family Trusts - Do You Need One?

Family Lawyers - family Trusts - Do You Need One?

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Not every family needs a trust. This brief article describes what a easy trust is, its advantages, and either one is considerable for you.

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The main purpose of a trust is to save your loved ones the ill of having to go straight through the probate court process when you pass away. Depending upon the size of your estate, there may also be tax reasons for establishing a trust. This brief article cannot address those issues. However, the probate process is a high-priced and time-consuming task.

A trust avoids this process because your trust name person who will have full legal authority to carry out your wishes, as the trust directs them, after your passing. The person you appoint to achieve this task is called your "successor trustee". While you are alive, you can remain as the trust's "trustee".

This is the great benefit of a trust. Let me give you a easy example:

If you own title to your home, and only have a Will, then your loved ones are guaranteed that your estate will have to go straight through the probate process. Even though your Will clearly states, for example, that your children are to receive your home when you pass away, the title (deed) to your home still remains in your name when you die. Only you have the authority to transfer title, but you're now deceased.

A title guarnatee enterprise will need to warrant that title properly passes from you to your children. However, the title enterprise will not accept your Will as legal authority (anyone can forge a Will). The title enterprise will require that your children take the Will to a judge and have the court sign an order that transfers title from you to your children. eventually (one to two years later), the judge will sign the requested order.

With a trust, you will execute a new deed to your home. This new deed will transfer title from you, to you, as the trustee of your new trust. That new deed will be recorded in the County Recorder's Office, and your new trust now owns title to the house.

When you pass away, the person you named as your "successor trustee" now has full legal authority to originate a new deed that will transfer title from the trustee of your trust, to your children. There are a consolidate more steps involved, but this illustrates the value of a trust and how it can avoid the probate process.

If you do not own a house, or any other asset that would otherwise require a judge to order the transfer of title when you pass away, then you probably do not need a trust.

Alternatives to a trust exist. In California, for example, bank accounts can include a Pod (Pay on Death) form that allows you to name a beneficiary of your account. If you are the only named owner of that account, the money can be transferred to your named beneficiary (when you pass away) without any court involvement.

For many families, particularly those who do not own real asset or require a transfer of title to property, a trust may not be needed.

This brief article is not intended to constitute legal advice. Before choosing either a family trust is something you need, please seek the advice of a powerful elder law attorney.

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