The COVID-19 pandemic that is infecting millions of people all over the world and forcing billions of people on lockdown makes you wonder how safe your loved ones are. Amidst the uncertainty, it helps to lessen the anxiety if you have a solid estate planning put in place. Indeed, now is the right time to re-evaluate how good your estate planning is.
A solid estate plan is not only about your last will. It encompasses several considerations such as powers of attorney, living trust, Palm Desert, CA, among other things.
Speaking of a living trust… Why is it crucial to establish one? How will it benefit you and your loved ones?
A living trust, Palm Desert, CA, is designed to hold your assets in trust for your benefit while still living. Then, upon your death, your assets are transferred to your assigned beneficiaries by the successor trustee, which is the person you have chosen to do so.
Here are some benefits of a living trust:
It avoids probate. By putting your assets to your living trust (though not all assets can be put into it), you can avoid probate because the successor trustee will distribute the assets according to your instructions without court interventions.
It may save you money. Because you are avoiding probate expenses at your death, a living trust can save you money. And, it is worth noting that your living trust is also likely to hold up better than a will if somebody comes forward to contest the distribution of your assets.
It protects your privacy. Since you can avoid the probate process with your living trust, your privacy is protected. You do not need to worry since your documents do not become part of the public record. That is because a trust is a private document between the parties involved.
It assists you when you become incapacitated. Another crucial feature that a living trust has is that it can assist you in the event you are no longer capable of managing your affair without the intervention of a court. With the help of a person that you have chosen as a successor trustee, you can avoid a court-appointed conservatorship for your affairs. Note that you can dispute the implication that you are incapacitated and retain control of your affairs. That is made possible because a living trust is revocable.
So, are you ready to work for your living trust, Palm Desert, CA? Contact us today at (760) 365-7000 for help.
