What is a Living Trust?

A living trust is a legal document that helps you manage your assets, protect your interests upon incapacity, and control how your property is passed on to your beneficiaries.

Moreover, working with an experienced living trust attorney ensures your trust is properly drafted and can help you avoid the costly and time-consuming probate process in California.

How Does a Living Trust Work?

When you create a living trust, you transfer your assets into the trust instead of holding them in your personal name.

Notwithstanding the change in title, your ownership rights and your tax returns remain exactly the same.

Furthermore, you will remain in full control of your property and will be able to make changes to the living trust whenever necessary.

During your lifetime, you will serve as:

• Grantor – the person who creates the trust
• Trustee – the person who manages the trust, and
• Beneficiary – the person who benefits from the trust.

Additionally, you will continue to use your Social Security number for all trust-related transactions, making management simple and straightforward.

Who Will Handle My Trust if I Can’t?

You will appoint a successor trustee—someone you trust to manage your financial and property matters if you become incapacitated or pass away.

Thereafter, your successor trustee will:

• Pay your bills

• Manage your property

• Distribute assets to your beneficiaries according to your instructions

If needed, a living trust attorney will help you choose a reliable successor trustee and ensure the process runs smoothly.

How Do I Name Beneficiaries?

In your living trust, you decide who will receive your assets and how they will inherit them.  You can choose to:

• Transfer property directly to your beneficiaries

• Keep the property in trust for their benefit allowing ongoing management and protection

Why Should I Have a Living Trust?

A living trust offers several advantages:

• Avoids probate, streamlining asset distribution

• Reduces or eliminates certain taxes

• Protects your assets and provides for your beneficiaries

By creating a living trust, you give yourself and your family peace of mind, knowing that your estate will be managed and distributed exactly as you intend.