Probate is the nightmare of the legal world. If you die without a will, the state can take over and choose to whom and when your assets are distributed. But there is a way to avoid probate.
A living trust is a financial vehicle that takes your name off of your possessions and places it into an account owned by the trust. You can designate beneficiaries, and, importantly, you can make changes to your trust while you're still living. Your trustee – the person overseeing your trust – can even help settle debts on your behalf if you pass away.
So what can you put into a trust? Everything from property deeds to cash to jewelry, but you don't have to be a high-wealth individual to benefit. Ask your estate planning attorney for more information.
