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Protect Your Family with a Probate Trust

No one wants to think about their demise, but if you have a family, then you need to consider their future if something were to happen to you. Accidents happen every day and some people will discover they have deadly diseases which can shorten their lives. When writing your will, if you want to simplify the process of your loved ones having access to your estate, you should consider a probate trust.

What Is a Probate Trust?

There are many types of trusts which can be set up to ensure your family is taken care of after you become incapacitated or die. A probate trust allows you to set aside assets to make sure they are passed onto your children. This can be done through a protective probate trust in which the surviving spouse, if there is one, will inherit the liquid assets for their care, but the property you both owned can be put in trust for other heirs.

It is a simple process for protecting your house, but if you have a large estate, including a house, investments, and money, you need to have professional assistance in writing a will. You don’t necessarily need to go through an attorney, but you need professionals who can help write your will in such a manner as to properly protect your estate and pass it onto your family, friends, or other beneficiaries.

Quicker Asset Distribution

The main benefit of having a probate trust in Lowestoft is that it simplifies the process of releasing protected assets to trustees, such as the deceased’s spouse. If your assets are not protected, they will automatically go into probate when you die, and the trustee you named will go about paying your expenses and distributing the assets as instructed by the will. It can take weeks, months, and sometimes years for probates to be finalised.

With a probate trust, the protected assets, which are usually homes or insurance policies, will be immediately released to the spouse or other trustees. To protect your other beneficiaries, such as your children, you can protect your home so they are guaranteed an inheritance. Normally, a house is jointly owned by a couple and, when one of them passes, the survivor automatically inherits the ownership of their spouse’s other half of the house.

When the house is put into a probate trust, the owners become “tenants in common.” When one of the spouses dies, the other keeps their 50% of the house and other 50% is set aside for the other heirs, usually their children. A probate trust can protect a house or other assets for years, sometimes indefinitely, and makes it easier to gain access to the assets in case the beneficiaries want to sell the house to get needed money.

Your spouse can also use their half of the house to pay for their care if they need to go into a nursing home or another facility. However, because trusts can be complicated, you need to consult a professional will writer to ensure the trust will protect your family.