Regardless of your age or current financial situation, it’s smart to think about estate planning. Even if you already have a will, one thing you might still want to consider setting up is a living trust. Why is that? Here are some tips from a Brentwood trust attorney to cover the basics.
What is a Living Trust?
Essentially, a living trust is a useful estate planning tool that appeals to many people. This legal document allows you to place things like bank accounts, property, or investments in a trust while you’re still alive. What this means is that you remain in full control of your valuables during your lifetime, while also naming future beneficiaries. A revocable living trust leaves you with access to make changes at any time, so you aren’t legally locked in. Spouses can be named co-trustees too.
The Benefits of a Living Trust
A Brentwood trust attorney can go over your estate plan in more detail, but there are a couple main benefits to setting up a trust:
1) Skip the Probate Process
Probate court can be a lengthy process that is best avoided whenever possible, but a will needs to pass through probate in order to be verified as legitimate. This is also true for estates that have no estate plan at all. Debts are settled, taxes are paid, and assets are distributed to heirs. But one of the main benefits of a living trust is that it can bypass the drawn out process of probate court. There are, of course, other ways to skip the probate process, but these are best gone over with your Brentwood trust attorney.
2) Secure Your Privacy
The other top advantage of setting up a living trust is that it allows you to secure your privacy. Did you know that when you create a will it actually becomes a public document once you’re gone? This means it can be contested. The probate process is on full display for public viewing, so anyone who is interested can review the details of your estate. On the other hand, when you create a living trust with your Brentwood trust attorney, it remains a private document. It’s often easier to challenge a will than a trust. For starters, because a trust isn’t open to public speculation. If you’d prefer to keep the details of your personal estate “in the family,” a trust is one way to accomplish that.
Create a Living Trust
Do you have other questions about trusts? It’s important to plan for the future. And not only that, but to keep your plan current as circumstances change. Whether you’re considering drafting a will for the first time, or updating your estate planning documents, Lewman Law is here to help. Protect your family and your assets by calling us today at (925) 447-1250. Or, click here to fill out a convenient contact form.