More often than not, people tend to think that the only option they have when considering to leave properties and assets to their loved ones before they die is by naming those people or beneficiaries in their last will. Yes, this may be a choice, however, there is still a better way to do so – you can use a living trust. This is also known as ‘revocable’ or ‘inter vivos’ trust and it’s a legal document, which you can use to transfer your assets to a trust that you control when you are still alive. The assets remain under your control through the living trust until that time you pass away, that’s when they will be transferred to the named beneficiaries. An estate planning lawyer in Orange County, CA can help you in preparing a living trust. Here are reasons why this legal tool is so important:
Protects the family against probate
With a living trust in place, it protects you from the cost and hassle associated with probate. Many people don’t realize that even with a valid will, their estate would have to be taken through the probate before being transferred. This process can take a lot of time and it can cost the family huge sums of money in legal cost.
However, when you have a living trust, it allows the assets you leave behind when you pass to be immediately transferred to the successor trustee and distributed according to the instructions you gave out.
Protections the family against the court challenges
While they may not be there, court challenges for property transfers may be difficult to attack if you had a living trust. Even after creating a living trust, you continue to involve yourself in its control and the courts can see that you were legally competent in managing the affairs.
Allows you to avoid a conservatorship
Sometimes, you may find that due to a mental or physical illness, you cannot manage a living trust. When that happens, the successor trustee is able to take charge on your behalf.
Start planning for your property transfer and distribution in time before you die. Let an estate planning lawyer in Orange County, CA guide you through the process. You will make things easier for your family and beneficiaries.
