Not necessarily. If your estate exceeds $100,000, your estate will go to probate and the court will handle the allocation of your assets to the named beneficiaries. The probate process can last up to two years or longer. Estates in probate face attorney and court fees, time-consuming procedures and appointments, family stress, and loss of privacy. While probate exists to ensure beneficiaries’ rights are protected, lawyers and the courts are not concerned with how long the process takes, so it makes sense to avoid the headache if possible.

The solution: Establish a living trust. Name yourself as both trustee and current beneficiary and name those to be your estate’s beneficiaries upon your death. While you live, you can add or remove assets from your living trust at any time. At the time of your death, your property is transferred to your named beneficiaries according to the terms you’ve outlined in your trust.

With a living trust, you retain control over your assets during your lifetime and provide for smooth distribution of your assets after your death. If leaving assets to your loved ones is the best way to provide for them after you’re gone, establishing a living trust now is the best way to ensure the process will be straightforward and timely.

For more information on how to avoid probate by establishing a living trust, contact your attorney, or call Father Joe’s Villages Planned Giving Officer Joseph Perucca at 619.446.2143 or email him at jperucca@neighbor.org.

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