It is a known fact that planning your estate can provide you peace of mind knowing that you can plan as early as now about how your assets get distributed – who gets what, when they get it, and how – in case you pass away. Part of such estate planning could include both crafting a will and living trust. In this blog, we focus on the latter.
So, what are some things that a living trust attorney, Desert Hot Spring, would want you to know? Here are some:
That comparing trust and will is like comparing apple and orange. While both will and trust are an important component of a solid estate plan, they are two different things that serves different purposes. Thus, it makes sense to not only go for a will (or the other way around). In all likelihood, it will work to your advantage if you have both. The main difference between the two is that the will only goes into effect after the death of the testator. On the other hand, a living trust takes effect as soon as it is signed.
That more and more people are becoming aware of the benefits of living trusts. Why there are more and more people establishing living trusts as part of their estate plan? Very simply, because of the benefits they can bring, including the following:
- Assets under living trusts are not subject to probate proceedings
- You continue to manage your assets included in your trust as long as you are alive and in a sound mind
- No court mediations are needed should benefits be challenged or if there are disputes arising.
- Trusts are not open to public; they are private matters
Just like a will, a living trust should be updated periodically. Why your living trust should be updated from time to time? Just like investments, a living trust needs updating for a number of reasons. Remember, family structures and financial situations change in time. In other words, life changes over the years and thus, necessary adjustment in your trust should be done to compensate these changes; to ensure that everything is set up according to your preference.
In need of a living trust attorney, Desert Hot Spring? Contact us at (760) 365-7000.
