Revocable Living Trust

Secure Your Assets And Distribute Your Legacy Safely With An Estate Planning AttorneyA revocable living trust functions much like a Last Will and Testament but, crucially, will avoid your loved ones having to go through the probate court process if you die or become incapacitated. Instead, after you pass away, a successor trustee that you have selected will manage or distribute your assets in the manner you have set out in your trust. A trust also enables you to protect your assets in the event that a surviving spouse or children have any creditor issues, are sued, file for bankruptcy, or get divorced. A trust also keeps your assets out of the public record, protecting your family’s privacy. While a Living Trust offers many benefits over a Last Will and Testament alone, you do still need a will as it names your executor, covers the care of your children, and functions as fallback guidance for assets that you don’t move into your trust. A will created alongside a revocable trust is known as a “pour over” will. When establishing your trust, you may need to create a few additional documents: Certificate of Trust: A Certificate of Trust can be used as proof by your trustee/s that they have the authority to act on behalf of your trust. It acts in place of your full trust document and helps protect your privacy—your trustee won’t have to share all the information in your trust with financial institutions. Assignment of Personal Property to Trust: This document is used to transfer your assets to your living trust. It can’t be used for real property with a title or deed, such as real estate or vehicles. Financial Power of Attorney: Like the aforementioned Advance Health Care Directive which addresses healthcare decision making, a Financial Power of Attorney names an agent who can handle financial matters on your behalf. Powers of Attorney can be effective immediately upon signing, or can be “springing”, meaning that they only come into effect upon the occurrence of a particular event. A Durable Power of Attorney continues in effect even if you are incapacitated. Advance Health Care Directive An Advance Health Care Directive allows you to choose who will make healthcare decisions for you if you are unable to make them yourself. “Living Will” provisions should also be included outlining in general terms what your wishes would be in various medical scenarios, such as whether life sustaining treatment should be withheld or withdrawn in particular circumstances. When you set up a Living Will, it’s best to sign a Health Insurance Portability and Accountability Act (HIPAA) Release, as well. This form allows medical professionals to share information about your health with your loved ones. Weiner Law 12707 High Bluff Drive Ste. 125 San Diego, CA 92130 (858) 333-8844

Weiner Law
Category: Specialized Legal Services, Trusts & Estates Attorneys

12707 High Bluff Drive Ste. 125, San Diego, California, California, 92130
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