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Living Trust

Living Trusts in Whittier, California

Are Your Assets Effectively Protected?

To put it simply, a living trust is a legal document created in order to protect your assets. Unlike a will that becomes effective after your time of death, a living trust can become effective at any point in time. Within the document, you are to appoint a trustee, an individual in charge of managing your assets. This individual is typically yourself unless you become unable or unwilling to do so.

This is when a successor trustee steps in to take over on your behalf; they are considered as sort of a 'back-up' trustee. This trusted individual, your successor trustee, steps in during any time that you wish-whether it be immediately after the living trust is created or during a time in which you become incapacitated. They are then put in charge of managing your affairs and assets for you. After you pass away, the trustee is then responsible for making sure that your affairs are in order and that your assets are distributed properly to your beneficiaries. By speaking with a Whittier estate planning attorney, you can discuss your options.

The Benefits of Creating a Living Trust

Creating a living trust can prove very beneficial to some individuals. Besides the fact that they can become effective at will, living trusts do not require the involvement of the courts. Once you pass away, the distribution of your assets stay a private matter. The process does not typically go through the probate courts and does not become a documented or public record. For instance, if you were to create a gun trust, the public would not be informed that it was passed down to your grandson. This allows for his privacy and protection. Without passing through the probate process, this may also help in avoiding any court fees.

It is important to understand that when a living trust is created, you must transfer each individual asset into the trust. If you were to pass away without transferring the new property you accumulated, it would not be included in your trust. With the being said, however, you are able to alter your living trust and keep it current at your choosing. This applies if you are to create a revocable trust – one that can be altered, as compared to an irrevocable trust, which cannot be altered. You have the choice to include additional assets, change the name of the appointed trustee, as well as alter how you want your assets distributed. You are allowed to stay in control of your affairs and be assured that your requests are reflected in your trust.

At Mary E. Mullin, Attorney at Law, we would be happy to answer any questions that you may have. Contact our office to get you started in the process!

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