California Living Trust
“What is a living trust?” A typical living trust will be a written document wherein the trustor places assets into the trust to be managed by the trustee for the benefit of the beneficiary. The trustee is typically the trustor. The trustor retains full access to the trust assets during their life and then the remainder of the trust assets goes to the named beneficiaries.
The term “revocable” simply refers to your ability to change the trust at any time. The job of the trust is to spell out your wishes for what you desire to have occur to your assets when you die. You want to be the one who decides to whom your assets go instead of trusting a will or the probate court.
Further, a trust avoids a costly and drawn out probate. A typical probate can take up to 18 months in California. However, settling a trust can typically take only a few weeks to a few months with easier estates, which is far superior to an 18 month long probate.
Also, if you have young children a trust is vital. In your trust you can name a trustee that will handle the trust assets if you and your spouse should die. You can dictate specific terms in the trust so that your kids do not receive your entire estate at age 18. You can also nominate a guardian so you choose who the kids go to instead of the court appointing a guardian.
Finally, a trust is kept private where as a probate is public record. That means anyone can view a probate, whether they are family or not.
To consult with an experienced California Living Trust attorney who can advise you on the best trust specifically tailored for you, contact the Law Offices of Jack B. Friedell today.