A Living Trust in California is an estate planning document that allows for the easy transfer of assets to beneficiaries, usually within weeks, upon the death of the owner of such assets. In California, a Trust avoids the high cost as well as the lengthy time associated with a probate. At Legal Action Workshop we prepare revocable ‘distribution’ Trusts which are actionable upon the death of the settler (the person(s) who owns the Trust).
In a Trust, the owner(s) of real estate, and/ or assets, names the beneficiary(s) who will inherit the estate upon the death of the owner. The successor trustee(s) is also named, and this person will assume control over the Trust and over the distribution of the assets once the trustee has passed. The distribution of assets will take place as per the instructions in the Trust.The successor trustee is usually a beneficiary but not always.
It’s best to have an experienced estate planning attorney prepare the Trust as this will assure that it is correct and that it fulfills the desires of the owner of the Trust when he/she passes away. When real estate is placed in the Trust, the deed is recorded in the county recorder’s office which, in effect, transfers ownership into the Trust. Other items such as investment accounts, bank accounts etc may also be placed in the Trust.
For a thorough understanding as to how a Trust will affect an estate, please contact Legal Action Workshop @ 1-800-HELP-444 or fill out a form here. Our qualified estate planning lawyers will analyze the estate and explain the appropriate legal options. In addition, we offer LOW FLAT FEES for estate planning documents such as Wills, Trusts and Powers of Attorney.