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There are times when a Living Trust is a smart estate planning tool that can simplify or avoid probate, and save your family thousands of dollars. Below are some of the reasons a Living Trust might be a good tool for your estate planning:

Probate or administration is the legal procedure for settling and transferring a persons estate, including assets and debts. If a person owns property in a different state from that in which he or she lied at death, an ancillary probate or administration in the other state might be necessary. If there was a will, generally, a probate will be proper, and if there was no will, an administration, which is more costly and involved, may be necessary. For ease of reference, I will use the term probate to cover either procedure.

I frequently am asked by prospective estate planning clients, "Do I need a trust?" The answer is the classic one: It depends.

Many people are afraid of drawing up a will and doing other estate planning because of the perceived high cost. The truth is, drawing up a will is a small cost compared to the cost of probate of an estate if you die without a will and own almost any property.

Creating a guardianship for an adult who can no longer care for themselves is often overwhelming. Here are the basic steps involved in the process.

The price you pay for this advice before signing a contract can easily save you many thousands of dollars and lots of headaches and trouble in the future. A review of a standard residential purchase contract generally would not be more than a few hundred dollars. More complicated contracts, of course, would cost more to review or draft, but the cost would still be far less than any negotiation or litigation later to address problems that arise.

Setting up a living trust is the best way to ensure your assets are passed onto the right people if you pass away. So how do you start the process?

Probate can be costly and complicated. Unfortunately, not probating a Will could cause your family more stress in the long run. If your loved one has passed away and left a Will behind, you may find yourself in a situation where this is the case.

Guardianships are a complicated legal proceeding. Most people have no clue exactly how complicated and expensive they are. In some situations, however, a guardianship is required to manage the affairs of a loved one.

A corporation is a separate legal entity from its owners. A corporation can be owned by one person or many people. The corporation is formed under the laws of the state in which it is operating, with Articles of Incorporation or Certificate of Formation.