A living trust is a legal document established by you as the Trustor, and managed by you, as the Trustee, during your lifetime. The purpose of it is to carry out your wishes and desires, regarding whom you want to manage your estate and distribution of your assets, upon your death. The living trust is only effective when you execute it.
Creating a living trust is just one part; in order for the trust to “work” properly you need to transfer your assets to the living trust. Transferring of the assets into it is typically done by you, and during your lifetime you control those assets as Trustee of your trust.
Upon your death a living trust, when properly done, circumvents the expense and long-drawn-out process of probate. It allows your Successor Trustee to carry out your instructions as outlined in your living trust. In addition, if you are unable to manage your financial affairs due to incapacity, it allows you Successor Trustees to manage your financial affairs for you. With a living trust, your assets can pass to your beneficiaries privately without having to go to court, and is generally a less expensive process. So long as you are alive and competent a living trust can be amended or revoked by you.
It does not matter whether you are married, divorced, or single, a living trust is intended to carry out your wishes and desires regarding who you want to manage your estate and distribution of your assets, upon your death.
If you would like to set up a living trust, we invite you to schedule an appointment online or give us a call at (650) 463-1550 with our office and one of our attorneys will be able to help answer all your questions.