This presentation, discusses in a nutshell, why you should have a living trust (to avoid probate); what’s wrong with Probate; why Probate is synonymous with Wills (or if you do nothing); and (besides living trusts) warns against using alternative probate avoidance techniques (which is the subject of a separate video below).

This presentation ask you to consider the most fundamental choice as to who you want in control — the government and lawyers or your family. Contrary to what many fixate on (cost), control is arguably the most important issue of all. If you want the government and lawyers in control you’ll choose a Will and Probate; if you want your family in control you’ll choose a living trust. It is as simple as that!

The second important issue in Wills vs Trusts is how much you want it to cost to settle your estate. If you want to use a process that costs a great deal of money then you want to use the law of Wills and Probate. If you want it to cost a whole lot less, then you want to use the law of Trusts.

The average time to probate an estate is 1 to 2 years during which time your family will suffer through a complete loss of privacy as well as endless bureaucratic paper shuffling and court appearances, all before the estate is distributed. On the other hand, if you want to maintain privacy, keep your family in control and provide the potential for your estate settled very quickly, then you want to use a Living Trust.

If you become incapacitated a Will does you no good at all and your loved ones will generally be forced to apply for a conservatorship — another very expensive and legally cumbersome process. A great aspect of a Living Trust is that you do not have to die for it to benefit you. A properly drawn Living Trust provides that upon your incapacity your pre-designated Successor Trustee takes over management.

In a single minded quest to avoid probate, people often make the mistake of utilizing alternative probate avoidance methods (other than a Living Trust). That is why the discussion cannot be confined to just the advantages of Living Trusts over Wills and probate; it must include the advantage of Living Trusts over all other alternative techniques. The poor-form methods include the misguided use of Joint Tenancy, adding someone to title, gift deeds of real property, granting signature power, and other inferior methodologies. (you can read about it instead of watching the video by clicking here.)