What is a living trust and why do I need it?

A living trust is a legal document which allows a person to fully manage their assets during their lifetime, while allowing for someone of their choice to step in should they become incapacitated, and also directing how personal and real properties are to be distributed upon their death. It is the core component of a full estate plan.

If you have never properly executed a trust or will, it is highly advised that you have one prepared for you as soon as possible, especially if you own real estate and/or have children. As your assets and family both grow your need for an estate plan should greatly increase.

Avoid probate, save money

A decedent’s estate needs to be probated and this is true whether or not the decedent had a valid will (contrary to popular belief). In majority of cases where there are some assets involved, the probate court will have to become involved which typically involves thousands of dollars in statutory attorney’s fees and out-of-pocket costs.

By creating a living trust and transferring your assets to this trust, you can own and manage your assets in full while allowing such assets to avoid probate entirely. This typically saves thousands of dollars while also providing privacy of your affairs from the probate court.

A trust or a will?

A will needs to be probated so, unless the overall net worth of the estate is relatively small, it is prudent to have a living trust. In majority of cases we recommend a complete estate plan involving a revocable trust, “pourover” will, durable power of attorney, advance healthcare directive, and any other documents necessary given the specifics of each case. This will allow for maximum control of your affairs during life and after death while minimizing or eliminating the need to involve costly processes of probate court.

Those with a relatively smaller estate may be able to sufficiently plan their estate with just a will and still avoid the costly process of probate court.

Why Yu & Yu Law?

With our firm, you can be confident that only licensed attorneys will review and draft each of your estate planning documents personally without reliance on secretaries or paralegals. You will also be communicating with your attorney for the entire duration of your case. Our approach ensures maximum quality control and a personal touch for each case made possible only with committed boutique law firms.

For most estate planning cases we are able to provide a flat fee quote after an initial free consultation.

Contact us today and tell us how we can help you and your family.

 

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