How does a living trust avoid probate?
With a Living Trust you transfer all of your property from your individual name to the name of your trust, which you control – such as from “John and Mary Smith, husband and wife” to “First Commonwealth Trust Company, Trustee for the John and Mary Smith Trust dated May 3, 2001. Legally you no longer own anything (everything now belongs to your trust), so there is nothing to probate when you die. While the concept is simple, this is what keeps your assets out of probate.
Property you transfer into a living trust before your death doesn’t go through probate. The successor trustee — the person you appoint to handle the trust after your death — simply transfers ownership to the beneficiaries you named in the trust. In many cases, the whole process takes only a few weeks, and there are no lawyer or court fees to pay. When all of the property has been transferred to the beneficiaries, the living trust ceases to exist.
Property you transfer into a living trust before your death doesnt go through probate. The successor trustee — the person you appoint to handle the trust after your death — simply transfers ownership to the beneficiaries you named in the trust. In many cases, the whole process takes only a few weeks, and there are no lawyer or court fees to pay. When all of the property has been transferred to the beneficiaries, the living trust ceases to exist.
The person you appoint to handle the trust after your death – the successor trustee – simply transfers ownership to the beneficiaries you named in the trust. Much of the time, this can be accomplished in a few weeks. When all of the property has been transferred to the beneficiaries, the living trust ceases to exist.
