If you are at an age where you need to start planning about your property, you should think about living trust. It plays a major role in transferring your assets to your heirs, without any fuzz. Also, if you opt for a living trust now, your beneficiaries can avoid the complicated probate in the future.  Continue reading further to know every important aspect of living trust California. 

Definition of Living trust

A living trust is a legal document that involves the transfer of property and financial assets to a trustee after the demise of the trust owner. You can add your real estate property, financial accounts, and many other things to the living trust.

Types of the living trust

 Basically, there are two types of the living trust, revocable and irrevocable living trust.

1. Revocable living trust

The revocable or flexible living trust is a document that lets you change the trustee of your assets at any moment. . You can even change the terms or attachments of the trust according to your will.

2.     Irrevocable living trust

An irrevocable living trust is rigid. As you can interpret by the name, this living trust is non-flexible. You can not alter the terms and conditions of an irrevocable living trust once the trust is signed. 

Social security that you get from living trust California 

 1.       Avoid probate

When you skip a living trust, your heirs would require going through the complicated and time-consuming probate process to attain the authorization of your property. Probate might help to transfer your property to your heirs by a court-administered process after your demise. But it can be expensive.  

 2.      Privacy protection 

The privacy of a living trust is maintained between the owner of the trust and the assigned trustee. It does not allow any third party to know about the distribution of your property.

 3.       Assistance during incompetency

With growing age, chances of getting ill or incapacitated increase. A living trust lets your trustee manage your financial affairs without any interruptions from the court. It also allows the trustee to take essential decisions on your behalf in case of any emergency regarding your estates. 

 4.       Peace of mind 

At the end of the day, it is one of the major benefits that you get from living trust. It lets you construct a plan regarding your property beforehand. You can prevent conflicts between your heirs. You can have peace of mind that your property will be transferred to your desired heirs after your demise.

Steps to create a living trust

Steps that are involved in creating a living trust are as follows,

• Make a list of all your assets
• Choose a deserving trustee
• Select the beneficiaries
• Construct the trust papers
• Sign the documents in front of a notary public
• Relay the ownership to the trust

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