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About 1 . 5 years later, I learned of Mrs. Banks' death. I really believe that a broken spirit and a broken hear--brought about by loss of control over her own property--seriously contributed to her demise. It was doubly sad to understand that if she'd been competent at sign the revocable living trust I had prepared for her, Mrs. Banks' daughter could have taken over the management of her mother's property. When Mrs. Banks had recovered sufficiently, the daughter would have turned the property or home back to her mother's charge.
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The probate process get as low as a few months, but a majority of take if you as few years to perfect. On average, probate takes about 9 months to take on. In complex situations, it isn't unusual for probate to last eighteen months to several years. Without a living trust, your family could spend months, or years in probate courts paying for legal acrobatics. There are many sad stories of families struggling from the probate system for years without use of bank documents. A Living Trust shields all your family from such agony.
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Until one spouse passes away it almost all one ABC unit. As soon as the first spouse passes away, the trust gets divided in to 2 equal parts, "A" Trust and B Trust. "B" Trust becomes irrevocable. "A" Trust known as the marital trust owned and controlled by the surviving spouse. "B" trust is known as the decedent's trust (passed away spouse). The B trust is put into two trusts, "B" and "C". "C" trust can be known as Q-TIP trust (Qualified Terminal Interest Property Trust). Give explain this later.