Why should you have a living trust?
The biggest reason - property and assets that you intended to leave behind for your loved ones don’t have to go through probate court. Probate is the legal process of paying your debts/bills and distributing your property to your heirs. Between lawyer’s fees and court costs, probate can cost between 5 percent and 10 percent of your estate’s value. Property remains in limbo during probate, which can last many months or even years. One way to avoid probate is through a living trust. By placing your assets into a living trust, you can retain control of these assets during your lifetime, but they technically belong to the trust. At your death, your trustee passes the property on to your heirs in a typically quick and simple process.
Don’t die without leaving behind a trust. If you do, the government takes over and follows strict procedures, dividing your family’s inheritance according to formulas. Your heirs should grieve your passing, not fight over their inheritance.