Do I Need a Trust?
It is a question many of us ask ourselves, but we are not entirely sure what the implications are. Especially when you own real property in California. Real property can prove to be a major point of contention in disputes around inheritance when its distribution is not planned. Should you wish some of your heirs to be given different amounts, having a trust is paramount. Even if you do not have any special instructions, simply having a trust ensures your heirs can avoid the lengths and expenses associated with probate court. This is where we can help: through a California revocable trust.
What Happens Without a Will or a Trust?
The process can get complicated without a plan for the transfer of real property on death. If there is no trust or will intestate succession identify your heirs. Intestate succession is a set of laws governing how a person’s property and assets are handled without a proper will or trust.
If you have no trust, this could lead to probate court, a lengthy and expensive process by which assets are distributed. The court must first be petitioned to open the estate, appraise the property and assets, and settle the debts. Then, a second petition is filed with the court for an order to distribute the assets and approve all of the personal representative’s actions. The whole process can take months or even years and incur costs to your heirs, from court, administrative, and attorney fees. Attorney fees can become onerous should your potential heirs disagree over how the property is distributed. While courts attempt to be fair, without a will or trust the property may be divided in ways you did not want or otherwise force your intended heirs through probate court, all of which can be easily avoided.
How We Can Help
We can provide you with a California revocable living trust by working with us. This service helps ensure your heirs receive your property as you would like without going through the whole probate court process. A revocable living trust allows you to designate who gets what when you pass away and a successor trustee who steps in upon your death or incapacity. You can even change it at any time, assuming you are of sound mental health and judgment. Through a revocable living trust, you rest easy knowing that your heirs will receive your property exactly as you wish. Deed and Record provides deeds and trusts for all of California. If you have any questions on how to proceed, please call Mark W. Bidwell at 714-846-2888 or Mark@ DeedAndRecord.com. The office is at 4952 Warner Avenue, Suite 235, Huntington Beach, CA 92649.