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Brief about Living Trust
A living trust is a document that details what should happen to your assets upon your demise. This legal document appoints one person (could be either a bank, an individual or a firm) this person is called a trustee. This trustee holds legal title to property for your benefit during your lifetime and then given to beneficiaries upon your demise.
In lay terms, a living trust can be used to distribute property before death, at death or after death. The trustee performs the fiduciary duty of managing the assets for the beneficiary while the grantor (The owner of the assets) is still alive.
Having a Living trust is currently a trend. As a living trust is created now that you are alive and takes effect immediately upon the grantor’s signature on the document and becomes an enforceable document. Creating a living trust is one way to ensure that your wishes are met. One of the key instruments to conducting an estate plan is creating a living trust. There are a lot of advantages that come with having a living trust and having a living trust in Orange County, CA puts you in a position of ensuring that your family and loved ones are being treated the way you want them to be upon your demise
3 Major Advantages
FAST Process - Avoiding Probate
It avoids probate entirely which means that they would be a faster distribution of your properties amongst your heirs
Living Trust Privacy
It provides privacy. There is a level of privacy that is offered with a living trust. A living trust is normally not made open. What this means is that upon your demise your properties would be shared and distributed privately. This also helps you handle out of state properties seamlessly.
It ACTUALLY saves money
Contrary to popular beliefs, a living trust may actually save you money. At first, drafting a living trust costs more than a will as a living trust is a more complex document. However, simply writing a living trust does not actually fund the trust. You have to transfer your assets such as your bank accounts, stocks, bonds, and certificates to the trust through separate paperwork. You would also have to change your beneficiary on your life insurance policy to the trust, this deals with your IRA plan. With this, a living trust can save your estate money at the time of your death as owning a living trust ultimately prevents you from probate. If peradventure you decide to do a “Pour over will” which is a will that provides for the distribution of assets acquired after the creation of the living trust, just like any will this would have to go through probate but court costs for probating your will are taken from your estate.
However, for people that have simple estate plans or for young married couples or adults with no children or no significant asset, a will would be a better option as a living trust, in this case, is not financially beneficial.
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Living trusts and wills
Creating a Living trust and a will in Orange County, CA
A lot of people plan for their lives; the right businesses to invest in, the right wife to get married to and the right number of kids to have. They have everything figured out. What most people forget to plan is their death. We are humans and it is a harsh reality that death is inevitable. Having planned your life and amassed wealth, have you planned the future? Like what would happen to your property once you pass away, how you want your property shared among your family and loved ones. If you haven’t, then you should take into consideration our estate planning service. Our lawyers at Trust Legal Center would help you craft a detailed professional estate plan in Orange County. You can call us for experienced counsel and representation.
What is a will?
A will is a legal document containing your wishes on how you want the distribution of your property and also hand over the care of your minor to your preferred guardian.
Advantages of a will.
- You get to have a say on who gets your assets. You can designate how you deem fit
- With a will, you get to keep your assets out of the hands of individuals you don’t want to have them
- If you pronounce your heirs through your will, it will be easier and faster for them to gain access to your assets
- With a will, you get to choose who you desire to be the official guardian of your children
In order to ensure that the content of your will is carried out exactly how you want it, ensure that you create the testamentary will. The testamentary will allows you to prepare your documents and sign in front of witnesses. For greater assurances, it is very important that you seek the aid of expert attorneys to help you draft your will
What happens if you die without a will?
Dying without a will only put your family and loved ones through a lot of emotional strain. If you die without a will, it will be assumed that you do not have a wish regarding who you want to become beneficiaries of your estate and you also do not care about who ends up being the legal guardian of your children. This means that the important decisions concerning your estate would be left in the hands of judges or state officials, leaving your family emotionally drained
Unlike a trust, a will does not guarantee that you’d avoid probate. Infact any asset that is titled in your name or any asset that is directed by your will must go through a thorough probate process by your state. This can be extremely tasking and emotionally draining on your family and loved ones. Before any of your asset is distributed to your heirs, a probate process, following the guidelines of your state might take from a period of 9 months to 2 years and no one wants to be caught in this stress.
A disadvantage about a will is that if a grantor has more than one property in other states, a probate process in all those states would be conducted i.e. if you have assets in 12 states, this would automatically mean that you will go through different probate processes in each of those 12 states. This comes with excessive legal fees, court costs and executor fees.
There is no best time to prepare your will like now. Just like the living trust, a lot of individuals think that a will should be done by only the wealthy. This assumption is false. There are many reasons to have a will
What is estate planning?
Estate planning is the process of making a plan for all your properties in advance and naming beneficiaries i.e. individuals you want to receive these properties when you die.
Contrary to what you might think, everyone owns an estate. Your estate comprises of every single thing you own; car, house, business, other real estate, personal possessions no matter how little and what is glaring is that you cannot take any of these properties with you when you die. Which is why it is very important that a proper estate planning should be conducted to help you share these properties
A lot of individuals put off estate planning because they think they are not old enough or do not own enough and believe that they have plenty of time to amass more properties. At some other times, some individuals actually want to plan an estate but do not know who can help them with it. Our seasoned attorneys at Trust Legal Center with our wealth of experience can help you plan your estate without losing any important detail.
Who should do estate planning?
Estate planning is for everyone. It is not just for the wealthy. If you own any sort of property; a car, a house, a bank account or are into real estate, you should consider planning your estate. Unfortunately, No one can predict how long they can live; accidents illnesses can happen to anyone irrespective of age. Planning your estate on time is the only way you are certain that your properties are given to the beneficiaries you selected.
Advantages of estate planning.
As you must have already deciphered by now, they are numerous advantages associated with estate planning. There are;
- Having a clear plan, helps you avoid probate. On your demise, your family is able to share your assets, how you want it to be shared and without the interference of the law
- Estate planning will help you organize your records and also most importantly help you correct titles and beneficiary designations.
- Having a clear plan gives you peace of mind. You are rest assured that your family is protected. This is the most thoughtful thing to do for your family and your loved ones.
Things you should know about estate planning.
- It is very important that you solicit the help of experienced attorneys to get your estate planning done. Our attorneys at Trust Legal Center are certain to help you avoid probate by providing you with every professional aid needed to start planning your estate. We will walk you through the process and ensure that you get a properly crafted estate plan.
- The best time to plan for your estate is now. No one likes to think about mortality and as a result of things a lot of families do not plan on time. We see a lot of them getting caught off guard and having to rely on the state to share assets. If you live in Orange County, CA and are in dire need of experienced attorneys to help with your estate planning, our Orange County estate planning lawyers at Trust Legal Center are open to give you our expertise and ensure that you get only the best
- Estate planning does not have to be very expensive. If you think you cannot afford a detailed or complex estate plan now, you can start with what you can afford. If you are a young family of single adult, you can start with the basics such as; wills, powers of attorneys for your assets, health care decisions and term life insurance. With time, as your financial situation begins to change for the better, you can let your planning develop and expand.
- Estate planning begins with a will or a living trust. Let us help you craft a professional Estate Plan in Orange County, CA.
Know more about living trust and will
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