Understanding Living Trusts

You may have heard of living trusts and wonder what exactly this type of trust entails and if it might be right for you. Living trusts play an important part in estate planning. They allow individuals to set up a trust that will ensure that their wishes regarding their property and assets will be honored, should they be unable to manage their own estate at some point during their lives. Some of the advantages of living wills are that they do not have to pass through probate court and do not require a power of attorney.

How Living Trusts Work

Living trusts allow assets to be managed according to your wishes should you become incapacitated during your life. They also allow your assets to be distributed to heirs as you wish after your death. This is accomplished by means of a trustee, who oversees the operation and distribution of the trust. After you pass away, your property can be distributed all at once or in a gradual manner – that is all up to you. Living trusts are able to bypass probate court, making them more convenient for many individuals.

Living trusts can be planned and put together in as little as a few weeks. Although they are quicker and more convenient than many other types of estate planning, it will most likely still benefit you to work with an estate planning attorney in order to ensure that your assets are handled according to your wishes.

Contact Us

Living trusts have certain appealing characteristics that make them a popular choice for many individuals. However, an experienced Oceanside estate planning attorney can assist you in determining if a living trust is right for you. Call Fischer & Van Thiel, LLP, at 760-722-7646 to speak with a knowledgeable lawyer today.