You have always done the best you can for your loved ones in California, and we at the Law Offices of Alice A. Salvo know that you want the best for them even after you are gone. That means taking whatever steps are necessary to ensure that your heirs and beneficiaries receive their inheritance as soon as possible after you pass on.
The process of probating a will can take some time, during which your heirs will have to wait to receive the assets you have bequeathed to them. There is no way to speed up the probate process, but you can bypass it by setting up a living trust. When you make a living trust, you decide which beneficiaries are to receive which assets and you stipulate the conditions upon which this happens. If the condition is your death, then your beneficiaries will start receiving assets right away thereafter, independent of the probate process.
A living trust benefits your heirs by saving them probate fees and estate taxes. It also benefits you by giving you peace of mind that your legacy is secure. This type of trust is revocable as long as you are alive and able to serve as trustee, meaning that you can make changes to it in the event of changing circumstances. You can appoint a successor to take on the trustee duties in the event of your death or incapacitation. After your death, the trust becomes irrevocable, which means there can be no further alterations or changes to it.
Living trusts are very useful in many ways, but they cannot accomplish everything. You may require health care directives and a will in addition to a living trust as part of a comprehensive estate plan. More information is available on our website.