There are a variety of different estate planning tools you can use to accomplish your goals in California. While you may be able to answer some of these important questions and choose basic stipulations of your estate on your own, it is far more valuable to work with a Pasadena estate planning law firm to determine the best tools and their structure for you. You may be thinking about a simple will versus a living trust and wondering whether or not there are any specific advantages of a living trust.
A living trust provides a clear plan for asset management for those assets placed inside the trust. In the event that you become incapacitated and unable to manage these assets, a person named as your successor trustee will assume trust asset management for you. Any assets held in the living trust at the time of your death will then be distributed to trust beneficiaries in the manner that you outline, which eliminates the need for probate.
Since a living trust is a document created during your lifetime that allows you to determine who will manage the assets and who will manage the assets while you’re alive and receive the assets after you pass away, it gives you a great deal of control over the future of your estate.
All of these documents are just one piece of your broader estate plan, so it’s helpful to know your individual goals and then align them for estate planning purposes.
Set up a time to meet with our Pasadena estate planning lawyers now to learn more about when to use a living trust and how to incorporate it into your broader estate plan.
