Most people who don’t already have a living trust, know the importance of having one and do plan to have one prepared. Still, having the living trust prepared often ends up at the bottom of the “to do” list. Busyness is a big reason. Many people think that there is too much to think about and too many documents to go through to get the information needed to put their living trust together.
Just Document Preparation clients are usually surprised at the ease of having their living trust prepared and are always relieved when it has been finalized. It’s usually one document and the answers to a few basic questions to get your revocable living trust prepared, once and for all.
1. What property do you want to put into your living trust? Real estate is usually the single largest asset put into the living trust to avoid probate. You will need the deed so a new deed can be prepared transferring your home or land into your living trust. If you can’t find your deed, we will get it for you. Sometimes people have the proceeds of their financial accounts put in too.
2. Who will be your successor trustee? This is the person in charge of distributing your assets after your death. They will also be the person acting on your behalf in financial and legal matters if you should become unable. You can name more than one person to work together. You can name alternates if the first person(s) is unable to help.
3. Who are your beneficiaries? These are the people or organizations who you want to leave your property to. You can leave them a specific dollar amount or a percentage of your estate. Who are your alternate beneficiaries in case your first choice dies before you?
4. Who will be the custodian? A custodian manages the property left to any beneficiaries who are minors. At what age would your minor beneficiaries receive the remainder of their share? Many people don’t want their young children to get the bulk of their estate until they are 21 or 25 years old or older.
5. Who will be the guardian of your minor children, if one is needed? In other words, who do you choose to raise them until they reach adulthood?
6. Who will be your healthcare agent? If you are unable to communicate medical decisions to your doctor, who do you want to name to communicate on your behalf? Again, who do you choose as the alternate if your first choice is unable?
Now that you know how easy it is to get ready to have your living trust prepared, you can get started with an appointment. There is no reason to delay this any longer and risk the consequences of not being prepared. Call us (951) 685-5444 and see how easy it is to work with us and how fast we can get this done for you.