In uncertain times like the current pandemic, it’s probably more important than ever to plan for the future but it's not an easy thing to do. While many consider a will to document their assets and heirs, the probate process can cost loved ones valuable time and money. Establishing a trust allows you to control your assets and name a beneficiary to oversee the administration of your property in case of incapacitation or death. This allows your estate to bypass the probate process, making it easier for those you leave behind.
The Orantes Law Firm has been helping people with estate planning matters to safeguard their property, benefits, and assets in the event of any unforeseen and unfortunate turn of events. It’s never too early to start your estate planning. We have the experience and knowledge you need to establish a comprehensive trust that protects your assets and your family. Contact us today for a free consultation.
The Orantes Law firm proudly serves clients throughout Los Angeles and Orange Counties in California.
Estate Planning Using Trusts in CA
Many people might believe that just executing a will is enough to care for their estate and its inheritance. However, a will alone may be not sufficient in protecting your assets. Most notably, wills go through probate which is a public process of disclosure in which the will can be challenged on technical and other grounds and even modified or disallowed.
There is another tool that allows you to overcome some shortfalls of a will. A trust is an arrangement in which one party (trustor), appoints another party (trustee), to hold legal title to property or assets for those that will inherit the assets (beneficiary). Generally, the person establishing the trust will name themselves as the trustee of their own estate until the time they become incapacitated or die. This allows them to maintain full control over all property held in trust.
Living trusts, also known as revocable trusts, allow the trustee to change the terms at will, up until the point of incapacitation or death. In contrast, irrevocable trusts are permanent. The only way to change their terms is with the permission of the beneficiaries.