What You Need To Know About Living Trusts
For their estate plan, many people consider creating a revocable trust, typically called a living trust. Taking that first step in estate planning is a crucial one, and you should be applauded for doing so. There are often layers of decisions that go into your living trust: decisions most people never even consider. For your comprehensive living trust, you need experienced legal help.
At our firm, Gadi Zohar, Esq., in Palo Alto, our knowledgeable estate planning attorney, Gadi Zohar, can explain the benefits of a living trust and whether one may be right for you. With your best interests at heart, he provides detailed attention while helping you create a thorough estate plan.
A Living Trust Has Certain Advantages Over A Will
A revocable living trust has a few elements working in its favor. For example, a living trust allows you to:
- Seamlessly manage assets during your lifetime whether you are competent or incompetent.
- Avoid the costly and time-consuming probate process that occurs with a will.
- Maintain privacy. Unlike a will, a living trust is not public record.
- Change or revoke the trust’s terms anytime, hence the name “revocable” trust
There are some crucial things to understand about living trusts: First, the assets within a living trust are not protected from creditors. Second, you should consider a living trust as one (important) part of an overall estate plan.
Though you may have a trust, you still need a will. The “pour-over” will, allows you to name a guardian for your minor children. It also makes sure the assets you planned to place in the trust are actually done, even if you neglected to re-title them before you died.
Call A Skilled Estate Planning Attorney
As one part of a comprehensive estate plan, a living trust can help you ensure your estate is administered as you want. The trust document allows you to manage your assets flexibly while still alive and to forego the expensive and time-consuming probate process.
When you have estate planning questions, call us at Gadi Zohar, Esq., in Palo Alto and serving the Bay Area. Gadi is an experienced estate planning attorney who knows the finer details of living trusts, how they help and their limitations. For a consultation, please send us an email or call 650-449-6671.