Benefits Of A Living Trust

Here are some of the main benefits of setting up a living trust. AVOIDING PROBATE COURT Creating a revocable living trust and transferring title to certain assets and re-designating beneficiaries on others will avoid the need for your family to have to endure the long and expensive California probate court process. SAVING ON TAXES Depending on the kinds of provisions included in your living trust, there can be tax advantages in having your assets owned by a living trust at the time of your death. MAINTAINING CONTROL OVER BENEFICIARIES A living trust allows you to control how your beneficiaries will receive their inheritance after you die. KEEPING DETAILS CONFIDENTIAL A trust is not a public record, so only you and the beneficiaries know what assets are in the trust. This is in contrast to a will, which must be filed with the probate court. That filing is a public record. Considerations When Creating A Trust When creating a trust, you may need to develop additional documentation, including: Certificate of Trust: Certificates serve as proof that a trustee possesses the authority to act on behalf of a trust Assignment of Personal Property to Trust: You need this document to transfer assets into a living trust (NOTE: One cannot use this document to transfer real property, such as a house Medical or Financial Power of Attorney: This document authorizes another person to make medical decisions while you’re still alive but incapacitated or to handle financial affairs on your behalf while you’re still alive and after your death. 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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