If you die without leaving a will you are said to have died intestate. Basically the State steps in and distributes your assets according to the laws of the State. The court can exercise little discretion in disposing of your property; it must operate under the limits set by law, which are fixed and do not allow for unusual situations.This can result in a distribution of your assets different from what you would want. Everyone needs a Will.
WHAT'S A TRUST ALL ABOUT?
If you wish to make your estate even more secure for your loved ones, a Revocable Living Trust may be what you need. Basically it puts you in control and can be changed as needed.
A Revocable Living Trust lets you retain full control of your assets during your lifetime. Then, it allows your assets to be transferred directly to your chosen beneficiaries. A Revocable Living Trust does not make your beneficiaries go through probate for all the assets you hold in it.
