Understanding a Living Trust In California and the California Probate System
In the United States, the probate system is used to distribute property at death. California probate is a multi-pronged and prolonged process, which many wish to avoid due to the high cost and distribution delays. Finding a knowledgeable California probate and living trust lawyer in Los Angeles can be a crucial task. Due to the time and expenses associated with the traditional California probate process, Alice A. Salvo‘s professionals take the time to counsel you to put in place probate-avoidance strategies whenever it makes sense to do so. It’s a given that you should have a written legal document distributing your assets when you pass away.
What is a Living Trust?
A living trust in California (sometimes called a “revocable” trust) is a written legal document that puts your assets into a trust for your benefit while you are alive and then gets transferred to authorized beneficiaries when you die by your chosen “successor trustee.” The living trust in California is a private document implementing your wishes and without it the government will make choices that may not be in your best interest. Your executor, as named in the will, oversees this process, and notably, nothing in your will takes effect until after you die. If you have any questions or concerns about establishing a living trust in Los Angeles or dealing with the California probate process, contact the highly reputed Alice A. Salvo Law Offices.
Should you have a will or a living trust in California?
It is advisable for homeowners in Los Angeles to have a Los Angeles living trust as well as people residing in all other cities of our state to have a living trust in California, as there are many benefits. One benefit, depending on the size of the estate, can save a typical family twenty to fifty thousand dollars in California probate related costs. For families with expensive homes or multiple properties it is not uncommon for the saving to be twice that. Having a proper trust would ensure these funds go directly to family members, typically your children. Without a living trust in Los Angeles the funds would be lost – they go to legal fees and probate cost.
The Benefits of Creating a Living Trust
One of the main benefits of a living trust in California is that the estate does not go through probate. On the other hand, a will is a written legal document with a plan of distribution of your assets upon your death. Because a living trust in California does not endure probate, this can often mean a faster distribution of assets to your beneficiaries. Having a valid will and going though the California probate process can take anywhere from six months to over two years to complete and may require that lawyers be hired throughout that time. And even if you die without a will, if the value of your estate surpasses a threshold amount, it still has to pass through the California probate system. With a living trust in California, your loved ones will likely wait just a few weeks. Your successor trustee will simply follow your instructions. Whatever you’re working with a will or a living trust, our dedicated Los Angeles Living Trust and Probate attorneys can help guide you through the entire process with helpful counsel and support. Los Angeles citizens looking to make solid plans for their families can really benefit from the expertise of our highly experienced attorneys.
For those looking into a Los Angeles Living Trust or a living trust for any surrounding city including all San Fernando Valley areas please call our office at 818-676-9572, receive a free consultation and get answers to any concerns, or contact us here.