The living trust gift that keeps on giving
The holidays and the end of the year are right around the corner. At this time of the year, thoughts of family and friends and gift giving go hand in hand. Perhaps you’re thinking about meaningful gifts for your loved ones this holiday season vs. rushing from one store to another, trying to find that one perfect gift.
Why not consider giving your family the long term gift of estate planning that keeps on giving after the holidays and for years to come, even after you’re gone? Estate planning is about more than protecting your legacy. A well-thought out and carefully constructed estate plan will ensure that your assets will be used to help financially secure the future for your family.
You can help provide for members of your family that have special needs and/or a disability. It can ease the burden on your family should you become incapacitated and after your death. And it can ensure that your assets are distributed to your beneficiaries as per your wishes.
Celebrate your legacy
Think about establishing a living trust as a gift. A living trust is one aspect of an estate plan. It is a legal vehicle that holds your assets for the benefit of one or more people — your beneficiaries — and contains instructions about what you want to happen to your assets when you die. A living trust provides asset exemptions which means that all assets used to fund the trust are exempt from the probate process.
Avoiding probate court is just one of the benefits of setting up a living trust. With a revocable living trust, you retain control over the trust’s assets and can amend or revoke the trust during your lifetime. Spelling out your wishes in a living trust will help avoid disputes among your beneficiaries. Additionally, living trusts maintain your privacy by ensuring that all assets used to fund them do not become a matter of public record unlike probate, which is public.
Put a bow on it
Creating an estate plan and establishing a living trust as a part of it could end up being one of the most meaningful gifts you ever give to your family. And, as such, it’s important to hire an attorney to help you create an effective trust agreement that provides financial protection to both you and your beneficiaries.
The Law Office of David W. Foley, estate planning attorney, creates comprehensive living trusts of the highest quality for clients in the San Diego area and throughout California. Take a few minutes to learn why you need an attorney to help you set up your living trust.