The discussion of wills and trusts can leave people feeling nervous and worried. Who will take care of their estate and assets when they die, especially if there are young children who will be beneficiaries? How can you keep track of your assets while you are alive so they will be ready for your beneficiaries?
A Living Trust Helps Simplify Your Estate Planning While You Are Still Alive
A living trust, also called inter vivos trust or grantor’s trust, gives you more control over your assets such as bank accounts and stocks. It is an arrangement where you assign someone to become your trustee, or select yourself as the trustee, to handle and manage your estate while you are alive.
A living trust gives more control over your assets to ensure nothing impacts them while you are alive. That way, there will be something for your beneficiaries to inherit after you die. You can amend or revoke the trust as you see fit if the situation changes. A living trust is also a benefit when you are unable to manage your assets yourself for various reasons, such as a medical condition, as you may be able to avoid probate and paying certain estate taxes.
For more information about estate planning and probate in California, please contact Gaudy Law located in Upland at 909-982-3199.
