In California, anyone who owns a home or other substantial assets may benefit from executing a living trust. From tax advantages to avoiding unnecessary court proceedings to providing a safety net during your lifetime to addressing specific needs in your family, a living trust might be the right estate planning paper for you.
A California estate planning attorney can talk to you about your situation and explain the benefits of different types of estate planning documents.
A Revocable Living Trust Offers Many More Options Than a Will
Living trusts can provide opportunities that a will cannot, for example:
- You may name one or more successor trustees to manage your financial matters during your lifetime, in case you become incapacitated or simply want to go off on an adventure and not be bothered with management of your assets.
- A living trust can manage your assets and provide for your beneficiaries for many years after your death, unlike a will. For example, if you have young relatives that you want to benefit after your death, their shares may be held in trust until they reach adulthood or even later in their lives, to ensure the assets are used responsibly and protected from their creditors.
There are many other types of specialized living trusts that could provide valuable benefits for you and your loved ones. An estate planning attorney can discuss the different kinds of living trusts that could be useful in your circumstances.
Living Trusts Allow More Privacy Than Wills
Unless there is a challenge to the document, a living trust does not have to go through probate. Most trust instruments therefore never become public documents, and their terms may be kept confidential except from your beneficiaries and heirs after you die.
Living Trusts May Help Avoid Costly, Time-Consuming, and Public Probate Court Proceedings
In contrast, a will has to go through the probate process and to be approved and administered by a court after you die. The court will then oversee the administration of the deceased person’s estate for a period that may take a year or more. If an individual dies without leaving a will or trust, their estate may still have to go through the probate court. A living trust, on the other hand, generally does not need to be filed with the court, so it does not become a matter of public record. If you would like to learn more about how a living trust could be advantageous for you and your heirs, you can talk to a California estate planning attorney. Get in touch with our office today for legal help, we offer a free consultation.