If you owner property, then you are more than likely aware that there are things that you need to do in order to ensure the secure ownership of said property. If you live in the Murrieta area of California, one of the most common arrangements made to secure ownership is a living trust. If you want to find out more about a living trust in Murrieta, please keep on reading.
A Living Trust in Murrieta Defined
A living trust in Murrieta refers to an arrangement that grants one person, or a trustee, with legal title of the property of another person, or a beneficiary. Put simply, a living trust is something that you create while you are alive, instead of one that is created upon your death.
What is the Benefit of a Living Trust in Murrieta?
Living trusts in Murrieta can help you in a number of ways. For example, they can help you reduce your estate taxes, they can help you avoid going into probate and they can allow you to set up the long-term care and management of your property.
Why Should You Set Up a Living Trust?
As mentioned above, there are several advantages to setting up a living trust. One of the biggest advantages of these arrangements is that the property that is left to another does not have to go through probate court. This means that whoever you entrust your property to will not have to go through the process of paying any debts and your property won’t have to be disbursed to the people you have left it to. Since the property is already entrusted to someone, those who you have chosen to entrust your property to will automatically receive what you have chosen to leave them.
Is a Living Trust Similar to a Will?
A living trust and a will are similar to one another in that they both contain instructions for your inheritance; i.e. – who will receive what when you pass on. While a will has to go through probate and can take several years to be settled, a living trust does not have to enter probate and the property is immediately granted to the beneficiaries.
A living trust is quickly becoming one of the more popular ways of ensuring that property will be taken care of and determining who that property will be entrusted to.
