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Reasons for creating a trust

Many people think of estate planning as something only needed for wealthy families. However, future security and end-of-life planning is something that is needed by all California families. A common misconception is that a will is the only document needed to relay end-of-life wishes. While wills are a great way to ensure that assets are distributed as desired, trusts are just as useful in life as in death. There are several reasons why families may want to consider a trust.

The two basic types of living trusts are revocable and irrevocable trusts. A revocable trust can be changed at any time and is the most popular type of trust. An irrevocable trust cannot be changed once signed, so it's important to understand the terms before signing an irrevocable trust. Regardless of the type, any living trust allows families to control assets and keep assets in the family.

Another reason some families create a trust is to hold money for minor children until the children are grown or knowledgeable enough to manage the money themselves. Money can be held in a trust and distributed periodically as needed. However, one of the biggest reasons many families choose a trust is the ability to avoid probate. In the event of death, any assets are distributed as desired without going to probate court.

A trust can be beneficial for all families, regardless of economic status. Families in California who have questions regarding trusts could benefit by seeking the services of a legal representative. An experienced and knowledgeable attorney could answer questions and provide guidance for families desiring a better future for their loved ones.

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The Law Office of Araceli Tovar, APC

251 Madrona St.
Chula Vista, CA 91910

Phone: 619-869-4200
Fax: 619-869-4202
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