![]() ![]() ![]() As with all things in life, fast and cheap come with tradeoffs. LegalZoom is one of the fastest and cheapest ways to set up a living trust. As an example, you can include a provision that says they have to graduate high school, college, or reach a certain age (above 18) before they can access their trust fund. However, if you leave assets to a minor in a living trust, you may attach specific conditions as to how and when they can receive their inheritance. At this age, the assets automatically transfer to them without any conditions attached. Without a trust, any assets given to minor children in your will are managed by a court appointed adult until they reach the age of majority. Living trusts are also incredibly important if you wish to leave any of your assets to minor children. Transferring assets to a living trust avoids this nightmare and exempts the assets named in it from probate. After the court validates your will, an executor is responsible for paying any debts owed by your estate and distributing your assets to your heirs.ĭepending on the size of your estate and whether relatives or associates dispute the validity of your will (another thing people often haphazardly create on LegalZoom), probate can become a nightmarish process from nasty disputes to incredibly costly legal bills. Probate is a difficult legal process in which your estate is sliced, diced, and handled by a probate court. By creating a well-crafted plan for your assets, it enables your loved ones to avoid the excruciating and painstaking process of probate after your death. Why Create a Living Trust in the First Place?Ī Living trust is necessary for many reasons:įirst and foremost a living trust promotes family harmony in times that are often marked with bitter disputes and broken relationships. ![]()
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