Problem: you want to create an efficient transfer of your assets without fighting among family members. Possible solution: a living trust A trust is a type of legal arrangement that helps its originator (the grantor) transfer property to a specific person or organization. Unlike a will, trusts bypass the probate process. Trusts have specifically named beneficiaries who receive assets directly based on the trust’s terms. This practice in estate planning can help you transfer money to your heirs without a long, costly probate process. If you have a will, it can be contested in probate court, even though you may have different wishes. In addition, trusts allow your family to settle your estate privately, whereas probate information is public record. Bottom line: It's important that you avoid rules of thumb and "what my dad did" when approaching your personal estate planning. Talk to your legal advisors to see how trusts may play a role in your estate plan.
