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Living Trust

If You own a Home or have Children, a Living Trust Might be a Good Choice

A properly-funded Living Trust, can Avoid ProbateA “Living Trust,” also known as a “Living Revocable Trust” or simply a “Revocable Trust,” is a modern substitute for a traditional Will. The purpose of a Living Trust just like that of a Will: to distribute your estate at death. For most family, stand-alone Wills are no longer desirable, because a traditional Will, in most instances, forces your estate into Probate court upon one’s death. Not only is Probate costly, it it time-consuming — 12-to-24 months of the survivor’s time which can be extremely frustrating and expensive for a your heirs. Heirs must often make mortgage payments, and take on all the bills of the deceased person for the long, drawn-out Probate Process.

Avoid Probate & Protect Assets

A properly-funded Living Trust, can Avoid Probate, forego the 12-24-months of sheer misery as a Probate crawls through the probate process and probate court, and sidesteps Probate’s steep costs. A Living Trust will, on average, see your estate distributed to your heirs with minimal expense in less than six months. It gets better in that some Living Trusts can be designed to Protect Assets from scammers and predators while you are still living.

Properly Funded Living Trust is all about Transferring Assets

Funding a Living Trust is just as important as setting it up. For a Living Trust to be effective, your assets (home, vacation home, vehicles, bank accounts, stocks, bonds, coin collections, guns, ATV’s, personal property, etc.) must be transferred to, and titled in the name of the Living Trust. This transfer from your name (title) into the name of the trust is the process of “funding” the trust. Once transferred, those assets are owned by the trust instead of you and are controlled by the trustee(s). That said, (and here is the magic of a Living Trust) you may be BOTH the “Trustee” and the “Beneficiary” of that new Living Trust and you will continue to use and enjoy those assets as if nothing happened! Sure, you will have to have your bank checks reprinted, and the titles to your real estate and vehicles will reference the Trust as well, but often the name of the trust includes your name, so there’s rarely any difficulties cashing checks, or to going about the business of “living life.”

Bank check BEFORE Living Trust: “Jeff and Joan Rhodes”
Bank check AFTER   Living Trust: “The Jeff and Joan Rhodes Living Trust”

A Pour-Over Will is a   “Catch-All Companion”    to a Living Trust

Did you “transfer” your grandmother’s diamond pendant into your new Living Trust? How about that now-valuable coin collection you and your father partnered on decades back? Do you even know where –exactly– grandmother’s pendant or the coin collection are? Virtually everyone who attempts to “fund” their new Living Trust will overlook transferring some valuable or sentimental assets into the trust. Even the most fastidious and compulsive people will overlook transferring assets into their Trust, therefore, a well-engineered estate plan will almost always include BOTH a Living Trust and a Pour-Over Will.

What is a Pour-Over Will?

The Pour-Over Will is designed to take care of newly-acquired or all those forgotten assets transfers like the pendant and coin collection. Yes, there would be a small probate needed for any overlooked assets (if your heirs were to have a dispute over un-transferred assets), but if needed, the Pour-Over Will will keep a potential probate extremely simple, inexpensive, and no professional help should be needed. All the major assets in the Living Trust will have been distributed, and any overlooked assets (if there are any) will be dispersed as per the instructions of the Pour-Over Will.

In a typical Living Trust, you would name yourself as the Trustor (person who sets up the Trust), AND the Trustee (person who manages the Trust), AND the Beneficiary (person who gets the assets from the Trust). As Trustor, you can make changes to the Trust (via Amendment) anytime you decide to make changes. You have COMPLETE CONTROL over the terms of the Trust. Yes, we know… Why didn’t you do this sooner?

Taking Control of Your Life – Managing Your Estate – Blessing Your Spouse and Kids

It does not matter how old your are, or how many assets you have accumulated; planning for the future is always a good idea.  A Living Trust Lawyer can review your unique circumstances and help determine if a simple Will or a Trust will be the best choice in your case.  There are many different types of Revocable and Irrevocable Trusts that we can explain to you in detail.  Vincent W. Davis can assist his clients with the successful establishment of Wills and Trusts, so you will never be accused of leaving life-critical decisions concerning your assets, finances and Inheritance to complete strangers — government workers employed by the State of California.

Set Up a Day, Evening or Weekend Appointment with a Living Trust Attorney Now

If you are considering a Living Trust, please contact The Law Offices of Vincent W. Davis & Associates in Southern California for a complimentary consultation. Consultations are available in Los Angeles, Orange County, Inland Empire including Riverside or San Bernardino Counties. We also handle California Probate and Estate matters for out of state individuals. Mr. Davis will personally make time to share his legal advice with you and your loved ones.

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