The Benefits of a Living Trust. Most people think that preparing a last will and testament is enough preparation in the event of death. There are, however, other ways to plan for this and other eventualities. Setting up a living trust is one of these ways.
What is a living trust? It is simply the act of putting your properties in a trust that is revocable by the trust grantor. It helps you plan for the possibility of disability or incapacity, as well as the inevitability of death. It also lets you avoid the lengthy and expensive process of probate.
The main concern when it comes to probate is expense, especially in places like Valencia, California, where probate expenses can range from 4-8% of the gross value of one’s assets. Having a living trust can help you avoid these costs. Of course, setting up a trust can be costly as well. One would have to consult with a good living trust lawyer before setting up the trust, which means that he could rack up attorney’s fees. The cost of setting up a trust is, however, negligible as compared to the cost of going through probate court.
Time is also a major factor that makes living trust more attractive than probate. A probate normally takes at least six months whereas facilitating the distribution of properties held in a living trust only takes the trustee a few weeks to complete.
Perhaps most important for some individuals is the privacy that a living trust guarantees. Probate court records, much like any court document, is open to the public while living trust records are held privately. A living trust is outside the control of probate court and the trustee is not required to report to the court in the process of distributing the grantor’s assets.
Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax
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Living trust is very important for estate planning.It will help you to avoid probate and subsequently avoid excess taxes and fees associated with probate after your death.
Good estate planning helps clients control their assets during life, take care of family members in the event of a disability, and provide for survivors upon death. You will need an estate planning firm that helps clients navigate the probate and trust administration process by clearly explaining and implementing the steps that must be taken, making sure all documents are filed and that deadlines are met.