Living Trusts California
A Living Trust is similar to a will, however it offers unique advantages. A will is subject to probate that will impose significant costs on the estate and those who are to inherit from you. A Living Trust is not subject to probate. Because it is not subject to probate, it keeps your assets confidential, maintains the privacy of the transfer of your assets, and you manage to avoid the high costs associated with probate. Having a Living Trust will allow you to prevent the court from controlling your assets at death or incapacity. Your privacy is protected because the Living Trust does not appear on public record, and the name of the Living Trust can be chosen by you in order to preserve your privacy. You can elect for your living trust to be revocable or irrevocable. An Irrevocable Living Trust is more private and has some added tax benefits, however you do not have any control over your assets and cannot make any changes to the trust. A Revocable Living Trust allows you to make changes at any time during your life.
Advantages of a Living Trust
- Probate Avoidance
- Control of your assets
- Prevents the court from controlling your assets at death or incapacity
- Excellent for estate and tax planning
- Either revocable or irrevocable
- Protects your privacy
- Used for contributions and donations to charities
- Corporate trustees with professional experience can be chosen to manage the trust on your behalf
Advantages of a Funded Revocable Living Trust
- Avoids probate for your assets validly placed therein.
- Upon death, allows quick distribution of trust assets to your beneficiaries.
- Keeps the assets transferred through your trust private and confidential.
- The Probate Court has no control over trust assets.
- Avoids conservatorship if you become incompetent, or incapacitated.
- May help to reduce emotional stress on your family.
- Completely flexible because you can change it at any time.
If you would like to arrange a discussion regarding these matters in more detail, please feel free to contact our office to discuss your objectives.