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Can you make the law work to your advantage? In countless court shows, television dramas, and even classic movies, we see the little guy taken advantage of by the big, all powerful and insurmountable court system. Looking at legal documents and all the required paperwork can feel like an overwhelming impossibility for people who haven't been to law school, much less can give a short definition of habeas corpus. Regardless of your legal knowledge, there is a way you can plan your estate using a tool that many people simply don't know about. In most states, you can save your heirs time and money by avoiding the probate process with what's called a living trust.
Probate court is what is used by the government to execute a deceased person's estate, to give out the assets to the appropriate heirs. After a person's passing, a will becomes public record, assets are taxed, and lawyers are involved the whole time. This process can take up to three years and cost up to 10% of your total estate. In most states, it is possible to avoid this period through something called a living trust.
When you create a Wyoming living trust, you create a legal entity separate from yourself. You then become what is called a "grantor" by transferring ownership of your major property to this entity. You still retain control of your assets, since grantors usually appoint themselves the initial trustee. When you pass away, you personally do not lose ownership of your assets, since they are owned by the trust. Instead, the trust gives control over assets to your designee.
Interesting in forming your living trust? LegalZoom can help. Once you answer an easy-to-follow online questionnaire, LegalZoom will accurately prepare all of the important legal documents for you so you can rest assured your documents are accurate, and adhere to all of Wyoming's state and local guidelines. Form your living trust today!
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