A living trust is a legally binding document created by you attorney. Living trust helps to disburse the estate in a simple, private and cheap manner with any probate. People like trustee, successor trustee, beneficiaries and granter are involved in the living trust. The Same-Sex couples living trust is also equally important because here also exists a probability for either of the partners to face the probate.
Regardless how you lead your life, the same-sex couples living trust is very beneficial. To get the inheritance, it helps to avoid probate and thus contributes to providing heirs efficiently, quickly and with less complication in the cheap process. Moreover, the same-sex couples living trust will also help to pass the process of assets to heirs simply by ignoring the probate.
Assets transferred to the trust prior to one’s death will avoid probate. ” This means that the assets are able to be transferred after death and without delay to the intended beneficiaries,” said Joe Dunbar from Stone & Sallus Law. For the chosen trustee there is no need for court overview because there will be an executor and a will. Moreover, many challenges are also eliminated by the living trust because it is not possible to contest. By having the gay couples living trust immediately after the death, the ownership can be transferred by the trustee to the heirs according to the given instructions exactly
The procedure of probate is typical as it will last from 18 months to 3 years and sometimes even longer. During this period the courts will freeze all assets and no one can access them. The assets, therefore, cannot be passed and some assets like business or stock become problematic as they require regular monitoring. But with the gay couple living trust, the heir can immediately access them. The same-sex couples living trust by avoiding probate creates the privacy because probate is the public record that anyone will read. Whereas the living trust is of private matter which does not involve any court system and thus it will not become a public record issue.
For the care of you and your family, your trustee will handle or manage your property. If you set up a living trust, a trustee will take care of your property. It is an important step to take for your children and family. You can take this step at any age. Tomorrow may never come, live for today.
