Many people shy away from some of the estate planning instruments that are available to them because they are under the impression that anything beyond a last Will is unnecessary.
However, when you examine the anatomy of the basic revocable living trust, it is not as complicated as you may think. In fact, you may be able to save money in the long run by using a trust rather than a Will. This is because your estate must pass through probate if you use a Will, and there are significant costs associated with this process.
It is also worthwhile to mention that probate can be very time-consuming, and the heirs to the estate do not receive their inheritances until this process has run its course.
Basically, when you create a revocable living trust, you name a beneficiary who would receive distributions from the trust, and a trustee to administer the assets.
You may think that you can just choose someone that you know to be the trustee, and legally you can go this route.
But, another option would be to engage the services of a professional fiduciary such as the trust department of a bank. Managing the resources in the trust may require a particular brand of expertise, and it could be best to work with an asset management specialist.
The best way to learn about trusts is to discuss the benefits that they provide with a legal professional. If you are interested in doing so, simply take a moment to set up an appointment to speak with an experienced and highly qualified San Jose estate planning lawyer.
- Do I Pay Income Taxes on Living Trust Payouts? - September 28, 2022
- Litherland, Kennedy & Associates is Walking in the 2022 Walk to End Alzheimer’s. Join Us! - August 29, 2022
- Establishing Health Care Documents for Young Adults – A Mock Interview (VIDEO) - August 27, 2022