SELECT YOUR TRUSTEE CAREFULLY
Feb. 12, 2014
It is important to be cognizant of the fact that you are not necessarily going to be optimally served by utilizing a last will to arrange for the transfer of assets to your loved ones. When you use a will there are costs involved because the estate must be probated before it is closed, and there are significant expenses incurred during the probate process in many cases.
In addition to this, it is very likely that you would like to see your heirs receive their inheritances quickly and efficiently after you pass away. The legal process of probate can take quite a bit of time to run its course, and this lag is something that a lot of people would prefer to avoid.
You can transfer assets to your loved ones after you pass away outside of probate by utilizing a revocable living trust rather than a last will. Your heirs will be your beneficiaries, but you also have to select a trustee to administer the funds that have been placed into the trust.
This is a selection that should be made very carefully because of the fiduciary responsibilities inherent in the role. A lot of people will utilize a professional entity such as a bank trust department or a trust company to serve as trustee and this may be the best choice for you.
Revocable living trusts can provide many advantages. If you would like to obtain all of the details, simply take a moment to arrange for a consultation with a seasoned, savvy Redlands CA estate planning lawyer.