Tips for Using an Irrevocable Living Trust
If you are planning ahead for the future of your estate, one of the things you need to know about is the irrevocable living trust. There are many benefits that come with this estate planning provision. Here are a few tips.
- Use the trust to skip probate – When you set your estate up in trust for your beneficiaries, they don’t have to wait for probate court to distribute your assets. This is because you get to designate a successor trustee to care for the estate when you pass.
- Use your irrevocable trust to control your own assets – The nice thing about this form of trust is that you can be the trustee until you die. That means you have full access to the assets, and you determine what is included in the trust.
- Choose the right successor trustee – The trust becomes irrevocable when you pass. Your successor trustee’s job is to distribute the assets as you have determined beforehand. Make sure you select someone who is financially capable of carrying out this important task so that your beneficiaries receive the funds in the right way and at the appropriate time.
San Diego’s Estate Planning Attorneys
From Chula Vista to North County, residents in the San Diego area can rely on the estate planning attorneys at Petrov Law Firm. Call us today at 619.344.0360 to schedule an appointment at one of our three convenient locations. We look forward to helping you secure the future of your family.