Living Trusts: Don't Make Sweeping Assumptions Living trusts are very valuable estate planning instruments. One of the primary reasons why living trusts are created is to avoid probate. Probate is a legal process that your estate is subjected to if you don't take steps to avoid it. When you use a last will to state your final wishes your family will have to wait until the probate process runs its course before they will receive their inheritances. Aside from the time involved probate can also be expensive. Plus, it opens the door for interested parties who may want to challenge your estate. When you consider the above you can see why some people decide to use living trusts. Distributions of resources from the trust are not subject to probate. You may hear about living trusts and jump to some conclusions. It may seem as though you are divesting yourself of personal ownership of the assets. This can lead you to the belief that monies that you conveyed into the trust are protected from creditors and claimants. In fact, with a revocable living trust you are retaining incidents of ownership because you still control the assets. For this reason the resources in the trust are not protected. Of course there are other legal instruments that can be utilized to provide asset protection. If you would like to explore your options in this regard don't hesitate to pick up the phone to set up a consultation with a good Reno trust attorney who has a comprehensive understanding of estate planning techniques. Experienced estate planning attorneys Reno NV of the Anderson Dorn & Rader Ltd offers estate planning and business planning resources to residents of Reno NV. To learn more about these free resources, please visit www.wealth-counselors.com/ today.
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