We have discussed the benefits of a Revocable Living Trust elsewhere in my Blog, but to recap, the most important reasons are to:
Avoid the cost and delay of Probate (probate is the judicial proceeding that resolves all of the decedent’s claims and distributes his or her property)
Provide for management of assets and the estate should the person creating the Living Trust become incapacitated
To protect the beneficiary
Provide more privacy than a Will
Better tax and gift planning
After a Revocable Trust has been created it must be “funded”. This is simply the process of titling certain property in the name of the Trust so that the Trust can do its job. The most obvious item that goes into the trust is your home. But what if you own out-of-state property? Your out-of-state real estate should also be put into the trust, and a deed should be prepared by an attorney that is licensed in that state. This (depending on the law of that particular state) should avoid ancillary probate in that state. Such is the case in California – an out-of-state trust that holds a properly transferred California property will avoid California Probate proceedings. If the out-of-state real estate is not put into a California trust, then the real estate would have to be probated in its home state which can cause additional delay and cost.
See lots of estate planning information on my website at: www.myestate-plan.com
I would love to help you create your estate plan and help you provide the kind of gift that you want to give to your beneficiaries. Call me today and we can get it done!
Thanks for reading my blog.
William Daniel Powell
This document is for informational purposes only. Nothing in this is to be considered legal advice. Nothing in this shall create an attorney/client relationship, nor shall it create a confidential relationship. If you need legal advice (in California), feel free to contact me or someone licensed to practice in your jurisdiction. I assume no liability or responsibility for actions taken, or not taken, as a result of reading this information.
Further, please remember that I speak in generalities in my blog (and on my website). There are so many different factors that can contribute and completely change the outcome that it would not be practical to discuss all of them here.