Whether you are new to the estate planning process or whether you updated your documents years ago, you may have questions about whether the documents and strategies you selected are appropriate for your individual needs. One of the most common questions for California individuals is how a living trust can benefit them.
A basic will is the cornerstone of any estate plan, but you may consider more advanced strategies like a trust in order to help you most effectively. A living trust helps ensure that your assets are all managed according to your desires even in the event that you are unable to manage them on your own. You may serve as the trustee initially on your living trust or you might choose someone else to serve in this role. In the event that you become unwilling or unable to manage the trust yourself, you can name a trustee to take it over.
When you pass away, the trustee, much like a will’s executor, would pay any debts, deal with taxes and claims, gather the assets and then distribute these assets according to your instructions. This is different from a will, however, because this can be done without the supervision or approval from the court. To determine whether or not a living trust is most appropriate for you and the steps that you should take in put one together, contact an experienced Pasadena estate planning lawyer today.
