A Folsom Trust Lawyer Explains the Benefits of Having a Living Trust
More and more people are choosing living trusts as part of their estate plans. A living trust holds assets in a trust during a person’s lifetime. When the creator of the trust dies, the assets are transferred to the deceased’s beneficiaries. A Folsom trust lawyer from Yee Law Group can explain some of the benefits of having a living trust as they pertain to your circumstances. What follows is some general information about why you might want to choose to establish a living trust.
Probate is the legal process of distributing a deceased person’s assets to designated heirs. The process can be long and costly which can cause stress for grieving family members. If someone tries to contest the will or another complication occurs, it may take months for heirs to receive their assets. However, if the assets are placed in a living trust, probate can be avoided because the successor trustee can distribute the assets without court intervention. Heirs could receive their assets in as little as a few weeks if they were placed in a trust. Your Folsom trust lawyer from Yee Law Group can review the details of your situation to give you a more accurate estimate.
Another important benefit of having a living trust is that it protects your privacy. Unlike a will and the probate process, a living trust is a private document between you and your heirs. That means that other people will not be able to search public records to find out more information about your estate. Talk to a Folsom trust lawyer from Yee Law Group to learn more.
A living trust is more complex than a will, so it may cost more to draft in the beginning. However, it may save your heirs money. This is because it allows them to avoid the expense of probate. Depending on your circumstances, a living trust can be very straightforward for a Folsom trust lawyer from Yee Law Group to establish on your behalf. After a free consultation with one of our lawyers, you may have a clearer understanding of how cost effective it can be to create a trust.
Assistance if You Become Incapacitated
If you suddenly develop a mental or physical illness and can’t manage your financial or legal affairs anymore, the person you have appointed as the successor trustee can step in take everything over for you. The courts will not necessarily have to get involved. A Folsom trust lawyer from Yee Law Group can sit down with you to work out the details, including who will be your successor trustee.
With a trust, you can specify exactly how and when you want your assets distributed to your heirs. For example, if you have beneficiaries who can’t effectively manage money, you may choose to give them funds in smaller amounts over a period of time rather than a lump sum.
If you have children and want them to go to college, establishing a trust is a good way to pay for it. With a college trust fund, you can have flexibility in how and when the money is dispersed for educational costs.
As you can see, there are different benefits to establishing a living trust. If you have additional questions about creating a trust, the estate planning lawyers at Yee Law Group will be happy to help. We know stressful the estate planning process can be and want to offer you the guidance you need. Our lawyers have helped many individuals create trusts and would like to do the same for you. We encourage you to schedule a free consultation with a Folsom trust lawyer from our firm to discuss your options.