If you are considering a living trust, you are taking the right steps to protect your assets for your loved ones. Living trusts are an effective tool for shielding assets, and for allowing a faster distribution to heirs. Your relatives will thank you for having the foresight to put together a detailed plan for the distribution of your assets, and you will enjoy the peace of mind that comes with knowing that your affairs are in order. Every person or couple has a unique situation, and a living trust should be crafted to meet those unique needs. A boilerplate, online version may create problems in the future, so ensure you connect with an estate planning lawyer if you are considering putting a living trust in place.
Here are some basics on how living trusts work, and the potential benefits:
- A living trust is a legal document that places your assets into administration for your benefit while you are alive, and provides for their transfer to your loved ones after your death.
- You can retain the power to manage your assets by naming yourself as the trustee during your life, and naming another person to manage them if you are incapacitated, or when you pass away.
- You may amend or revoke the document as necessary.
- Spouses can manage their shared assets with just one legal document.
- If you name another person as the trustee, he or she is held to a very high standard. Trustees must act in your best interests. After your death, the trustee will be responsible for transferring assets in the trust to your loved ones.
- Unlike with a will, the transfer of assets does not require court supervision. This will save your family time and money.
- In some cases, it is appropriate to have both a will and a living trust. A trusted estate planning lawyer can help you decide what’s best for you and your family.
Lawyer for Living Trust in Pasadena, California
Creating a living trust requires reflection, and assistance from experienced counsel. A qualified lawyer can help you draft a living trust in Pasadena, California. As every estate is different, determining how to best protect your assets for those you love requires an evaluation of your estate. Generally, the process of creating a living trust is not difficult, particularly for the transfer of ownership of a home. This process requires drafting documents to transfer property to the living trust. Keep in mind that putting a living trust in place makes the distribution of your estate far simpler.
A living trust functions similarly to a will, in that the trust sets out exactly how it will be administered, and how the assets will be distributed to the various named heirs, including children, grandchildren, or other people or organizations that are important to you. The advantage is that with a living trust, the estate will not need to be probated. With a will, this is not the case. The probate process can be lengthy, and the costs associated with administering the estate will diminish the value of the estate. With a living trust, the entire process of transferring your assets after your death generally takes just a few weeks. Your loved ones will appreciate your efforts.
Contact us at CBJ Law Office to schedule a consultation about establishing a living trust in Pasadena, California. We are committed to finding estate planning solutions that suit our clients’ specific goals and needs.