A will requires probate, a court process lasting 9 months to 2 years that freezes assets, costs 3-8% of the estate, and makes everything public. A living trust avoids probate entirely, keeping assets accessible and private while cutting costs.
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Your last will and testament must be validated by a probate court before any of your assets can be distributed to your heirs. And the probate process can take between 9 months and 2 years before your family can inherit your estate. During this period, assets are usually frozen and nothing can be distributed without court approval. Probate can be expensive too. Depending on your state of residence, mandatory court costs and legal fees can range from 3% to 8% of your entire estate. What's more, probate court proceedings are a matter of public record, which means that anyone can see what you own and what you owe, as well as who will receive your assets and when they will receive them, which will often attract the attention of predatory con men and unscrupulous salesmen. So what's the solution? A living trust. A living trust is a private legal document that provides