Living trusts are an excellent tool to deal with assets during a person's lifetime. The documents and the financial instruments they create can also give peace of mind to the people writing them with their lawyers.
- What are the major advantages of living trusts?
One of the big positive parts of trusts is the privacy they offer their creators. Probate court is a public forum, and last wills and testaments are often read by executors in their entirety. Living trusts allow many estates to skip probate.
- How big does an estate need to be for a living trust?
There is no minimum dollar figure for a living trust in California. One of the factors is the expense of an estate's appearance in probate court, which sometimes makes a living trust a more attractive financial choice. Some smaller estates, usually below $150,000 in value, may qualify for a streamlined probate process.
- How else can property be conveyed to others upon death?
The Golden State has several options for specific assets to be transferred without probate proceedings. Shared retirement accounts may pass to one beneficiary upon the death of the other. Some states may also allow a car registration to include a receiver upon the death of the owner.
- What is the best way to create a living trust?
Trusts are often complicated arrangements requiring attention to legal details. This is why it is best to consult an attorney when you are considering a living trust for your assets. A lawyer can write the details of a trust and begin the process of making it official.