Planning for your final arrangements and finances before you pass can ease the burden on your family members who must otherwise make serious decisions while grieving. Living wills have become popular for those who want to make their final wishes known, as have revocable living trusts. If you are interested in making such a trust, there are a few questions you might want to ask a Folsom, California living trust lawyer from Yee Law Group before you sign off on this important document.
- Isn’t a Revocable Trust a Will?
Not exactly. But, like a will, a revocable trust can be edited depending on when and how your life’s circumstances change. For example, if you were divorced but have remarried and had children with your new spouse, you can change your trust to include these new heirs, make changes to previous wishes and name your new spouse a major beneficiary. If you have questions about the ways in which various estate planning tools (like wills and living trusts) differ, please ask your Folsom, CA living trust lawyer during your consultation.
- What Do I Include in the Written Trust?
As you prepare to create your living trust with the help of your Folsom, CA living trust lawyer, it is wise to bring a list of property you want to include. Cash, bank accounts, vehicles antiques and jewelry can all be listed in the trust, as well as the names of individuals who will inherit these items. Be sure to state your intentions clearly, as this can help prevent messy probate court disputes after you pass.
- How Do I Include Real Estate in My Trust?
You may want to add real estate holdings to your revocable trust; however, it is important to understand that the title must be transferred to the trust itself before you can will it to someone. This type of trust can be useful in matters of real estate, as although you can modify who inherits the property as circumstances change, the title remains in trust and does not need to be transferred.
- How Is a Revocable Trust Helpful To Me?
When people pass away without a will, the property and money they left behind often become tied up in a court battle that can last for years. A revocable trust can prevent this and outline in firm language how you want your final affairs handled. You can also add or omit people from the trust while you are still living and make your reasons known to prevent family arguments, which often happen once an individual has died and leaves behind more questions than answers. A revocable trust can help you arrange your final affairs and ensure your property is divided fairly once you pass on. For more information on how to create this type of trust and other estate planning tools, ask your Folsom, CA living trust lawyer as many questions as you may have during your consultation with our firm.