how a deceased person’s property transfers to new owners are all addressed during the probate process. Like other court processes, probate is open to the public, so anyone who wants to take a look at your estate can do so.
For some people, the idea that your final affairs will be open to public inspection is not a comforting one, and they seek to ensure privacy by using other estate planning methods, such as living trusts. While living trusts are good for protecting privacy, they also confer other benefits as well. Let’s take a look at why a living trust is such a popular choice for many people developing an estate plan.
Money and Time
Probate can last a long time, and even a simple estate can take up to a year in front of a probate court before it is finished. With the more time spent on the case the more money your estate will have to pay to your estate administrator and probate attorney. By creating a living trust you can avoid much of the probate process because the living trust will be the owner of the property and will not have to go before the probate court.
In addition to saving money by skipping the requirement of appearing before probate court, a living trust allows you to keep your estate private. The probate court does not have to approve the trust when you create it, nor does it have to step in to supervise the management of the trust or prove the trust administration process.