Are you working on your estate plan for the first time? If so, you probably run into unfamiliar terms that make your job seem more complex. Not understanding such terms may spell the difference between failure and success of your estate planning. To make sure you are going the right way, you might want to consider working with a living trust attorney, Coronado.
Working with a living trust attorney, Coronado, can give you undeniable benefits. They can work:
To help avoid probate. To avoid the probate process is often the main reason people use a living trust as part of their estate plan. With it, the assets put into a living trust can be distributed immediately by your successor trustee after your death. They do not need probate because the assets are in your trust rather than your estate account.
A crucial point to remember: Probate is a court proceeding that can become complicated and time-consuming. What more? When the assets are subject to probate, they will be inaccessible to any of your beneficiaries during the entire process.
To provide for your loss of capacity. In the event of your incapacity to deal with the assets yourself, your successor trustee will be able to step in to handle and administer the assets put into the living trust.
Case in point:
You suffer from an accident that leaves you unable to manage the assets in your estate. Your living trust attorney can specify your successor trustee to act on your behalf without having to apply to the courts for authority to do so.
To control the distribution of your property. Your living trust, acting like a will, dictates what happens to your assets after your passing. And, take note, you are not limited to distributing the property immediately to your beneficiaries.
Case in point:
Let us suppose that one of your beneficiaries is a minor. You can set up a trust inside your living trust that specifically dictates that your minor beneficiary can handle the inheritance only when mature enough to manage it himself.
To keep your affairs private. You might already know that the probate process is an open process. Meaning to say, it is a matter of public record. With a living trust, you keep the family affair private after your death. That is because it allows the transfer of your assets to your intended beneficiary without undergoing probate.
Online looking for a reputable living trust attorney, Coronado? Contact us today at (858) 558-1191.
