The Reasons Why a Living Trust Benefits Most Homeowners

Many people mistakenly believe that a living trust is just for the wealthy. But, this is not the case.  Other misconceptions such as; “I’m too young to have a trust” and “I don’t own enough” prevent beneficiaries from receiving the full value of the assets they inherited.
 
Many middleclass couples and individuals, especially those that are homeowners in California, would benefit from a Living Trust.
 
There are many benefits to a Living Trust:
 

• The assets from a Living Trust does not go through probate, a court-supervised process of authenticating the instructions and assets in a will. The average length of time for probate in the county of San Bernardino is two years. The average cost of probrate with court fees, etc., is 10% of the total value of the assets.
• A Revocable Living Trust allows a substitute trustee (a person that you assign) to manage your affairs if you become incapacitated; such as from a coma or Alzheimer's.
• A Living Trust is private. On the other hand, once filed, wills become part of the public record and can be accessible to almost anyone.
• A Living Trust can include provisions to financially protect beneficiaries that have special needs.

 
A Revocable Living Trust can be revoked or amended during your lifetime. For example, you should consider amending your living trust if:
 

• You get married or divorced
• You have, or adopt, a child
• You move to another state 
• Your financial status changes significantly 
• One of your trust beneficiaries dies 
• One of your named trustees dies or is incapacitated
• You have an AB Living Trust that written prior to 2000. Contact Russ Morris Financial if you’d like to have an existing Living Trust assessed at no charge. 

 
 Learn more about a living trust and/or to find out the options that may be best for you.
 
Click here to request more information about a Living Trust or to schedule a complimentary consultation with Russ Morris.