b'If You Were to Die This Week, Do You Knowlivingtrust,nocourtactionisinvolved,andthe What Would Happen to Your Assets? propertyisdistributedprivately.Otherdocuments American Society for Asset Protectionfrequently used in conjunction with a revocable living trust include a living will, medical power of attorney, durablepowerofattorney,andirrevocablelife ThevastmajorityofAmericanscantanswerthisinsurance trust. question.Creatinganeffectiveestateplanensures you can effectively answer this question. Without an effective estate plan, a portion of your estate will beWhy Do Some Attorneys Recommend a Will? lost to probate costs and taxes. Manyattorneysrecommend theirclients createa will withoutalivingtrust.Thisensurestheestatewillgo What is Probate?throughprobate.Why?Becauseattorneysdonot Probateisthelegalprocessbywhichacourtalwayshavetheirclientsbestinterestinmind.The distributes the assets of a deceased person accordingattorney wants to collect the legal fees associated with totheirlastwilland/orprobate,and,insomestates,theattorneyreceivesa statelaw.Thecourtfirstpercentage of all the assets that go through probate. The determinesthevalidityofonlypersonthatbenefitsfromyourestategoing thewillandthenresolvesthrough probate is the attorney. allclaimsfromcreditors andcompetingclaimsfromheirs.IfyouhavenotDoes a Revocable Living Trust Have Tax Benefits?named an executor to oversee the distribution of yourA Living Trust provides no income tax savings, and for assets, an executor is appointed by the court.incometaxpurposes,itisasifitdoesnotexist. However, if the size of your estate is above the amount WhyDoYouWantYourEstatetoAvoidexempted from estate taxes, the trust can be structured Probate?to reduce or eliminate estate taxes. It is expensive. Up to 10% of your estate can be lost to probate costs alone. Costs may include courtConclusion fees, legal fees (to the executor of the estate, or toThevastmajorityofAmericansdonothavean resolvedisputes),appraisals,andaccountingeffectiveestateplaninplacewhentheydie,andby services.default, subject their heirs to the frustrations and costs Itisalengthyprocess.Whileit ispossibleforanof probate. Setting up a revocable living trust enables estate to be probated in six to twelve months, ityou to pass assets to your heirs efficiently, and is one of is also common for the process to take years.the most loving things you can do for your family. It is an invasion of privacy. Your entire estate will becomeamatterofpublicrecordduringthe probateprocess.Anyonecangotothe courthouse and learn what assets are in the estate, theirvalue,andtowhomtheassetsaretobe distributed.Thereareinstancesofdishonest peoplesearchingprobaterecordstofindassets they can take.How Do I Set Up an Effective Estate Plan?Thekeydocumenttoaneffectiveestateplanisa revocablelivingtrust.Arevocablelivingtrust enablesyoutoavoidprobate,keepyourestate private,andreduceSetting up an effective oreliminateestateestate plan is one of the most taxes. It also ensuresloving things you can do for yourassetsquicklyyour family.transfer according to yourwishesuponyourdeath.Witharevocable 21'