What is Living Trust? In recent years, people have become more concerned about their finances and the proper management of their assets and properties. Because of this shift towards financial responsibility, interest in living trusts has significantly increased as well. Hence, there may be a need to define living trust in a manner that is more understandable by the ordinary, non-legalese individual.
In Valencia California, living trust is commonly defined as a trust that is revocable by the creator or the trust grantor. Ideally, it is used to prepare for circumstances such as death, disability or incapacity. It is, however, more often used simply to avoid the probate process. Avoiding probate normally means saving money and time as well as maintaining privacy in the handling of a deceased person’s assets. In Valencia, California for example, going through probate could mean fees that range from 4-8% of the total value of a person’s estate. To add to that, you would still have to pay appraisal fees and court costs.
There are, of course certain disadvantages in setting up a living trust. For one, having a living trust does not save you from estate and inheritance taxes. The expenses involved in setting up a trust could also be high, and it is an immediate expense, because you have to pay the fees up front and payment may not be postponed until the time of the grantor’s death. In the long run, however, the money, time and hassle that you save by putting up the trust far outweighs the expense involved in setting it up.
A living trust is a private financial transaction and as such, is not subject to the control of the probate court. This is why it is considered as one of the most reliable ways of avoiding probate in time of death. For those considering setting up their own living trust, it may be best to consult an attorney who specializes in this field to get proper guidance. A good lawyer can ensure that your trust is properly set up and the beneficiaries will gain full benefit from the said trust.
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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