What Happens With A Living Trust?
At Disability:
Your back-up trustee manages your financial affairs according to your instructions
for as long as necessary.
Fees: None.
Privacy: Absolute. There is no probate proceeding.
At Death: There
is no probate proceeding, unless you instruct your trustee to open a probate
to limit the claims of creditors. Your debts are paid and your possessions
are immediately distributed to your beneficiaries by your back-up trustee
according to your written instructions.
Fees: There is no court proceeding, so there are no court costs. There may
be some fees if you use an attorney to make final distribution or a CPA
to file your final tax returns.
Time: Usually four (4) to six (6) weeks for smaller estates.
Privacy: Absolute. Your trust is a private document.
Flexibility: Total. You can amend, change, or discontinue your trust at
any time. Your property remains under total control by your trust, even
if you are disabled.