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Living Trusts
California Living Trust Attorney |
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Is a Living Trust right for you? What is a Living Trust,
and why should one consider establishing a Living Trust as opposed
to a traditional will? A
Revocable Living Trust, also known as a Living Trust, is today’s
replacement for the traditional “will.” Similar to
a will, a Living Trust distributes your estate at death. So what’s
the key difference? With a traditional will, your estate is put
through the courts via a process called probate. This can be costly,
time consuming (sometimes as long as 1-2 years), and frustrating
for your heirs.
A Living Trust will save your loved ones time and money by avoiding
probate and perhaps estate taxes as well. With a properly funded
Living Trust, you retain control – and your
estate will be distributed to your heirs with minimal expense,
usually in a matter of months!
How a Living Trust Works
A Living Trust has three key elements:
- Trustor – you fulfill this role as the person who sets up the trust
- Trustee – the person you appoint to manage the trust
- Beneficiary – the person or persons who receive the assets from the trust
As Trustor, you have complete control over the terms of your Living
Trust. For example, only you can make changes to the Trust (by
amending it), or cancel it (by revoking it).
As Trustee, you manage your estate in much the same way you
do now. You may buy, sell, mortgage or give away assets that are held
by the Trust; transfer ownership of Trust property back into your
own name; add property to the Trust; or change your Beneficiaries.
Once you are deceased, your Successor Trustees will take over management
of the trust on your behalf. Your Beneficiaries will inherit the estate,
under the terms of the Living Trust.
Key Benefits of a Living Trust include:
- Savings of time and money – you avoid the costly and time-consuming probate process
- Peace of mind – knowing your estate will go only to the Beneficiaries you name
- Confidentiality – the details of your estate plan are protected
- Control of your estate – you control the assets of your estate while you are alive, and if you so desire, after your death
- Potential estate tax benefits – for married couples, a Living Trust can potentially deliver significant savings on Estate Tax
Choosing a California Living Trust Lawyer
Planning for your family’s well being in the event of your death
is one of the most important actions you will take over the course
of your lifetime. Without a well thought out plan, properly funded
and executed, your assets could be at the mercy of the courts, or
end up being distributed in accordance with someone else’s wishes.
At Law Offices of Timothy W. Tuttle you will be guided
through the process of setting up a California Living
Trust that
will precisely
reflect
your current circumstances. You’ll have a confidential
Living Trust that provides you with peace of mind, protects
your assets,
delivers the control and flexibility you need, while
providing for the ones you love most.
Contact Us for a Free Living Trust Quote!
We proudly serve clients throughout Orange County, Los Angeles, San
Diego, and across Southern California. For help with formulating your
California Living Trust, contact us on-line by sending email to
info@tuttlefirm.com,
or simply call us: 1.949.218.1500.
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