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Home » Estate Planning » Top Five Benefits of a Living Trust

Top Five Benefits of a Living Trust

May 1, 2019Estate Planning

living trustFar too many people make assumptions about estate planning. The one that is at the top of the list is the idea that a last will is the right choice as an asset transfer vehicle. In fact, for most people with a reasonably significant store of resources, a revocable living trust is a better choice for a number of different reasons.

Consolidation of Assets

If you were to use a last will as the centerpiece of your estate plan, the executor that you name in the document would have to identify and inventory all of the assets that comprise the estate. This can be time-consuming and complicated.

Things are entirely different with a revocable living trust. All of the assets would be consolidated in one place, so the process would be simplified.

When it comes to assets that may have never been conveyed into the trust, you can include a pour over will in your estate plan. This will allow the trust to absorb resources that were not conveyed into it during your lifetime.

Control and Flexibility

Another benefit of a living trust is the level of control that you maintain. Since the trust is revocable, you have the power to dissolve it and take back direct personal possession of the property that has been signed over to it at any time.

You can also act as the trustee and the beneficiary while you are living, so your control is absolute while the trust is intact. It is possible to change the terms at any time, and you can add or remove property whenever you choose to do so.

Incapacity Planning

According to the Alzheimer’s Association, one out of every 10 senior citizens has contracted the disease. The figure rises to 40% for people that are 85 years of age and older. Clearly, people with dementia will become unable to handle their own affairs at some point in time.

And of course, people become incapacitated due to other underlying causes. To account for this possibility, when you have a living trust, you can name a disability trustee. This person or entity would be empowered to administer the trust if you ever become incapacitated.

Spendthrift Protections

When you establish a living trust, you can include spendthrift protections if you have concerns about the money management capabilities of a beneficiary. For example, you can instruct the trustee to distribute the earnings from assets in the trust on an incremental basis. In this manner, the principal would remain intact to continue to provide income for the beneficiary.

You could also allow for larger lump sum distributions when the beneficiary reaches certain age thresholds. These are just hypothetical examples, but the point is that you determine how the assets will be distributed to the beneficiary or beneficiaries.

Probate Avoidance

The probate court would supervise the administration of the estate if you utilize a last will instead of a living trust. There are some drawbacks that go along with the probate process. For one, it can be quite costly, and the money that is spent during probate reduces the amount of the inheritances that will be received by the heirs.

Probate is also time-consuming. An uncomplicated case will usually take about nine months to a year to run its course. Privacy is lost during probate as well, because anyone that is interested can access probate records to find out how the assets were distributed.

All of these negatives are avoided if you use a living trust instead of a last will. The trustee would be empowered to distribute assets to the beneficiary or beneficiaries in accordance with your wishes outside of the probate process.

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One of them is our carefully prepared estate planning worksheet. To obtain your copy, visit our worksheet download page and follow the simple instructions that you see.

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
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We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

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Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

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