For California residents who are dealing with matters of an estate for perhaps the first time, there are a lot of good questions you likely have. Today, we’ll focus on trusts, and what their benefits can be for you and your estate.
Findlaw has an overview on trusts which breaks it down into basic format. Essentially, trusts are a way to manage property during life, as well as to supplement or even replace wills. The obligations and benefits of a person’s property are transferred to others through a trust, allowing for an authorized third party to manage money, assets, property, and so on.
This can be a huge benefit in the event that something happens which prevents you from managing your own finances and assets. Examples can include medical emergencies, illness, accidents, or other unforeseen issues that make it so you can’t make your own decisions. In cases like these, it’s both a burden off of your own shoulders and off of your loved ones if you already have arrangements made for others to take care of your assets when you can’t.
Additionally, as mentioned, trusts can be used as a supplement or stand-in for a will. Having things planned out in advance will save your loved ones from dealing with legal hassles after you are gone.
The process of dealing with an estate can be a daunting one. For this reason, many people want to ensure their loved ones have as many tools to handle it as they can. If you are considering a trust, please contact an attorney for more information.