When it comes to naming who you want to inherit your assets, most people think of creating a Will. But creating a Living Trust actually has huge advantages. We break down the differences for you below.
A Will is a document that describes who you want to inherit your assets after you die. After you die, your Will is interpreted by a judge during a public process known as probate.
On average probate takes 12-18 months and can be expensive with court and lawyer fees. This is made even worse if you have family and friends fighting over your assets. The longer they fight, the more your assets get devoured by legal fees.
A Living Trust is a simple personal entity that you put your assets into. In addition to being able to assign who you want to inherit your assets, a Trust also allows you to assign someone to manage it (your successor trustee).
A Living Trust allows you to completely circumvent probate and make transferring your assets private and seamless. Think of it like a personal LLC that you put everything you own into. Except it doesn’t protect you from liability like an LLC, it protects your heirs from probate. Instead of going through probate, your successor trustee takes control of the Trust and distributes your assets per your instructions.
The person you select as Successor Trustee should be your most trusted person. Like a best friend or closest family member.
At Dynasty we believe that having a Living Trust should be a basic American right, and that it shouldn’t require money or lawyers. So we’ve made it simple and free for everyone. Create your free trust today and never leave your loved ones unprotected.