What Are Some of the Benefits of Using a Living Trust for Your Estate?
A living trust can help maximize the benefits your family gains from your estate planning. Here are some of the advantages of this method of financial planning.
- Affordable – While it is much cheaper simply to have a will than to set up a trust, you still have to factor in things like the time and money that will go to probate court. A trust gets the money to the right heirs faster and with minimal costs.
- Flexible – Some people avoid trusts because they think their estate is too small. However, this is a very flexible form of estate planning. The size of your estate doesn’t really matter – it won’t be too large or too small. Plus, if you have a sudden change in the size of your estate, a trust is equipped to handle it.
- Retain control – A living trust allows you to keep control of all your assets while you are still alive. It is not shared, such as when having a family member’s name on your accounts. The money or assets are not locked into the estate. You can add or remove what is in the trust at your own discretion and buy or sell as you please.
Southern California’s Estate Planning Attorneys
Keep in mind that the laws of succession are different from state to state, so you will want to find a local estate attorney, especially if you have just moved to California from another state. Petrov Law Firm in San Diego can help. Give us a call at 619.344.0360 to start your estate plan or review and update an existing plan.