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Should You Have a Living Trust?
While protecting your assets from probate, a living trust will also reduce federal estate taxes. The trust will grant a successor trustee the power to manage financial affairs for your benefit. It will also establish an exemption trust to benefit your spouse.
The living trust document names the trustees and nominates any institutions or individuals as successor trustees in case of your incompetence.
Your distribution plan will be established and will account for any beneficiaries or gifts. Assets are then transferred into the trust, which remains revocable while you are living.
Wills
A will is a document that specifies who will inherit your property after your death. It appoints representatives or executors to manage this process, designates guardians to look after dependents, and assigns conservators to handle assets for them. Wills can also name property trustees and even assign caretakers for pets. However, a will does not transfer non-probate assets, like jointly owned real estate with rights of survivorship.
Living Trusts
A living trust, also known as a revocable living trust, is established during your lifetime and can be modified at any point. If you want to appoint a new beneficiary or trustee, you can amend the trust accordingly. Should you become dissatisfied with the agreement, you have the option to revoke it or adjust its terms and restore the trust. A revocable living trust operates similarly to a will but offers greater flexibility.
Advance Health Care Directives
An advance health care directive is a type of estate plan that outlines your care preferences should you become incapacitated. This directive can designate a specific person, such as a spouse, family member, or friend, to make critical health care decisions on your behalf and can also restrict certain procedures from their authorization. The directive remains effective indefinitely unless you set an end date or revoke it.
Durable Power of Attorney
A power of attorney document designates an agent to manage your financial decisions if you become incapacitated, detailing the specific powers granted to them. This may include depositing funds, writing checks, or making financial decisions for a business. Powers of attorney terminate upon your death, so it’s essential to appoint a trusted representative who can consult with your estate litigation attorneys in Orange County or Los Angeles.
Frequently Asked Questions
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