There are numerous legal tools which you may use in organizing your matters. When most individuals are familiar with a will to provide for the distribution of assets after their passing, it is possible to even make a living trust or utilize powers of attorney to deal with your estate.
A trust is a legal arrangement in which a grantor assigns a trustee to maintain the grantor’s property for the sake of the others. In the event the grantor makes a trust before his death, it’s called an inter vivos, or alive, trust.
A living trust could be irrevocable or revocable, which permits the grantor to revoke or alter the details of the trust during their life. Estate Planning Attorney in Orange County, California assists you with the legal aids such as trust or attorney related issues or making will.
There are lots of benefits in developing a living trust. A grantor may create a trust and appoint himself as the trustee. This enables the grantor to maintain the house for his benefit during his life and keep complete control over the assets transferred to the trust.
But, it’s almost always a fantastic idea to have a will along with the confidence, only in the event the grantor has another land that hadn’t been transferred into the trust.
Oftentimes, a grantor may make a living trust and a “pour-over” will. This type of will leaves all the property into the trust, so the trustee may distribute the house based on the grantor’s wishes.