Living Trusts

Most people understand the importance of having a will in place to ensure that their assets are properly distributed after their passing. If your assets include stocks, bonds, or significant amounts of cash, or other holdings, it is especially important to have a living trust. Though living trusts are more complex types of legal documents than wills, they may cost more. However, in the long run, the financial benefits will outweigh this cost. Moreover, it will make life easier for your loved ones after you pass away.

What is a Living Trust?

Also known as a revocable trust or inter vivos, a living trust is a written legal document that is used to place assets into a trust, for your benefit, throughout your lifetime. Upon your death, your chosen successor trustee acts as a representative, and distributes these assets to designated beneficiaries. Contact an experienced estate-planning lawyer at Citadel Law Corporation today at (800) 662-0882 for more information.

Living Trusts How it Works in Orange County

Because living trusts cost more money to establish, it must be a practical option for everyone. Here are the benefits to establishing a living trust:

Benefits of Living Trusts

People elect to establish living trusts for many reasons. A few of the top benefits of living trusts include:

• Avoiding Probate-Without question, this is the primary reason people choose living trusts over traditional wills. It allows the creator to avoid a probate court proceeding, a process that can take months, or even years. Assets will be distributed more quickly to designated beneficiaries as a result.
• Saving Money-The lengthy probate process is highly expensive. As a result, a significant amount of the estate may be lost in the process.
• Maintaining Privacy-Living trusts are not made public, whereas wills are. This is highly attractive to those who want their financial affairs kept away from the public eye.
• Keeping Peace of Mind-Because a trustee is designated while you are still alive, they can automatically assume control if you are otherwise incapacitated. Living trusts are also revocable, so you can assert control if you disagree with what a trustee is doing. You may need to contact an experienced Orange County based Living Trust attorney.

If you are interested in establishing a living trust, contact an estate-planning attorney at Citadel Law Corporation. Our number is (800) 662-0882.

You can also read additional material:

• Understanding Living Trusts
• What Is Living Trust?