Are you planning a getaway? Maybe a seaside adventure or a trip to the mountains for the holidays, or just a visit back home? If so, you should carefully consider the consequences for your loved ones if something should happen to you while you are gone. How would your family attend to your affairs if you are incapacitated or pass away, from an accident or natural causes? There are many reasons that it is wise to have an estate plan in place before you go on that safari in Africa you’ve dreamt about all your life, or just travel to another location in the USA.
How Can Having A Living Trust in Pasadena Help You?
If you are not certain how you want to leave your property when you depart this world, but still want the protection an estate plan offers, a revocable living trust has several advantages over a traditional last will and testament. A will must go through “probate,” which, simply put, means a period of time and court involvement to determine whether the will is valid.
A living trust, however, is automatically deemed valid and does not have to be open to the public in a court proceeding. Privacy is one of the key reasons many choose a revocable living trust over a will. Another is the ability to pass the assets of your estate to your loved ones as you wish and without your beneficiaries being taxed.
A revocable living trust is a document that you can change at any time, or completely terminate. The flexibility of a revocable living will is another key reason many choose this process over a will in order to pass on assets to those they love. Typically, living trusts are used to transfer ownership of property from an individual to a trust, while allowing that individual to maintain full control over the property.
You can transfer the interest in your home to your trust, and be the trustee of the trust, thereby controlling the use and enjoyment of the property, while protecting it from judgments or liens against you personally. A Pasadena probate attorney can advise you of the many benefits a revocable living trust can offer you.
Need a Living Trust in Pasadena?
In matters of personal finance and your family’s well-being, as the saying goes, “failing to plan is planning to fail.” If you are planning a vacation or trip, take the time to consider the consequences of not having a clear directive available for your loved ones regarding your healthcare wishes, and distributing your estate to those you care about the most. Please contact Pasadena probate attorney Christopher B. Johnson to discuss a living trust and all the benefits.
For over 18 years, Attorney Johnson has been helping clients with their various estate planning needs in Pasadena and the surrounding communities. With the experience gained as a senior trust officer at U.S.Trust, he has the expertise and experience necessary to accommodate high net worth families and all of their financial affairs. Contact CBJ Law Office today for a free consultation.