Who Needs a Living Trust | Estate Plan Pros
Trusts are the "swiss army knife" tool of the estate planning world


If I had a nickel for every time I’ve been asked ‘which is better, a will or a trust’ I could buy a lot of coffee.  Trusts have become popular in the last 50 years or so, while wills have been around for a long, long time.  For people who love history like me, check out “Wills of our Founding Fathers

Which is better, a will or a trust?  That’s like asking which is better, a hammer or a screwdriver?  They are simply tools that do different jobs. 

Wills are documents that only “speak” at your death, instructing the probate court about who your heirs are, and how they will inherit your wealth.  The key here is that a will always goes through probate court.  If you want to avoid probate court (and you do) keep reading.

Living Trusts are documents that you create and fund while you’re alive.  Living trusts that are properly funded will avoid probate, saving your heirs months of waiting and frustration, and thousands in legal fees and expenses. 

In California estates under $150,000 can also avoid probate, so if you don’t own real estate, and your gross estate is under that amount, a will and a few other simple planning steps can cover you just fine. 

For parents of young children and for property owners, trusts have a number of distinct advantages:

·         Protection for beneficiary’s inheritance from creditors, lawsuits, and divorce

·         Guidance about the control of the inheritance

·         Availability of funds for young children without court hurdles

Because trusts are useful in many situations you can see why they are the “swiss army knife” of the estate planning world.

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Tags:Estate Planning Living Trust

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Erik Hartstrom

Erik is the founder of Estate Plan Pros, a leading estate planning practice in Elk Grove.  Erik’s practice focuses on Estate Planning Law. In Estate Planning, Erik works with clients to make the process simple, so clients can focus on more important things. He is a local authority for specialized estate planning instruments, like Special Needs Trust, Irrevocable Trusts, or other focused documents. Erik has litigated, negotiated, and mediated the gamut of family law cases. With this unique perspective as a family law and estate attorney he can often spot issues otherwise overlooked. Prior to graduating he worked as a legislative analyst for a non-profit organization, and volunteered as a youth counselor. Erik currently participates in local politics and is an active member of his local church. Erik is very happily married and has two young sons. Together, his family loves to get outdoors and enjoy the varied activities the Sacramento region has to offer.

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