Many people choose to create living trusts so their heirs can avoid probate when they pass away. You will place your assets in the trust, and you can continue to access them while you’re alive. When you pass away, the assets in the trust are transferred to your beneficiaries without going through probate. Also, if you become incapacitated and cannot make decisions, the trustee can manage your property and make other financial decisions.
You have to fund your trust for it to be operational. Listing the property on the trust document isn’t enough. If you don’t actually place it inside of the trust, it will still have to go through probate. You must visit the institution where the account is held and change the title, so it’s in the name of the trust instead of your personal or business name. A wills and trusts attorney can facilitate this, so you don’t have to worry about your family going through probate. Going through probate isn’t just time-consuming. It’s also expensive, so this is critical.
A California wills and trusts lawyer can create other types of trusts for you as well. Many people choose special needs trusts to ensure that a disabled loved one continues to be cared for after their passing. Children’s trusts are created for minor children so parents can provide for their education and other needs. Other options include life insurance trusts, charitable remainder trusts, and spendthrift trusts. Your wills and trusts attorney will explain each one in detail and help you determine which ones you need for your estate plan.