Quite like a will, a living trust (also called as “revocable” trust) is an excellent way of preserving your legacy and also protecting your property for the long term. Just as done in case of a will, a revocable trust allows you to select your beneficiaries and also assign a person (called the “successor trustee”) the responsibilities of managing the trust after you die. In case you have children who are minors, you can appoint custodians to manage the property for them and also determine how it will be distributed when you pass away. You can also consider creating a ‘pour-over’ which allows you to appoint guardians for your minors, and also appoint an executor to wrap up your estate. Having a living trust prepared will give you peace of mind that your property will remain secure and will go in the right hands after you die.
Avoid Issues of a Probate with a Living Trust
Unlike a will, a living trust will protect your estate from the proceedings of probate, which generally is a time-consuming and expensive process. Moreover, these proceeding will take place immediately after the death of your loved, hence not giving you time to focus on dealing with the loss. Probate would include, notifying the court of the death of your loved one, submitting the last will and testament, if any, and preparing an inventory and appraisal of the estate. Moreover, the property distribution is often delayed and the court fees can even put a financial burden on the beneficiaries. Moreover, the probate records are public and hence anyone, including the non-beneficiaries can see them.
A living trust, on the other hand, can help to avoid the hassles, delays, and incredible expenses of probate proceedings. Moreover, it keeps all the records private and protects the privacy of all beneficiaries.
Why choose us for preparing living trust?
Help4You is having a team of expert paralegals in Orange County who work with an estate planning attorney to draft a living trust that will be appropriate for your needs and specific situation. In case of any pour-over will, we make sure to include that too in the living trust in order to take care of the personal belongings, furniture, jewelry, and all residual assets of the estate.