A lot of California residents are aware of the fact that creating a living trust will give them several distinct advantages over a standard Last Will and Testament, but they generally have no understanding of why this is so. Listed below are a few of the more popular ways in which a living trust might be the better choice for your personal estate planning needs.
Circumventing Conservatorship is a goal that is frequently desired by those putting together their estate planning paperwork. Along with a durable power of attorney, a person planning their estate will be able to decide who will be in charge of their assets should they become incapacitated in any way, along with how those assets will be handled. This often saves the family thousands of dollars in both administrative and court costs.
A will can certainly be written so that, upon death, assets will be divided via probate. Only the living trust has the versatility to provide for postponed distribution. There is no need for probate as a living trust can provide shelter for beneficiaries from the claims of any creditor, and several other objectives.
Ensure Your Wishes Are Enforced
A living trust is able to incorporate terms such as no-contest clauses, a spendthrift clause, and overseeing legal provisions, which protect the stipulations pertaining to the distribution and safeguard against the possibility of discontented successors. The above-mentioned provisions help to ensure the grantor’s requests are seen through following a variety of potential situations without any intervention from the court.
Maintain Your Privacy
Dissimilar from a Last Will and Testament, a living trust is not usually made part of the public record, which helps to preserve the privacy of the grantor’s in several different ways. Instead of needing oversight from a court, a living trust is controlled by a trustee who has been appointed by the grantor, a role most often given to a trusted and capable family member or close friend.
A living trust may be drawn up by anybody, but only a licensed attorney has the ability to create a living trust that is individually suited to your family’s unique situation. Providing for your family’s future well-being is exceptionally important.
Making the correct decision between a will and a trust could very well be the difference between having your final wishes carried out the way you want and allowing probate court to divide and distribute your assets as they deem appropriate.
A living trust drafted by an estate planning attorney at Leiva Law Firm is an excellent way to retain asset control and provide uninterrupted financial continuity.
Our estate planning attorneys can go over the details with you in a free case evaluation. They can provide you with the pros and cons of a living trust and assist you in starting the process of drafting a living trust that best fits your situation.
Schedule a free, no-obligation consultation today by contacting us at (818) 703-1777 as soon as possible. Our attorneys speak both English and Spanish.