Benefits Of A Living Trust You Don't Have To Choose Between Your Health And The Lost Of Your Home
In the State of California, there is a legal document which all your assets (properties, cars, certificate of deposits, etc) are placed into a trust for your benefits, include after you pass away.
What is a living trust?
It's a given (sometimes called an inter vivos or revocable trust) that you should have a written legal document distributing your assets at your death.
The Benefits are multiple like:
- Medi-CAL CANNOT take your home if your home is in trusts. No MEDI-CAL reimbursement.
- The most important benefit of a living trust is the privacy it affords.
- It saves your family time and may save you money.
- No probate needed, it avoids probate.
- No court control.
- No attorney's fees.
- Assists in the event of incapacitation.
- No hassels.
- No delays.
- No probate court filling fees.
- Finally provides certainty and peace of mind.
One of the benefits is that Medi-CAL CANNOT take your home if your home is in trusts. Governor Jerry Brown has made the concern (In the past Medi-CAL would take your home if it's in trusts) a thing of the past by signing SB 833 on June 27, 2016, which essentially does away with Medi-CAL taking a California's home.
In other words, We would make an example:
Peter create a living trust which states that if she becomes incapacitated (by ill, an accident, etc), and a physician signs a document saying and confirming Peter no longer be capable to administrate all his owns and discharge from responsability and transfer to his son Junior the trustee for to be responsable for the administration of the trust property. Junior would be use this for benefit of Peter, his father during his lifetime. Gives guidance and certain power and authority to the trustee to manage and distibute your trust's assets. After Peter pass away, Junior will assign the trust property to the directions as it says.
Remember, it's a personal decision well not everyone needs it. For example, a young married couples would not need a living trust. Why? It would not be necessary if this couple don't have children, without significant assets or persons who doesn;t have assets with the vaue of more than US$ 150,000.
In conclusion, With a living trust, your assets (your home, stocks and bank accounts) are put into the trust, managed for your benefit durgin your lifetime, and then transferred for your beneficiaries when you die. Call us or contact with us and we would help you with this process and advise in all you need.
