Frances
A. Headley
Law Offices of Frances A. Headley
34 Summit Street, Suite B, Jackson,
CA 95642
Phone: (209) 223-1266
Fax: (209) 223-2343
Trusts
When people ask about trusts they generally mean living or inter vivos (which means living in Latin) trusts. Such trusts are designed to be an independent entity which holds title to your assets from the time of its creation right on through your death until distribution to your beneficiaries. As an independent entity that will not die, probate of your assets is not necessary in order to see that they are transferred to your beneficiaries.
Trusts allow for the private transfer of your assets without the necessity for public court action. As they are an independent entity, the document that creates a Trust is more complex and expensive than a will. Trusts also require a Trustee that will have immediate duties to see that the property is transferred into the trust and subsequent responsibilities to oversee any changes in assets as time goes by. Most people that set up living trusts act as their own Trustees, at least initially.
Advantages
• Private transfer of your assets without the necessity and expense of probate.
• Allows for estate tax planning that will minimize or eliminate estate taxes.
• Provides management of assets if become incapacitated not just after death.
Disadvantages
• Initially more expensive to set up
than a will.
• Additional continuing paperwork is necessary.
• More complex document is more difficult for laymen to understand.
This site is intended to provide general information only to the public.
It is not rendering legal services to its readers.
Please consult an attorney for the applicability to your specific circumstances.
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maintained by Blue Moon Web Productions
Last updated on Friday, June 16, 2000