Living trusts are an option that more and more estate planning attorneys in San Mateo County are seeing. While they’re still less common than a Will, living trusts have more advantages than people typically think. Though they’re not right for everyone (or simply don’t always have the same advantages for every case) they can make a huge impact on your life and how things are handled in the event of your death.
- Living Trusts Plan for Your Own Care
One of the biggest selling points for a living trust is that it can be handled by someone else in the event that you become unable or unwilling to provide for your own care or see to your day to day financial planning and asset investment. Typically, when a trust is named you can appoint yourself Trustee and still access your assets as usual. You can also line up the next Trustee. This person takes over when you become unwilling or unable to serve. This means that you can institute clauses that deal with what happens in the event that you need extended care and you know that these clauses will be honored.
- Living Trusts Eliminate the Need for a Probate Court upon Your Death
Wills have to go through the probate process. This involves estate planning attorneys, San Mateo county court, and more. This is a lengthy and often expensive practice that can make it difficult for heirs to receive their inheritance quickly. It also establishes a lot of formal rules that have to do with things like selling a house in probate, and so on. The legal fees that go along with probate court hearings can eat through a small inheritance quickly. A living trust means that the next Trustee can carry out your wishes without having to involve a probate court.
- Living Trusts Let Your Assets Be Handled Professionally
One of the major perks of a living trust is that you can get a professional to handle your finances even while alive. While there are many things that a good accountant and financial planner could advise you to do, making them the Trustee means that they can continue to do so even in the event that you become unable to handle this yourself. If preservation of wealth is important to you as part of the legacy you want to leave behind, having a living trust will ensure that your finances are controlled well.
- Living Trusts Can Easily Fit Any Size Estate
You can have a living trust no matter what size your estate is; if you only have a little money or you’re dealing with a lot of property and a lot of assets spread through stocks and investments doesn’t matter. If you come into some money or you face a reduction in estate size you can scale your living trust up or down to fit the requirements of your current state, and it’s all covered by law.