Should I Create a Living Trust?

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Should I Create a Living Trust?

Many San Bernadino residents don’t like to talk or think about it, but planning for your family after your death is an important issue. If you want to protect your possessions, including your money, during your lifetime and after it and make sure that each person you care about gets exactly what you want them to, you need to consider speaking with a San Bernadino estate planning lawyer. There are several options for protecting your family’s finances and property during and after your lifetime, and those include a will or a trust.

A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. The beneficiary is the person whom you intend to receive your property. Very popular is a “living trust” (also called an “inter vivos” trust), which you and your estate lawyer create while you’re alive. As the trustee of your own living trust you are in full control and maintain “ownership” over all property held in the trust.

Another benefit of a living trust is that the property you transfer into it before your death doesn’t go through probate, which can be a long and costly court process. Instead, the successor trustee, the person you appointed to handle the trust after your death, simply transfers ownership to the beneficiaries you named in the trust. When the property has all been transferred to the beneficiaries, the living trust ceases to exist. It is important that you work with a skilled San Bernadino estate and wills lawyer so that this process goes smoothly for you and your family.

Whereas the contents of a will become public record, much of the information in a trust does not need to be made public. This is crucial if you are interested in maintaining your family’s privacy. Also, as any honest estate planning lawyer in San Bernadino can confirm, placing assets in a living trust does not necessarily shelter those assets from creditors during your lifetime. A creditor who wins a lawsuit against you can go after the trust property just as if you still owned it in your own name. Talk to your San Bernadino estate lawyer to find out more.

The experienced attorneys at the Skapik Law Group, located conveniently in Chino Hills have handled many wills and trusts for clients. We know the law and our lawyers are dedicated to providing each client — you — with viable options at all phases of the legal process. Call us at 909-398-4404 or visit us online at www.SkapikLawGroup.com for more information about how we might be able to assist you.

 

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