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What is a living trust?

Kentucky residents who are working out matters of the estate will have a lot to figure out. The entire probate process is considered time-consuming and extremely detailed. It's billed as something of a legal headache that almost definitely requires legal guidance to get through. But are there ways to avoid it?

This is where your basic trust comes in. Having a living trust is often considered a great way to avoid the probate process. AARP differentiates it from a will by stating that it's better for people who prefer privacy and don't want to deal with probate. This is because living trusts aren't part of public records unless court approval of accounts is demanded. On the other hand, any probate records will be open to the public.

Under a living trust, any property that's passed down after your death doesn't have to get tied up in probate. Instead, it will go directly to your chosen heirs. It can even be used in the place of powers of attorney in some cases. In addition to that, you can determine how you want your assets distributed after your passing. For example, you could have your heirs receive it all at once, or spread out their inheritance over a certain period of time.

You might have to pay more for a living trust than you would a will, and for that reason people with modest estates tend to prefer wills over trusts. In the end, what works for any individual might not work for others. You may want to speak with an attorney to learn more about your potential options.

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