When creating an estate plan, many people mistakenly believe that if they own most of their assets jointly with someone else, they do not really need an Anaheim living trust. This is a popular misconception, and it is far from the truth. Even married couples can benefit from the use of a trust. One important benefit is that a trust can be structured to allow for an easy transition of management and control over your estate in the event you become incapacitated or disabled. The following are four such examples:
- If you become incapacitated suddenly or unexpectedly, your loved ones may need access to your bank accounts in order to pay your bills.
- If you are a business owner, the ability of your business to continue operating during your incapacity may depend on how quickly someone can step in to fill your shoes.
- If you own assets that require upkeep, such as real estate, your loved ones may need a quick transfer of control of the asset in order to ensure that it is taken care of properly. For example, real estate may need to be winterized, rented, or insured. Accomplishing these tasks will likely require proof that the individual handling the affairs has the authority to do so.
- If you become permanently disabled or incapacitated, the terms of your living trust in Anaheim are already in place to govern your affairs while you are still alive, in addition to after the time when you eventually pass away.
Clearly, individuals who own assets jointly, even married couples, should consider creating a living trust as part of their estate plan. The trust can help ensure that your wishes are carried out while you are still alive but are unable to carry out those wishes yourself. To learn more about how a living trust works, view our free guide, Understanding the Revocable Living Trust – In Language that Anyone Can Understand in 8 Minutes.
For more information about the benefits of using a trust in an estate plan, contact the Law Office of James F. Roberts & Associates, APC, today. Call our office of experienced Anaheim living trust attorneys at (714) 459-5481 for a consultation.