A Living Trust is a document that passes assets including real property to those you choose upon your passing. There are a number of benefits to creating a Living Trust. In California when a person dies with over $150,000 in their estate including their house, a probate is required. Probate is a legal process that requires going to court and can take a year or more to complete. It involves more costs including court fees and attorney’s fees. It is supervised by a Judge.
With a Living Trust, also known as a revocable trust, a probate can be avoided because there is no court oversight. This gives you peace of mind because your heirs will not have a long court process. It is a way to be sure that what you want to happen to your assets will be honored in the simplest way. After you pass away all of your beneficiaries will learn of your wishes unless you choose to tell them in advance. When your wishes are known your loved ones are not left guessing about what you wanted to have happened. When this happens families can usually avoid fighting which is very expensive and destructive to good family relations. You can choose to leave money to a loved one over time and make it subject to conditions tailored to a specific person’s needs.
When David Pastor prepares a Living Trust, he also includes other documents for a complete estate plan that includes a Power of Attorney, which allows someone you name to assist you with finances if you become unable to manage your finances and pay your bills. Other documents include an Advance Health Care Directive that allows your agent to speak to your doctors if you are unable to speak for yourself as well as a HIPPA agreement giving your doctors permission to speak with each of the people you name in that agreement as well as a Certification of Trust.
David Pastor offers a consultation to discuss questions you have about a Living Trust or other estate planning issues. Give him a call to have your questions answered at (925) 403-4571.