Is A Living Trust Right For You?
A living trust allows you to transfer property and assets to a trust while still alive. If you own a home or share in a business, you can transfer these assets to a trust to be managed by yourself or a trustee you appoint. Living trusts are revocable — if you decide to dissolve the trust for whatever reason, you can do so as you see fit.
Once a living trust is created, property and assets transferred to the trust do not have to go through probate before being transferred to your heirs. While the primary advantage of a living trust is avoiding probate for your heirs, a credit shelter trust (or “AB trust” as it is sometimes referred to) can shelter assets for married couples with children. A living trust is also helpful when an elderly parent wants to transfer a home to an adult child, simplifying the probate process as a result.
At the Law Offices of H. Michael Soroy, our attorneys can evaluate your situation and create a living trust for you. We invite you to give us a call to set up a free initial consultation to discuss your specific case.
Establishing A Living Trust And Avoiding Probate
As part of a living trust, you elect a successor trustee. Once you pass away, the successor trustee transfers ownership of the property in question to the beneficiaries named in the trust. As a result, the property in question doesn’t have to pass through the probate process. Typically, property transfers through living trusts take a few weeks at most.
Transferring A House Through A Living Trust
In order to leave your home to someone through a living trust, you must first sign a new deed indicating you own your house as the trustee of your living trust. The paperwork can be complicated as there may be tax issues that involve reassessment of the property once you pass away and your house is transferred to your trust’s beneficiaries. Our attorneys can explain what is involved and ensure all necessary paperwork is in proper order. Even though a living trust can help your heirs avoid probate, you still need a will to protect other assets and property.
Contact Living Trust Attorneys
When creating a living trust, it’s important to ensure it complements other aspects of your estate plan. We can review your current estate plan and determine if additional estate planning tools are needed to strengthen your existing plan. For more information, call our law firm at 310-694-5527 or fill out our online intake form.