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Living Trusts Archives

Are Wills Obsolete?

are-wills-obsolete-kavesh-minor-otis.jpgWhen it comes to estate planning, some people know about Living Trusts, but most people know about Wills. Wills are referenced often in movies and television shows, but what most people don't realize is that Wills are effectively becoming obsolete. If you have a Will, you may be thinking, "Wait...WHAT?! What does mean for me?!" Not to fear, what I mean by "obsolete" isn't so much that it isn't valid, but that it's a highly outdated estate planning for most families. Here's why.

5 Reasons You May Need to Get Your Living Trust Reviewed

reasons-to-review-your-living-trust.jpgSo, you had your Living Trust prepared a few years ago. Bravo! You're already a lot further ahead than majority of other people in your same shoes. However, a big mistake people make when they've had a Living Trust prepared for them is that they have a tendency to think that it's a "one-and-done" type of plan. Like most things in this life, your Living Trust requires some maintenance to ensure that it works the way it was intended to when the time comes. Here are five reasons that you may need to have your Living Trust reviewed.

What's the Difference Between a Will and a Living Trust?

difference-between-wills-and-living-trusts.jpgYou have worked hard throughout your life to accumulate the assets that you have during your lifetime, so it's only natural that should something happen to you (such as if you were to get ill or disabled) or if you were to pass away, that you would want to make sure that you maintain some control of those hard-earned assets. This is where estate planning can help. When it comes to estate planning, there are two main types of legal instruments used-a Will and a Living Trust. Many people have heard of a Will, particularly as it is a term that is often times used throughout TV shows and movies. However, fewer people know what a Living Trust is or what the differences are between the two types of estate plans.

What are the benefits of living trusts?

It is often the case that California residents put off making their estate plans because they think the process will be too difficult and they worry about making mistakes. However, it is more often the situation that a person's estate will suffer from delays, costly issues, and other detriments if they do not have an estate plan. One of the legal documents that some may choose to include in their estate plan is a living trust. These testamentary tools offer many benefits.

Know the differences between living trusts and wills

By now readers of this Torrance-based estate planning and probate legal blog know that it is a good idea to have some estate plan in place. This is because death will eventually happen to everyone, regardless of their age and health. When it does, those who have their estate plans in place will have a say in just how their wealth and assets are distributed among their loved ones.

What are the advantages of having a revocable living trust?

Most California residents believe that their estate planning is finished once they execute a will. While a will is an excellent tool to provide information and guidance on how a decedent wishes to pass on their wealth and assets to their beneficiaries, there are options for individuals who wish to take more control of their estates. One tool that is well-suited to individuals who want to avoid probate is the revocable living trust.

What is a revocable living trust?

A living trust is given the designation of "living" because it is created while the trust creator is alive. Living trusts begin before death, they may be used during the creator's lifetime to manage their assets and establish inheritance plans for how the trust assets will be distributed at the time of the creator's death.

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