Probate can be a nightmare, taking a lot of time and unnecessary expense. The executor will be busy looking for paperwork and consulting an Estate Planning Lawyer in Chico CA. Heirs grow impatient and usually blame the executor for dragging out the process, although they never offer to help. Decisions need to be made which are guaranteed to make some heirs unhappy. The chance of a peaceful Thanksgiving dinner with the family isn’t looking good.
Probate is the Worst Option
The purpose of probate is to decide what to do with someone’s property after they have passed if another method to distribute those assets isn’t already in place. If there is a trust in place, all of the property held within the trust will not have to go through probate. The trust spells out what happens to those assets.
Think about it for a moment. You worked hard to accumulate those assets. You carefully researched investments and property before a purchase. Why should all of this be left up to the state to distribute? It’s uncomfortable to consider, but as someone once said, “They still make buses.”
Revocable Living Trust
Any California estate worth over $150,000 – which isn’t much in California – is subject to probate. One way to manage assets and avoid probate is with a revocable living trust. You maintain control of your assets and then ensure that the property is handled according to your wishes when you can no longer do it yourself.
There are three relationships in a trust. The grantor and trustee can be the same person.
• A grantor transfers property into the trust
• A trustee manages the property for the beneficiary
• A beneficiary inherits according to the rules established in the trust
A revocable living trust functions during the grantor’s lifetime. The grantor can change or end the trust at will. The trust contains instructions on managing the property after the grantor’s death (such as not passing it to a grandchild until they reach a certain age).
A revocable living trust is only one estate planning option. Raoul LeClerc is a very experienced Estate Planning Lawyer in Chico CA who could help you decide what would be best for your family. Eliminating probate and unnecessary expenses and taxes would be a gift of love to your family when they need it most. Visit Website to learn more and schedule an appointment to discuss your options.