Due to the numerous benefits a living trust offers, more and more people have a living trust as a part of the plans they have for their estate. Close to one quarter of all Americans now have a living trust but just what is it and should it become a part of your long term estate plans?
What is a living trust?
A living trust is a vehicle that is used to hold the assets of the individual that created the trust for their use while they remain live. Upon their death, the assets of the trust are transferred to those beneficiaries named in the trust documents. A living trust is something that is usually developed in close cooperation with an estate planning lawyer / attorney in Anaheim. The terms of the trust can be changed by the creator at any time; the trust may also be cancelled in its entirety.
What are the benefits of a living trust?
There are a number of benefits to having a living trust, including:
* Avoidance of probate: By placing your assets in a living trust you can avoid probate which is a court supervised process that distributes the assets of the deceased should they die intestate; they leave no will or trusts. Probate is a time consuming and expensive process that can easily be avoided, ensuring that your assets are distributed in accordance with your desires. Your estate can be settled quickly, with minimum expense and your heirs will get those assets left to them much faster.
* Save money: Although it will cost more to establish a living trust, it will save a considerable amount of money by avoiding all expenses associated with probate.
A living trust also ensures that the disposition of your estate is kept private, a will, being a public document allows the public to gain access to your beneficiaries.
If you feel that a living trust may be to your advantage you should discuss the details with an experienced estate planning lawyer / attorney in Anaheim.
There are certain benefits and advantages to having a living trust, to determine if one is right for you, arrange to meet with an estate planning lawyer / attorney in Anaheim. You are invited to contact the Law Offices of Norman J. Homen.
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