A trust is a legal document, signed and notarized, and effective during your lifetime, during any period of disability, and after death. Because the trust is effective during your lifetime and you can change it, it’s referred to as a “living” document and we refer to this as a Revocable Living Trust.
- has lifetime benefits
- provides for the distribution of your assets (such as to your kids at ages you choose like 25, 30, and 35 rather than all at 18 years old through the probate court)
- avoids probate if fully funded
- provides for a successor trustee upon your death or incapacity
- allows for the management of your property – even if you’re incapacitated
- can address appointing disability guardians for minor children
- often includes protective trusts for beneficiaries and tax planning
- permits you to revoke or amend your wishes during your lifetime
- costs more than a simple will on the outset but much less upon administration, while typically providing significantly more value
What Revocable Living Trusts Can Do – That Wills Can’t
- Avoid a conservatorship and guardianship.
A revocable living trust allows you to authorize your spouse, partner, child, or other trusted person to manage your assets should you become incapacitated and unable to manage your own affairs. Wills only become effective when you die, so they are useless in avoiding conservatorship and guardianship proceedings during your life.
- Bypass probate.
Property in a revocable living trust does not pass through probate. Property that passes using a will guarantees the probate process, designed to wrap up a person’s affairs after satisfying outstanding debts, is public and can be costly and time consuming – sometimes taking years to resolve.
- Maintain privacy after death.
Wills are public documents; trusts are not. Anyone, including nosey neighbors, predators, and unscrupulous “charities” can discover the details of your estate if you have a will. Trusts allow you to maintain your family’s privacy after death.
- Protect you from court challenges.
Although court challenges to wills and trusts occur, attacking a trust is generally much harder than attacking a will because trust provisions are not made public.
We are here to help you
Do you need assistance getting your Trust completed? We know it can be confusing and intimidating to start, don’t stress. We can help you get a plan in place and make sure your wishes are legally documented and that your family is protected, giving you peace-of-mind. To get started, call our office at (805) 518-9633, click below to schedule an appointment, or complete the form below and one of our team members will be in contact with you. We will help you determine whether a trust makes sense for your situation. You do not have to make these decisions alone.
Please complete this form and one of our team members will get in touch with you
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