How Does a Living Trust Help Avoid Estate Disputes?

 Posted on August 07,2024 in Estate Planning

There are several legal tools available when it comes to planning your estate. Some of these tools have complex and strict requirements that can be frustrating for your heirs after your death. This is especially true if your assets go through probate, an often costly and time-consuming process in which the court oversees the execution of your will. These frustrations sometimes lead to bitter estate disputes among beneficiaries.

One of the most popular and powerful estate planning tools is a living trust, which often avoids such disputes. This article will discuss what a living trust is and how it can prevent such disputes. Consult an Illinois estate planning attorney to find out if a living trust is right for you.

What Is a Living Trust?

A living trust is so-called because it is established during your lifetime and becomes effective once you transfer assets into it. There are two types of living trusts:

• A revocable trust, where you, as the grantor, can make changes to the trust during your lifetime and access the assets in the trust. This is the most common type of living trust and is often synonymous with the term.
• An irrevocable trust, where you cannot make changes to the trust.

The main advantage of a living trust is that it avoids the probate process. To truly understand how a living trust can help avoid estate disputes, it is first necessary to understand probate.

What Is Probate?

Probate is a procedure in which the court supervises the execution of a person’s will after his or her death. This involves several tasks, such as:

• Locating the beneficiaries
• Appointing an executor to distribute the assets
• Conducting an accounting process for the estate
• Making the estate public record and notifying creditors
• Paying outstanding debts

The probate process is often expensive, time-consuming, and frustrating. It is also public and does not have the privacy of a living trust. Because of this, estate disputes can erupt among the beneficiaries of a will as they navigate loads of paperwork, creditors, and the court process.

How Does a Living Trust Help Avoid Estate Disputes?

The main way a living trust can help avoid estate disputes is by avoiding probate court. Specifically, this means that:

• Your beneficiaries are relieved of administrative hassles such as preparing paperwork, taking inventory of the trust’s assets, and conducting an accounting with the court.
• Living trusts often contain detailed instructions about which assets should be transferred to whom and when. This can avoid heated arguments between your heirs about your wishes.
• Your beneficiaries will not need to argue about the extra costs of probate court, which are usually deducted from the estate.
• The assets are distributed to your heirs immediately and relatively quickly, reducing the chances of estate disputes.

Contact a Yorkville, IL Living Trust Attorney

Living trusts are a great way to plan your estate while also saving your loved ones from significant struggles and unnecessary disputes. At Gateville Law Firm, our experienced attorneys are ready to tailor a living trust to your specific needs and wishes. Call [[phone] to schedule a free consultation with a Kendall County, IL living trust lawyer today.