You’ve worked hard for your assets, and the last thing you want is to lose them to probate court. A living trust is a legal document that allows you to legally transfer your property to another person or entity while you’re still alive. If your estate goes through probate court after you pass away, it can take several months before your heirs get access to their inheritance. This process can be especially difficult if there’s a conflict between family members about who should inherit specific items of property.
What is a living trust?
A living trust is a legal document that allows you to transfer ownership of your assets to a trustee. The trustee is responsible for managing the assets according to the terms of the trust, which you establish in advance.
You can appoint yourself as trustee, but we recommend using someone else who isn’t involved in administering your estate if possible. For example, you may want to name one or more of your children as co-trustees so they’re able to make decisions about how best to manage their inheritance after you’re gone. Or consider naming a bank or other financial institution as trustee that way they’ll be able to access and manage all your money with relative ease and efficiency while preserving privacy during an otherwise complicated process.
The advantages of a living trust.
The benefits of a living trust include:
- Avoiding probate court: Your assets will pass directly to your heirs, and there will be no estate taxes.
- Protecting your assets from creditors: You can keep the property out of probate by naming an alternate beneficiary in the event that you die before the trust is distributed.
- Eliminating probate fees and delays: The cost savings associated with avoiding probate can be significant in California, where it typically costs up to $30,000 or more per year just to maintain an estate in “open” status.
Do I really need a lawyer to create a California living trust?
While a lawyer can help you create a living trust, it’s not required. In fact, many people prefer to do the process themselves so they can be sure they’re making the right decisions. If you’re one of those people who wants to create a living trust mills in California on your own, this article will guide you through what steps are needed and how long each step will take.
You’ll need an original copy of your death certificate. You don’t need any other documents besides these two items no other paperwork is necessary or required by law. The only thing that matters is whether or not they’re originals! Make sure they truly are authentic versions before submitting them with applications like “California Living Trust.” There are plenty of fake ones out there.
By creating a living trust, you may be able to avoid probate court and allow your property to pass directly on to your heirs.
- By creating a living trust, you may be able to avoid probate court and allow your property to pass directly on to your heirs.
- Probate is a process that requires the court to validate the will and make sure it complies with all legal requirements. This can add time and expense on top of what you would have paid if you’d used a living trust in the first place.
- Living trusts are also less costly than probating an estate because they generally don’t require court fees or attorney’s fees as part of their administration process. The executor of an estate must go through probate court at some point in order for property left behind by someone who has died intestate or whose last wishes were not clearly stated in their existing legal documents such as powers of attorney or other accounts that might be involved in this case scenario situation example scenario context sensitive.