As an Aliso Viejo resident, you have worked hard to build your assets. You want to make sure that they are protected and distributed according to your wishes after you are gone. One of the best ways to protect your assets is to create a living trust.

A living trust is a legal entity that holds assets on behalf of beneficiaries. When you create a living trust, you will transfer ownership of your assets to the trust. You can then serve as the trustee of the trust, which means that you will manage the assets on behalf of the beneficiaries.

There are a number of advantages to creating a living trust. One of the main advantages is that living trusts can avoid probate. Probate is the legal process of distributing a deceased person's assets. Probate can be a complex and time-consuming process, and it can also be expensive. Living trusts can help to avoid probate altogether by transferring ownership of your assets to the trust while you are still alive.

Another advantage of living trusts is that they can provide flexibility in how your assets are distributed. With a will, you can only state your wishes for how your assets should be distributed after your death. However, with a living trust, you can provide instructions for how your assets should be managed and distributed during your lifetime and after your death.

Living trusts can also be used to protect your assets from creditors. If you are sued or if you go bankrupt, your assets may be at risk of being seized by creditors. However, assets held in a living trust are generally protected from creditors.

How a Living Trust Can Help an Aliso Viejo Resident Avoid Probate

Probate is the legal process of distributing a deceased person's assets. Probate can be a complex and time-consuming process, and it can also be expensive. Living trusts can help to avoid probate altogether by transferring ownership of your assets to the trust while you are still alive.

When you create a living trust, you will transfer ownership of your assets to the trust. You can then serve as the trustee of the trust, which means that you will manage the assets on behalf of the beneficiaries. After you die, the trustee of the trust will distribute the assets to the beneficiaries according to the instructions in the trust agreement.

Benefits of a Living Trust for an Aliso Viejo Resident

There are a number of benefits to creating a living trust for an Aliso Viejo resident:

• Avoid probate: Living trusts can help to avoid probate, which can save time and money for your loved ones.
• Provide flexibility: Living trusts provide flexibility in how your assets are distributed. You can provide instructions for how your assets should be managed and distributed during your lifetime and after your death.
• Protect assets from creditors: Assets held in a living trust are generally protected from creditors.
• Provide peace of mind: Knowing that your assets are protected and will be distributed according to your wishes can give you peace of mind.

How to Create a Living Trust in Aliso Viejo, California

If you are an Aliso Viejo resident and you are interested in creating a living trust, you should consult with a qualified estate planning lawyer in Aliso Viejo, like the Law Office of James Burns www.jamesburnslaw.com. An estate planning lawyer can help you to understand the process and create a living trust that is tailored to your specific needs and goals.

Here are some steps that you can take to create a living trust:

1. Choose a trustee. The trustee is the person or entity that will manage the assets in the trust after you die. You can choose yourself as the trustee, or you can choose someone else, such as a spouse, child, or friend.
2. Create a trust agreement. The trust agreement is a legal document that sets out the terms of the trust. The trust agreement will specify who the beneficiaries are, how the assets should be managed, and how the assets should be distributed after you die.
3. Transfer assets to the trust. Once the trust agreement is created, you will need to transfer ownership of your assets to the trust. This can be done by retitling the assets in the name of the trust.
4. Sign the trust agreement. Once all of the assets have been transferred to the trust, you will need to sign the trust agreement. The trust agreement is a legal document, so it is important to have it reviewed by an estate planning lawyer before signing it.

Once you have created a living trust, you will need to keep the trust agreement and other important documents in a safe place. You should also review the trust agreement regularly to make sure that it still meets your needs and goals.

Creating a living trust is one of the best ways to protect your assets and ensure that they are distributed according to your wishes after you are gone. Contact us today for a free phone call to go over your situation and see if you're a good candidate for a living trust.

Watch this Video for a good foundational understanding in the value of the living trust https://www.jamesburnslaw.com/estate-planning