The Importance of a Trust in Estate Planning
If you want to protect your hard-earned wealth and ensure that it goes to the right people when you pass away, estate planning is crucial. Among the most important documents in a proper estate plan is a revocable trust (also known as a living trust or revocable living trust). Wills can be a substitute for a living trust, but the problem with creating a will is that you have to probate it (meaning going to probate court is required to carry out the instructions provided in a Will).
For any living trust, you will have to make important decisions, including who you designate to manage your trust (called a trustee) in the event you are incapacitated or deceased. The Trustee is responsible for managing the trust assets and ensuring that they are eventually transferred to your beneficiaries.
A living trust effectively bypasses the probate process, so that the transfer of your assets can go much more smoothly.
Living trusts are the foundation of most of the estate plans we draft for clients, and during our consultation, we will discuss the different trust structures available (including the pros and cons of each approach), and ultimately provide our recommendation. You can rest assured that varying living trust structures will be explained so that you understand your estate plan. A last will and testament will end up in probate court – which is time-consuming, expensive, and stressful for grieving family members.
Some of the benefits of a living trust include:
Protecting Your Privacy
Unlike wills, trusts are private documents that don’t become part of public record.
Giving You Peace of Mind
If you ever become incapacitated or ill, your successor trustee can manage your affairs free of court intervention. Conservatorships (commonly referred to as guardianships for adults) may become necessary without a proper estate plan. A living trust can ensure that the probate court does not have to intervene and appoint someone to manage your financial affairs, or make healthcare decisions.
Saving You Money
With a revocable trust, you can avoid probate expenses and have better protection against potential contests by family members – which can also save your estate money.
Avoiding Medi-Cal Reimbursement
With a living trust in place, even if you go on Medi-Cal, and receive long term care, you won’t have to worry about Medi-Cal seeking reimbursement for healthcare expenses upon your death if your property is in a living trust.
Contact Our Estate Planning Law Firm for a Free Consultation
When it comes to trust and estate planning, our experienced attorneys at Klosek Law Offices have the knowledge and experience you require, having served countless clients in the Sacramento, CA, area over the years.
Now you have no need to Google “living trust lawyers near me” if you’re in the Sacramento area. Just call us! If you want to discuss your options involving trust administration, and estate planning please contact us for a free consultation at our Sacramento law offices. Our trust and estate planning attorneys are ready to serve you.