Distributing your assets among your loved ones after you pass away can be cumbersome, especially if you haven’t made any plans on how it should be divided among family. Drawing up a will shall reduce the uncertainties by a large margin, but in most cases, you will end up with a probate, where the courts will intervene to validate the will and segregate the property, bank accounts, cars and other assets.

This itself can take anywhere between 9 months and 3 years before your loved ones are in possession of what is rightfully theirs. By hiring the right Orange County living trust attorney, you can easily circumvent this cumbersome procedures by setting up a living trust, which can be passed on to your loved ones with little hassle.Image result for Avoiding Probate by hiring the right Orange County living trust attorney

Why should you avoid a Probate?

Probates are expensive, and can cost you anywhere between 305 to 50% of the property value when your assets are distributed through a court mandated procedure. In some cases, your property can go into probate while you are still alive, but incapacitated to take any rightful decisions.

Every little detail of your financials are recorded when your property goes into probate, and since a probate court is a public forum, your family will be deprived of the luxury of privacy. This is why setting up a living trust, under the watchful eye of a credible Orange County living trust attorney is essential.

Setting up a living trust

By setting up a living trust, you can entrust your property and assets in the hands of a trustee who has a sound knowledge of handling a financial institution. This will ensure that your assets are managed well and cared for and that it will be distributed to people or organizations of your choice after your passing.

Since your trustee will be responsible for transferring your assets to your beneficiaries, you should make sure that he is trustworthy and is capable of handling the stress during transferring your assets. He should also be able to oversee the various aspects of handling and setting up an estate planning.

By setting up a living trust, you will not lose control over your assets until your passing. Although your financial resources will be handled by a trustee, you will still have complete control over what happens to your assets. You can even make credible changes to the trust, and even dissolve it if you so desire.

If you are planning on setting up a living trust, then you Orange County living trust attorney can help draw up the necessary documents that will include the property and other financial assets that will belong to the trust and the inheritance of the trust as well.

 

About The Author

Helen Mayfield