What Is A Living Trust?
A living trust is a legal entity that you create along with your spouse if you are married. It says what happens to your property while you all are alive and also after you pass away. In many ways it can be thought of as a bucket. But creating a trust is not enough. The trust Hass to be funded. You don't want to be left with an empty bucket. You have to fill the bucket. The most important thing to put in the trust for most of my clients is their house. Their primary residence. I placed a home in the trust for most of my clients. After that we can put certain financial accounts inside of the trust. Beneficiary designations can all be used to effectively fund the trust. Then, when you pass away, you are gone, but the trust lives on. It is up to the successor trustee, the person next in line to distribute the property the exact way that you set out when you sat down and created that trust, wrote the rulebook, with your qualified estate planning attorney.
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Estate planning is for EVERYBODY. Not just the very wealthy.
I started this law firm after practicing law for a number of years and realizing how important estate planning is, and how few people actually have an estate plan. You would be SHOCKED how many lawyers don't even have a basic plan set up. You are not alone.
In as few as three hours of your time, you can set up a complete estate plan with the help of a qualified estate planning lawyer. Step one is to make an appointment for a free estate planning strategy session.
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Most estate plans are centered around either a will or a trust. For most people in California and either own a home or have children, plan is built around a revocable living trust. But that is not the only estate planning document. There are several documents that are in effect while somebody is still alive: such as an Advance Healthcare Directive and a Financial Power of Attorney
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