It's understandable that you would want to prevent your heirs from needing to go through probate. Probate proceedings can be expensive and lengthy. They're also public, so anyone can find out information about you and your family.However, with the strategic use of a trust, you can avoid the need for costly and time-consuming probate proceedings. A trust -- for example, a living trust -- offers both confidentiality and the ability to give your assets directly to heirs. You can also structure and plan the way your assets are given -- either over time at specific intervals or immediately upon your death.
In the case of a living trust, when the grantor creates the trust, they will designate a trusted person to serve as trustee. The trustee will be in charge of managing the trust based on the instructions contained in the document. A banker, attorney or investment advisor might serve as the trustee in some cases. It might also be a friend or member of the family. The trustee has a duty to manage the trust for the benefit of the named beneficiaries.
A living trust could be revocable or irrevocable. With a revocable trust, the grantor can revoke and dismantle the trust at any time during their life. This could be a good thing if the trust creator changes their mind about what should happen to the funds. An irrevocable trust is set in stone. The grantor cannot choose to break down an irrevocable trust to reclaim the assets placed inside it.
There are many trust planning options that could benefit the average estate planner in Fullerton. Make sure you have thoroughly reviewed all your options before choosing to move ahead with your goals.