A living trust can be a great option to ensure your assets are dispersed exactly as you want them to be in the event of your death. While it does not exactly replace a will, it is a tool that can save you money in the long run. There are several different types of living trusts. While you do not need a lawyer to develop a trust, it may not be a bad idea to hire one.
The Benefits of a Living Trust
One of the greatest upsides to a living trust is the complete circumvention of probate court. You do not have to worry about a court deciding what to do with your assets. In addition, with other options such as a will, there is always the chance that a friend or family member will contest for your assets. A living will can protect you from that.
Second, but not least, it can be cheaper. The execution of a living trust upon death should not cost much because it does not require a court or attorneys.