Do You need a living trust?

DO YOU NEED A LIVING TRUST?

Most of my clients should have a living trust. A few of you with simpler estates can use a simpler method of escaping PROBATE. You can simply hold your personal residence as "community property with rights of survivorship.". Most of you should avoid "joint tenancy," and community property has an improved choice "community property with rights of survivorship."

If your beneficiaries have changed, of if your trustees need to be updated, you can either update your current trust or simply replace it.

Probate fees can be VERY expensive if you do not have a living trust. You can put a great burden on your estate executor. They often spend more time than anyone would ever expect dealing with the many details required for probate.

Even if you aren't worried about estate taxes or probate fees, you should consider how difficult and time consuming it is to pass stock and property to your beneficiaries if you just have a will. Transfers usually require the Judge's approval.

You don't lose any control of your assets when you establish a trust. You are the trustee(s) of the trust with full control. The trust can be dissolved at any time you desire (before the first death).You do need to have real estate and other assets actually put in the trust. This requires changing "title' (ownership) to the trust name.

If you have a trust drawn before 1982, you should definitely replace it with a new version. Many important changes have happened since then that could make your older trust cost your beneficiaries a great deal! You should review your trust whenever family changes occur.

When you have your trust prepared, the attorney draws up other documents needed, and provides for your being incapacitated.

If you have minor children, special provisions are put in for them.

It isn't fair to your family for most of you to put off getting a trust. We will die eventually. Please provide for that now - while you can.

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