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Living trust means a trust that may be revocable by the trust creator. It is not just for the rich but Living Trusts are one of the most common estate planning tools in use today. A Living Trust is called so because it is created while you're alive.
Living trusts are often used because without going through the process of probate they may allow assets to be passed to heirs. Probate is the process of paying your debts and distributing your property to the people who inherit it under court supervision.
The person by whom trust is established is called the Grantor and the Trustee is the person who controls the Trust's assets. And Beneficiaries are the heirs that will benefit from the Trust after grantor's death.
Choosing the right person as trustee to act on your behalf is very important. You can choose a spouse, adult child, domestic partner, other relative, family friend, business associate, or professional fiduciary to be your trustee. Discuss your choice with a Living Trust Attorney in San Diego, CAIt is very important to choose someone in which you have full faith and confidence. You can think of a close family friend, close family member, child, or trusted nephew or niece. Otherwise you can hire an outside trustee like your bank, a trust company, your lawyer, or an expert estate planning attorney.
Heirs who are unhappy with the terms and conditions of the living trust will try to sway your representative to do what they want. But if you know that you have a strong, trustworthy person protecting your property will provide peace of mind. |
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