Many people wish to make the distribution of their estate assets as easy as possible for their family and friends. There are options to ensure that loved ones receive their fair share after one passes away. To transfer assets quickly, privately and to avoid probate, many individuals in California select a revocable living trust.
By choosing to place assets in trust versus granting them to heirs in the will, the person’s family and friends will likely face fewer challenges when the time comes to administer the estate. The revocable living trust is a legal document like a will, but it allows the estate to avoid probate when correctly used. A living trust also prevents the family from having to work with a lawyer after the individual’s death while they are grieving.
Unlike a will, a revocable trust can stay private and does not need to be filed with the public court records. The probate process can take months, or even years in some cases, but successor trustees can immediately take control of assets after a person’s death when a trust is used. A trust also helps the family avoid courts costs and other fees associated with probate, making it a less expensive option.
California families have an interest in preserving the family wealth. When individuals choose the revocable living trust to transfer assets, they can have more control over how the estate wealth is distributed and to whom while reducing the fees involved. This makes the revocable living trust a useful tool to individuals while considering their estate plans. For additional guidance with the estate planning process, many choose to turn to the help of an experienced estate planning attorney.
