Living Trusts: FAQs (Pt. 1)
February 24, 2015Living trusts hold and manage certain assets and property on behalf of a grantor or settlor (i.e., the person who has developed the trust). Also referred to as revocable living trusts, revocable inter vivos trusts or grantor trusts, living trusts can be important parts of overall estate plans, as they can offer some valuable protections to both grantors and beneficiaries.
Given that living trusts can be essential but that they are not for everyone, in this three-part blog series, we will answer some commonly asked questions about living trusts in California.
If you are ready to develop a trust or proceed with other estate planning options, you can turn to an experienced Santa Clarita and San Fernando Valley estate planning attorney at the Law Offices of Darrell C. Harriman. All of our legal professionals are skilled at devising and implementing the best estate planning solutions for our clients.Answers about Living Trusts Q – How can a living trust help me?
A – Depending on your situation, developing living trusts may offer you various benefits. This is because, with living trusts, you can:
Transfer certain assets and/or property to the trust
Ensure these assets and/or property are handled as you wish should you ever become incapacitated in the future
Detail how you want these assets and/or property to be distributed upon your death, and your wishes can be carried out without court supervision or approval.
So, essentially, living trusts can provide you with an effective way of transferring certain assets out of your possession and, ultimately, into the possession of your chosen beneficiary both in the manner you want and with minimal legal interventions.Q – Are living trusts for everyone?
A – No. While living trusts can certainly be beneficial when people own significant assets and/or property, these estate planning tools are generally not recommended for:
- Younger people without children and without significant assets
- People who have very simple estate plans
- Those who would like the court to supervise the administration of their estate after they pass away.
In contrast, people who do have more significant assets will usually benefit far more from developing living trusts.
For more answers about living trusts, check out the upcoming second and third parts of this blog series. They’ll be posted soon.Santa Clarita and San Fernando Estate Planning Attorney at the Law Offices of Darrell C. Harriman
Are you ready to set up a living trust or put other estate planning options in place? If so, the trusted Santa Clarita and San Fernando estate planning attorney at the Law Offices of Darrell C. Harriman is here for you. For more than 34 years, our San Fernando estate planning attorney has been dedicated to providing his clients with personalized, highly responsive service, as well as superior representation for their important legal matters.Contact Us Today
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