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 Living Trust vs. Will: What’s the Difference? While both living trusts and wills are estate planning tools, they serve different…

What Is A Comprehensive Living Trust? A comprehensive living trust, also known simply as a living trust or a revocable…

Do You Need A Will If You Have A Revocable Living Trust? Under California laws, having a revocable living trust…

Does a Certification of Trust Need to be Notarized? A Certification of Trust is a document that provides essential information…

The most common type of trust is a revocable living trust. The settlor is the person who creates the revocable trust. It is essential to know that under a revocable trust, the settlor is also the trustee. Once the revocable trust is established, the settlor transfers assets to the trust.

The most common type of trust is a revocable living trust. The settlor is the person who creates the revocable trust. It is essential to know that under a revocable trust, the settlor is also the trustee. Once the revocable trust is established, the settlor transfers assets to the trust.

The most common type of trust is a revocable living trust. The settlor is the person who creates the revocable trust. It is essential to know that under a revocable trust, the settlor is also the trustee. Once the revocable trust is established, the settlor transfers assets to the trust.

Too many people make the mistake of believing that merely having a will is enough to avoid probate – it is not. The value of assets exceeding $150,000 is enough to trigger time-consuming probate. And even a single asset that has not been accounted for can require probate. The laws become even stricter when real property is involved. A home left to someone thru a will alone will result in the full probate of that will before the home can pass.

Probate is a trap for the unwary. It can ensnare one’s estate upon death even for uncontested wills. This can plunges the estate into a slow and costly probate process. While this process is foreign and confusing to a layperson, it is a boon to the pockets of estate lawyers.

Once a living trust is established, then specific steps are taken to fund the trust. You can also use beneficiary designations. The property will pass outside of probate. Some misunderstand that everything you own should be retitled to trust. An attorney will properly guide you through the funding process.