No. when you die, any property that is not held in joint tenancy with right of survivorship with another will be subject to probate whether or not you have a will. During probate proceedings, the court will supervise the distribution of property to those entitled to receive it in accordance with your will, or in accordance with the law of intestate succession in the absence of a will. Probate may require the periodic submission of property inventories and the payment of court costs and bond fees.
A trust is a legal entity, somewhat like a corporation, that assumes ownership of real estate and money transferred into the name of the trust. Property owned by the trust upon the death of the person who created the trust (the grantor) passes to the beneficiaries named in the trust document. The transfer of this property is not subject to probate.
An inter vivos trust is one established during your lifetime as opposed upon your death. In an inter vivos trust, you usually designate yourself (or your spouse and yourself) as the initial trustee(s) and a trusted family member or friend (often the one you designate as an executor under your will) as a successor trustee. As in a will, you designate the beneficiaries who will receive your property following your death. Typically, an inter vivos trust is revocable.
Assuming you decide to have a will, you should consider establishing an inter vivos trust if one or more of the following situations apply to you:
Once an inter vivos trust is drafted and signed, to be effective, it must be funded by transferring the title of real estate, financial accounts, and other property into the name of the trust.
High Quality and Affordable Legal Services