If I have a farm and house, what is the advantage to setup a living trust?

Answer 1

A living trust is a will substitute. You would still have to have a will that simply says any property not in my living trust is given to the living trust.
The living trust is used to avoid probate. Unlike the common misconception you do not need a lawyer to go through probate. The courts are very helpful and can help you through the process without the need for a lawyer.
Another benefit of a living trust is that if you own property in another state your executor will not have to open a probate proceeding in that state. Avoiding an ancillary estate proceeding in another state is a major savings item for a living trust.
A living trust also has provisions that allow for an orderly continuance of your financial affairs if you become incapable of handling your own affairs. The substitute trustee provisions of this trust allow this to happen without your family going to court to be appointed as your guardian.
The biggest problem with a living trust is that if your current ownership of the property gives you asset protection from creditors you will probably lose this by transferring title to a living trust.
If you go this route I suggest that you have a document drafted especially for your situation rather than buying an off-the -self document that can cause more problems than it solves.

Answer 2

what you do is set up a living trust and put your property in it, and name your spouse, kids, charity, or whoever you want to get it as beneficiaries after yourself. that way, when you die whatever is in the trust goes straight to them. it won't have to go through probate, which is when lawyers get paid lots of money by your heirs in order to sort out who your assets legally belong to after you die. thus, they won't have to shell out a bunch of money for lawyers, wait for months while the courts do their thing, and have your property become a matter of public record. also, consult your favorite financial consultant about this, but there can be tax advantages as well.