In Mississippi, estates can get complicated, especially for those with multi-layer assets and properties. A living trust is an important document that can protect those belongings, and this post serves as a primer to putting together a proper plan.
What is a Living Trust?
A living trust works to easily transfer the trust creator or settlor’s assets while bypassing probate complexities. These trusts designate a trustee who holds legal possession of the assets and property that go into the trust. There are revocable and irrevocable versions.
Why Would I Want to Avoid Probate?
Simply put, probate is a time-consuming and expensive process that puts assets in a state of limbo and can be exhausting for a family to go through. If a living trust is established, assets can shift to whoever is deemed the next grantor, and the courts do not have to get involved. A revocable living trust can also let family members access critical funds following a loved one’s death. Without it, a family may not be able to get funds until probate is opened.
Streamlining Processes Through a Disability
Should you become disabled or unable to make decisions on your own behalf, a living trust can designate someone to look after your affairs instead of having to deal with guardianship or conservatorship. Your successor trustee can take control of your trust assets without the court’s interference.
Funding a Trust Takes Time
Writing up and fulfilling these documents takes time and needs to be done with the consult of an estate planning attorney. As everything comes together, you’ll have to amend accounts and asset names to be in the trust’s name, and things like cars & boats must be retitled. On top of that, you’ll also need a will and a detailed estate plan to ensure that all of your assets are accounted for – not just those in the trust.
Estate law in Mississippi is complex, and the best way to ensure your wishes are fulfilled is to work with a competent and professional estate planning attorney. The Law Office of Rusty Williard is a go-to source for clients across the state, and they’re here to help. Call (601) 824-9797 to schedule a free consultation.