What Happens to a Living Trust When One Spouse Dies?

A revocable living trust can be a very viable solution for you if you want to facilitate efficient postmortem asset transfers. If you use a last will, the will must be admitted to probate unless the estate is modest. The heirs to the estate do not receive their inheritances until the process has run its course. In most jurisdictions, it will take close to a year for a simple case to be probated and closed by the court. More complicated cases can take considerably longer. There are also a number of expenses that can pile up during the probate process, and they can consume a noticeable portion of the estate. This is all money that would have otherwise gone to the surviving family members. When a revocable living trust is in place, the trustee that is named in the document can distribute assets to the beneficiaries outside of probate. As a result, the heirs receive their inheritances in a timely manner. Married Couples It is possible for a married couple to create a joint revocable livin


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s