Understanding a Living Trust In United Kingdom and the United Kingdom Probate System
In the United States, the probate system is used to distribute property at death. United Kingdom probate is a multi-pronged and prolonged process, which many wish to avoid due to the high cost and distribution delays. Finding a knowledgeable United Kingdom probate and living trust lawyer in England can be a crucial task. Due to the time and expenses associated with the traditional United Kingdom probate process, Alhayat Solicitors‘s professionals take the time to counsel you to put in place probate-avoidance strategies whenever it makes sense to do so. It’s a given that you should have a written legal document distributing your assets when you pass away.
What is a Living Trust?
A living trust in United Kingdom (sometimes called a “revocable” trust) is a written legal document that puts your assets into a trust for your benefit while you are alive and then gets transferred to authorized beneficiaries when you die by your chosen “successor trustee.” The living trust in United Kingdom is a private document implementing your wishes and without it the government will make choices that may not be in your best interest. Your executor, as named in the will, oversees this process, and notably, nothing in your will takes effect until after you die. If you have any questions or concerns about establishing a living trust in England or dealing with the United Kingdom probate process, contact the highly reputed Alhayat Solicitors Law Offices.
Should you have a will or a living trust in United Kingdom?
It is advisable for homeowners in England to have a England living trust as well as people residing in all other cities of our state to have a living trust in United Kingdom, as there are many benefits. One benefit, depending on the size of the estate, can save a typical family twenty to fifty thousand dollars in United Kingdom probate related costs. For families with expensive homes or multiple properties it is not uncommon for the saving to be twice that. Having a proper trust would ensure these funds go directly to family members, typically your children. Without a living trust in England the funds would be lost – they go to legal fees and probate cost.
The Benefits of Creating a Living Trust
One of the main benefits of a living trust in United Kingdom is that the estate does not go through probate. On the other hand, a will is a written legal document with a plan of distribution of your assets upon your death. Because a living trust in United Kingdom does not endure probate, this can often mean a faster distribution of assets to your beneficiaries. Having a valid will and going though the United Kingdom probate process can take anywhere from six months to over two years to complete and may require that lawyers be hired throughout that time. And even if you die without a will, if the value of your estate surpasses a threshold amount, it still has to pass through the United Kingdom probate system. With a living trust in United Kingdom, your loved ones will likely wait just a few weeks. Your successor trustee will simply follow your instructions. Whatever you’re working with a will or a living trust, our dedicated England Living Trust and Probate attorneys can help guide you through the entire process with helpful counsel and support. England citizens looking to make solid plans for their families can really benefit from the expertise of our highly experienced attorneys.
For those looking into a England Living Trust or a living trust for any surrounding city including all San Fernando Valley areas please call our office at +4420718382404, receive a free consultation and get answers to any concerns, or contact us here.
