Many people draft a last will and testament and assume their estate planning responsibilities are complete. While having a will can make the probate process easier for your loved ones, putting your entire estate through probate is often not the ideal scenario. To ensure that all of your estate planning goals are fully realized and accomplished, discuss the benefits of a living trust with an estate planning lawyer in Carlsbad.
What is a Living Trust?
A living trust is a legal document that you create, which allows you to transfer ownership of your property. The property will be held in trust and managed by a trustee, which can be you while you are living and capable. You also name a successor trustee who can take over if you pass away or become incapacitated.
How Can a Living Trust Help Your Situation?
Why would you want to transfer your property to be held in trust? There are several possible reasons:
- Property held in trust does not have to go through the probate process. Instead, the property will be distributed in accordance with the instructions you provide in the trust document.
- While a will distributes property all at once during probate, trust property can be distributed over time. If you pass away, younger or potentially irresponsible beneficiaries can receive gradual disbursements, which can help ensure they will not waste their entire inheritance in a short period of time.
There are other benefits of trusts, and there are different types of trusts that can assist in different situations.
Contact an Estate Planning Lawyer in Carlsbad for More Information
You should never hesitate to discuss the benefits of a trust with a Carlsbad estate planning attorney at McKinnon Law Firm. Contact us online and call 760.707.3373 to get started protecting your family and your property today.