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A will comes into play only after you die, but a living trust can actually start benefitting you while you are still alive. A living trust is a trust established during your lifetime. It is revocable, which
allows you to make changes. You will transfer substantially all of your property into your living trust during your lifetime, and any omitted assets can be transferred into the trust at the time of  death through the use of a simple Pour-over Will. You should always make a Pour-over Will at the time that you establish your trust.

A living trust will be used as the mechanism to manage your property before and after your death, as well as provide how those assets, and the income earned by the trust, are distributed to your beneficiaries after your death. If you should become incapacitated or disabled, the trust is in place to manage your financial affairs.  A living trust is not subject to probate, and therefore, all provisions of the trust will remain private.

In California, only one trust is typically drafted for a husband and wife (called a Joint Living Trust). Joint Living Trusts simply combine the assets of a husband and wife into a  single trust, governed by a single trust document. If a married couple wants to reduce or even eliminate estate tax, the Joint Living Trust should be very carefully drafted with the help of an attorney in order to achieve the desired goals.

The Law Office of Raymond B. McFalone
Call or email us for a free estate planning consultation!

Raymond B. McFalone
1990 N. California Boulevard, Suite 830
Walnut Creek, CA  94596
Phone: (925) 944-1438
Fax: (925) 932-8616
 

Email: ray@raymcfalone.com