Living Trust Lawyer Orange CA
A living trust lawyer Orange, CA can help you finally figure out how you can best prepare for your future – and how you can provide the best tomorrow possible for your family and friends. Wills and trusts are a major part of planning your estate, and when you get in contact with a qualified living trust attorney from Holborn Law, you’re getting more than legal advice: You’re getting a helpful guide that can walk you through the numerous hoops and headaches that come with dividing your estate.
But how can you tell what’s better for your situation when you have to decide between wills and trusts? What is the difference, and how can they effect how your family and friends process your estate after your death? Read on to learn a little more about the key differences between wills and trusts, and understand which would be best for you.
Understanding Wills and Living Trusts
Wills and living trusts are both designed to help you divide your assets across your beneficiaries, but despite their similarities they both lead to completely different processes through which your family and friends will have to navigate. Fortunately, a living trust lawyer in Orange, CA can help you better understand these processes, and what each means for the future of your estate.
A will is a list of assets and beneficiaries that is opened upon your death. The contents of a will can be divided across any number of named individuals – this extends to family and friends and anyone else to whom you’d want to bequeath assets. While wills are relatively simple to create (and require minimal management over the course of your lifetime) they tend to cause a bit more challenges for your beneficiaries.
The main con to a will is probate. Probate is the process through which the contents of a will are given to your beneficiaries, and more often than not, it’s a lengthy and frustrating ordeal for everyone involved. Probate is also relatively expensive: One of the main steps of probate involves tracking down all of your assets and assigning a value to each asset, which usually requires the input of an independent assessor. There are also court fees and the potential to dispute your choice of executor (the person you name in the will to handle the probate process).
Unlike a will, a living trust cuts out much of the potential for infighting. With a living trust (called a living trust because you’ll have to manage the trust while you’re still alive) you’re naming a third party to handle your estate after you die. You’ll have to maintain the trust and keep it updated as the assets in the possession of the trust change over time, but by creating a living trust you prevent your family and friends from dealing with probate.
A living trust also can’t be contested, which makes it a much more streamlined option for those who are looking to plan out their estate. Living trusts seem like a desirable alternative to just leaving behind a will, but you should remember that living trusts require close management, and trust administration (the process through which the assets in your trust are divided across your beneficiaries) can be a complicated affair: You’ll need to make sure you can rely on the third party you choose to manage your trust.
Contact Holborn Law Today
Wills, living trusts, and estate planning in general are all important steps to ensuring your family and friends are cared for after your death. You can make the division of your assets complicated or simple – the choice is yours, and with the help of a capable living trust lawyer in Orange, CA, you can make the right decision.