LIVING TRUST FOR DISCRETION, EFFICIENCY
Nov. 10, 2014
As you are weighing your options with regard to estate planning vehicles you would do well to consider the advantages of revocable living trusts.
Some people don't feel as though a trust would be right for them because they are not wealthy. The truth is that living trusts can be a good solution for people of ordinary means. You should not simply dismiss the possibility of creating such a trust because you are not a wealthy titan of industry or an All-Star professional athlete.
One of the good things about living trusts is the fact that they provide discretion. Most people would probably prefer that the public at large not have access to all the details of their final arrangements.
A last will must be probated, and because probate is a public proceeding the goings-on are in fact a matter of public record. On the other hand, the terms of a revocable living trust are private.
These trusts also enable an efficient transfer of assets. The probate process mentioned above can slow things down considerably, taking anywhere from perhaps eight or nine months to multiple years to run its course depending on the jurisdiction and the complexity of the case.
With a living trust assets are distributed in accordance with the terms of the trust in a timely manner outside of probate.
Living trusts are a very popular option among ordinary everyday people these days and with good reason. If you would like to learn more about them, simply take a moment to arrange for a consultation with a good San Bernardino CA estate planning lawyer.