Debunking Myths Regarding Living Trusts
One thing you will come across when researching estate planning is the ability to use a living trust to control your assets while you are alive and then leave them to your family later. Is this really a beneficial method of estate planning? Yes! However, there are some misconceptions that cause people to shy away. Let’s debunk a few.
- Myth: It’s too expensive – While it is true that an attorney will charge more to draft a living trust than a standard will, the savings will come for your family. Rapid transfer of assets without the costs of probate court makes an initial fee more than worth it.
- Myth: My estate isn’t large enough – If your estate isn’t huge, that is all the more reason to leave it all to your family and not to the court system. Probate court will absorb a larger percentage of a smaller estate, and it will waste valuable time.
- Myth: I will lose control of my assets – Not with a living or revocable trust. You are free to do whatever you want with your things while you are still alive. An irrevocable trust is a different story, but the tax advantages are beneficial if you do have an extremely large estate.
Preparing an Effective Estate Plan in Southern California
Petrov Law Firm has the estate planning attorneys to help you prepare for the future of your loved ones. Let us assist you in finding the most efficient way to leave behind an estate of any size. Call 619.344.0360 to get started today.