While it can be a difficult topic to approach, everyone must consider planning what will happen to their assets and loved ones after they die. Trusts are one of the ways that people choose to protect their interests and provide for their loved ones. This can include proactively setting up a living trust, which is a type of agreement that can be used to manage your valuable assets during your lifetime and distribute them after your death. From ensuring your residential property is left to a certain heir to having your business interests protected, estate planning is essential to safeguard your assets. An experienced Corona estate planning attorney can help you create the right trust for your needs and ensure that it is properly funded.
At the Law Office of Christopher P. Walker, you’ll have access to extensive professional experience and legal knowledge. Attorney Walker helps clients in Corona create trusts that will work best for them and their families. He knows that when it comes to trusts, there is no “one size fits all” solution. He takes the time to get to know his clients and their specific needs before recommending estate planning options.
A living trust, otherwise referred to as a revocable trust, is an estate planning measure created during your lifetime and can be revoked or modified at any time. This type of trust is often used to manage assets and property and to provide for the protection and distribution of those assets after your death.
The process of establishing a living trust typically starts with the transfer of your assets into the trust. Once the assets have been transferred, you will then name a trustee who will be responsible for managing the assets in the trust. You have the option to name yourself as the trustee, or you can name someone else, such as a family member or friend.
Once the trust has officially been created and activated, you can then start to reap the benefits of having a living trust. These benefits can include avoiding probate, protecting your assets from creditors, and ensuring that your wishes are carried out after your death.
Once you pass away, the trustee you named will be responsible for distributing the assets in the trust according to your wishes. If you named yourself as the trustee, your successor trustee will be responsible for distributing the assets. At this point, the living trust becomes irrevocable, which means that it can no longer be modified or revoked due to your death.