When loved ones pass away, it can be a scary and confusing time in your families’ life. There are many questions you may have. What do I do with their assets? What do I do about the debts? By having a Living Trust in place, many of your worries will be eliminated.
A Revocable Living Trust is a method of providing for the disposition of your assets upon your death. When using a Will to dispose of your assets, the Will must be submitted to a Probate Court, usually by an attorney, then an Executor is appointed, and then the executor gathers the assets and disposes of them according to the Will, but only after the Court approves of the plan. This method entails court fees and attorney’s fees, as well as waiting time, and possible delays due to procedural problems.
Experience And Skill
With a Living Trust on the other hand, the Trustee of the Trust at your death may immediately gather and dispose of the assets, according to the Trust. No courts, no attorneys, and consequently no fees! This is the sole reason for Living Trusts. Some people are under the mistaken impression that a Living Trust will save Estate Taxes, or will somehow protect their assets from creditors. This is not true. The assets remain under your control until your death, and therefore are treated the same as they are now by any governmental authority or creditors.
In general, assets that are placed into the trust include real estate, bank accounts, investment accounts and personal property. Items that do not go into the Trust include any item that already has a beneficiary assigned to it. For instance Life Insurance should not go into a Trust, because it already automatically goes to the beneficiary upon your death. Likewise, an IRA or Pension, generally already has a beneficiary assigned to it, and therefore also would not go into the Trust. Automobiles are not placed into trusts for other reasons (insurance companies balk at the practice).
Contact my office today to receive the Living Trust Questionnaire. Upon receipt of the completed questionnaire, we will draft your Revocable Living Trust, Pour Over Will, new Deed for your home, Living Will and other important documents so you can rest easy and know that your affairs will be handled when the time comes.
For the help of a skilled attorney in divorce and other family law matters, call The Law Offices of Gary J. Beeler today at 949-427-9609. You can also contact us through email to schedule an appointment. We represent people in Laguna Hills and throughout Orange County, California.