Today, it seems like we manage almost every aspect of our lives online. From banking to grocery shopping, there is practically nothing we can’t buy or arrange for on the internet. While it may be convenient to take care of everyday tasks this way, not everything should be left up to a quick internet transaction. For instance, your California living trust is far too important to leave to chance. Here is more on why getting a living trust online in minutes is not worth it.
Your California estate plan should have four critical features: 1) Your Will, 2) Your Advance Health Care Directive, 3) Your Financial Power of Attorney, and 4) a Living Trust. All of these devices are important. But, here, we are going to focus on your living trust.
What is a Living Trust?
A California living trust is a legal device wherein the creator (grantor) can place property and assets for their benefit and other named beneficiaries. The trust will make payments (disbursements) to the beneficiaries according to the document’s terms. For instance, you may create a living trust that holds a sum of money, stock, and rental property. Living trusts can have broad or narrow terms. For instance, your living trust terms may dictate that disbursements are to be made to you and your children quarterly to be used for your care and maintenance. A narrower living trust may restrict beneficiary payments to only be used for educational or medical expenses.
Why Do I Need a Living Trust?
You may be wondering: Why do I need a living trust? Often people believe trusts are only for those with excessive wealth. Some also think having a will and other essential California estate planning documents may be enough. The truth is that a California living trust can benefit most individuals by providing them with a way to protect their assets while continuing to benefit from them during their lifetime. Your living trust also works in conjunction with your other estate planning devices.
Benefits to Having a California Living Trust
There are several benefits to having a California living trust. Some of the reasons you may want to add a living trust to your California estate plan are as follows:
- Trust assets can pass to your beneficiaries outside of probate when a living trust is correctly set up.
- You can create a living trust and serve as the trustee.
- You can be a beneficiary of your own living trust.
- You can decide how you want your beneficiaries to use their trust disbursements.
- You can make changes to your living trust during your lifetime as needed.
Why Getting a Living Trust Online is Not Worth It
California estate plans are as unique as the people they involve. Therefore, your living trust, and other estate planning documents, should be tailored to your circumstances and requirements. Getting an online living trust in minutes is not worth it because a one-size-fits-all product such as this isn’t likely to consider or meet your needs. To that end, when you are setting up a living trust, you need to consider several issues. In most instances, what you need to decide can’t be fully and adequately evaluated online and in a short time span. Additionally, an online document may not comply with California law or cover the areas that matter most to you and your loved ones.
As with any complex estate planning document, your living trust needs to be created by someone who knows California estate planning laws and has met with you to discuss your goals and circumstances. The dedicated estate planning attorneys at the Law Office of Alice A. Salvo understand. If you need help with your living trust or other California estate planning documents, our firm is here and ready to help. Contact us today to schedule a free consultation.
Work with an Experienced California Living Trust Attorney
You need to work with an experienced California living trust attorney to create this critical device. When properly prepared, your living trust can be of great value to you and your beneficiaries. Conversely, when a living trust is incorrectly drafted, the consequences can be disastrous. Further, a California probate court may not uphold an improperly drafted trust.
Your California living trust attorney can work with you to create this vital estate planning document. With their help, you can rest assured that your living trust will comply with California law and meet your and your beneficiaries’ needs.
At the Law Offices of Alice A. Salvo, we are experienced California estate planning and living trust attorneys who can help you evaluate your situation and prepare your living trust. We can help start your solution for all of your California estate planning needs. Please get in touch with us online or by phone to set up a free consultation today. https://www.salvolaw.com/