Determining what will happen to your residence, your financial assets, and your personal property after your passing can be a strenuous process. However, if you don’t take the time to make these decisions and act now, a local court may end up dividing property and assets for you. Rather than leaving such important decisions to the courts, get the assistance you need to make the correct decisions concerning your will and living trust by contacting the Law Offices of Kent Bulloch today.
What Is a Will?
A will is a penned document—signed and witnessed—that signifies how your property are going to be distributed at the time of your death. It is revocable and susceptible to amendment at any given time in the course of your lifespan. Moreover it enables you to appoint a guardian for your minor offspring.
What Is a Living Trust?
A living trust gives you lifetime and after-death asset management. If you happen to be serving as your own trustee, the trust device provides for a successor upon your loss of life or incapacity. Court intervention is not necessary. Livings trusts also are used to administer property. If an individual is impaired by accident or illness, the successor trustee can manage the trust assets. Because of this, the costs, publicity, and hassle of court-supervised disbursement of your estate can be eluded.
If a living trust is properly penned and funded you can:
While a trust sounds desirable, there are also drawbacks. A living trust is definitely more expensive to set up compared to a typical will simply because it must be continually managed after it is formed. Most significantly, however, a living trust is ineffective unless it is funded. A living trust only can control those belongings which have been placed into it. In the event your belongings have not already been transferred or if you die without funding the trust, the trust will be of no benefit as your estate will still be subject to probate and there may be significant estate tax issues.
The Law Offices of Kent Bulloch serves Sonoma County residents and our offices are located in Santa Rosa, California. We are proud to provide outstanding representation to our clients, and we work hard to ensure that each individual that retains our services is confident in our ability to represent them. Our firm offers reasonable fees and is available most evenings and nights via telephone. If you are interested in learning more about your situation, or how a Sonoma County lawyer can help you, contact the Law Offices of Kent Bulloch today and schedule a consultation.