How does a living trust allow my family to avoid the time and expense of a probate proceeding?
Legal advice to the family member handling the living trust, called the successor trustee, after the death of the person who created the living trust usually costs less than $750.00. By comparison, the costs of probate are usually at least $3,000.00 and can be as much as $10,000.00 or $15,000.00. The successor trustee for the living trust has immediate access to the trust’s assets and can take care of the family without waiting for a court order. The necessary steps to protect the family can be taken right away. Full distributions can be made without a lengthy waiting period. A probate often can take more than a year to complete.
Legal advice to the family member handling the living trust, called the successor trustee, after the death of the person who created the living trust usually costs less than $750.00. By comparison, the costs of probate are usually at least $3,000.00 and can be as much as $10,000.00 or $15,000.00. The successor trustee for the living trust has immediate access to the trust’s assets and can take care of the family without waiting for a court order. The necessary steps to protect the family can be taken right away. Full distributions can be made without a lengthy waiting period.
