A wise person will plan for their financial future, which is what a large majority of estate planning is dedicated to. However, comprehensive estate planning isn’t just about saving money for retirement; it’s about making specific plans for what to do with your assets once you have died. That is why many people who live in the Corona California area and are active participants in their own estate planning choose a Living Trust Corona document over a last will and testament.
What’s interesting about a living trust is how often people confuse this with a will. There are some differences between a will and a living trust and here are a few things that you want to keep in mind if you’re interested in choosing a living trust in your estate planning.
The first thing to understand is that a will is only enacted after your death. A living trust is active while you are still alive. Both the living trust and will make very specific arrangements as to what is to be done with your assets upon your death. However, unlike a will, a living trust will allow you to skip probate after your death has occurred.
Just as you would choose an executor for your will, you will choose a trustee to handle all of your previously made arrangements as it relates to the dissemination of your assets. In addition, while you will be the one who is principally in charge of your assets while you’re alive, if something should happen to you to where you are incapacitated and unable to handle your medical decisions or your financial decisions, your designated trustee can legally step in and handle these details.
In terms of choosing a trustee, it will likely need to be somebody who is very close to you. Often time’s, people choose their spouses as the trustee. However, in the event of a Divorce, you may need to change your trustee designation. This can handled with the help of an estate planning professional.
If you’re looking for the dissemination of assets to go smoothly after your death and you want your exact wishes to be carried out, a Living Trust Corona document is going to be your best option. It avoids probate, avoids the courts interference and it’s a better way to go than a will.
