What is a Living Trust? If a person has houses or land or at least worth $100,000 and wants to make sure that his or her properties will eventually go to their intended heirs, he/she can make a living trust. A living trust is a legal paper that spells out who gets a person’s assets and properties if ever he dies or becomes disabled. It is different from a will because in a will, the person has to die before his/her wishes will be carried out. In that case, the will has to be submitted before a court for the interpretation of what was written in it (called a probate). In a living trust, a person (the trustee) can be able to execute what is in the paper while he is still alive for the heirs (the beneficiaries). You might need a probate lawyer in California
There are two kinds of living trust. The first is revocable living trust and the second is irrevocable living trust. The revocable living trust entrusts his/her properties and assets to the intended heirs. However, the author of the living trust still makes the decisions as to the assets and properties (therefore, he/she can still change the ownership of the properties) and still pays the estate taxes. The irrevocable living trust gives everything, including the control of the properties, to the intended heirs while the author is still alive. The author pays lesser taxes in the latter kind than in the former.
Living trusts can be drafted by a licensed estate lawyer and costs around $1,000 to $3,000.
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