Living Trusts–Good for the Heirs? Is Living Trust a Boon to Heirs? For someone wanting to ensure the security of his family even after his time of death, setting up a living trust may be one of the wisest moves to make. It is considered as important as preparing your last will and testament.
First of all, A living trust is a revocable trust that allows an individual to keep his properties in a private trust that is outside the control of the probate court. Thus, they can avoid the process of probate in the event of incapacity or death.
Most people who set up living trusts do so for this reason because they want to avoid the expense, delay and lack of privacy involved in probate.
Furthermore, in most U.S. cities like Valencia, California, probate fees are within the range of 4-8% of the total value of your assets; and if you have a considerably large amount of property, the equivalent of this percentage may be significantly higher than the expense involved in setting up a living trust. Naturally, one would opt for the least expensive process.
Going through probate could take six months or more while the distribution of assets held in a living trust can only take a few weeks. There is no question that time is a very important consideration for any individual. A trust also protects the grantor and beneficiaries’ privacy since it is a private transaction and documents relating to properties held in trust are not accessible to the public, unlike those that are held in probate court.
Since the above benefits as well as other considerations, living trust is now gaining popularity as a good way of preparing for the future. Before embarking on this venture, however, it is best to get advice from a lawyer so as to ensure that your trust is properly managed. There are several attorneys who specialize in this field and can give you the necessary guidance before you make your final decision. For more information contact:
Mortensen Law
Trust & Probate Attorneys, P.C.
22807 Lyons Avenue
Newhall, CA 91321
www.mortensenlaw.com
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