You might think a TRUST is something for those rich people who are dealing with their Picasso and vacation villas, oh, and don’t forget the endless amounts of cash. The truth is if you’re like me and the thousands who scrape and scrounge to save to earn enough to purchase a home, then a Trust is for you. Everyone should have an estate plan no matter the size of the estate. Check out the New York Times article, “Life After Death? Here’s why you should have a trust”.
Remember there are many types of trusts and they serve different purposes. One (and probably the most common) is the “Revocable Trust”, meaning the owner can make changes. THESE Trusts can avoid the need for probate through the local courts after a person dies. Probate can be costly – attorneys’ fees are actually a percentage of the total estate. So if you own a house in California you know that can be a big number. It also saves time allowing your heirs and the executor to handle issues faster.
Trusts can be established for times when people become incapacitated and need someone else to take care of them and their finances. Caregivers and family members can make decisions and execute on behalf of the incapacitated loved one.
- Houses, and other real property, bank accounts can be placed in a trust.
- A revocable trust does not always end at the death of the original owner, so it could last long enough to care for a child or spouse.
- It can be the easiest way to transfer accumulated wealth to your family.
- Some trusts will allow you to change or amend it later if the need arises.
Call now and speak with our professionals to find out which trust is right for you. 805-585-3828