Estate planning services - How does having a living trust avoid these problems?

Property which has been transferred to a living trust is "non-probate" property - that is, it is not subject to the laws of wills and the jurisdiction of the Probate Court. Legally, the trust, not you, owns the property. The Trustee is responsible for the property. Upon your death, the property is distributed by the Trustee as the Trust document dictates.

1. Expense - the major expense is the one-time legal cost of setting up a trust, which must be handled by an attorney, and the time and cost of having your property retitled in the name of the Trust. There may be no expense upon your death except to retitle the property in the names of your beneficiaries.

2. Time - the only time involved is the time for getting the Trust set up. At your death, the property can be immediately transferred to your beneficiaries.

3. Privacy - The only people that know of the Trust, its assets, and transfer are you and your lawyer, and other people you notify.

4. Control - The big factor is you retain complete control of the assets during your lifetime. In most cases, you will be named as the Trustee and be able to fully control the assets. Usually, the Trust is revocable, which means you can amend it, change it, or revoke it at any time.

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