However, if the decedent had a living trust and all assets had been transferred to the trust prior to death, then probate may be avoided and funds in the living trust may be distributed to the beneficiaries without waiting for court approval.
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You can also bypass the time and cost of probate by setting up a trust.
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The way to avoid probate is to establish a revocable trust and transfer your property to it during your lifetime.
An alternative to POD accounts: a revocable living trust that keeps almost all your assets outside probate.
If you own out-of-state real estate, a living trust will help your heirs avoid going through probate in multiple states.
If your goal is to avoid probate totally, keep this in mind: using a living trust for this purpose only works for assets put into the trust.
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You've heard the pitch: Put your assets in a revocable living trust now and save your heirs from the horrors of probate later.
Still, there are times when you might want to use a living trust to limit how much of your estate goes through probate or to avoid it altogether.
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So, simple things that even aren't necessarily to do with the current tax administration, the fear that taxes are going to go up, but having a revocable living trust, for example, to hold your assets to protect you from probate.
Unless the property is in a living trust, an Illinois resident who has a home in Florida, for instance, would need to probate the property separately there.
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For the remainder of your estate, you can draft a will or better yet, a trust, which provides the additional benefits of privacy and avoiding the costs in time and money of probate.
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