Most California residents are familiar with the concept of wills. We’ve heard about them. We’ve read about them. We may even have one. But not all of us are as familiar with the concept of living trusts. What are they? Why would someone want one? What are the advantages? The Orange County living trust attorneys at James F. Roberts & Associates, A Professional Corporation, explain:
What is a living trust?
A living trust is a mechanism for avoiding the probate process. A person can put her assets into a trust and then empower a trustee to manage the assets should she become incapacitated or die. This all happens without court intervention.
What are the advantages of a living trust?
A living trust has some major advantages:
- You can save your loved ones from a lengthy, expensive court case. Probating an estate is a lengthy, expensive process. Utilizing a trust keeps your loved ones out of court. Depending on how you set up your trust, your loved ones can have immediate access to your assets. They will not need to bother with filing court paperwork and making appearances in court.
- You can empower someone you love to control your assets. Should you become incapacitated, a court might appoint a guardian to make decisions regarding you and your assets. With a trust, however, you can select someone who will take on the responsibilities when and if you need assistance.
- You can keep things private. With a probated matter, your documents will become public record. Your family will have to attend public hearings. With a living trust, you can keep things confidential.
Contact us if you need help setting up a living trust in Anaheim or the surrounding area
If you would like our Orange, California, estate planning attorneys to provide you with more information about wills and trusts, contact us. We will send you complimentary copies of a pamphlet and a DVD about living trusts and wills. You may reach us by calling (714) 459-5481 or by filling out our online contact form.