Avoid probate - There are many reasons why it makes sense to create a trust for your family. In the State of California, estates greater than $150,000, or any property valued at more than $50,000 must go through probate. The probate process is time-consuming, expensive, and burdensome for your family. Probate can be avoided with the creation of a simple living trust. There are many other reasons to create a living trust!
Control over distribution - If death occurs and distribution happens under a will, the children inherit assets on their 18th birthdays. A living trust gives the trustee the ability to determine how and when a child will inherit.
Asset Protection - Placing an inheritance in a trust ensures that those assets are protected from your creditors. Additional protection can be gained from a Lifetime Asset Protection or Dynasty Trust.
Protect inheritance for children of prior marriage - A trust can provide for your spouse and children from a previous marriage.
Protect inheritance from spouse's future marriage - A trust can also protect assets for your children in the event that your spouse remarries after your death.
Provide for Medicaid – Assets can be placed in trust to allow the grantor to qualify for Medicaid.
Provide for Special needs – Leaving assets to a child with special needs could disqualify them from receiving important government benefits.
Protect privacy. Once a will is entered into probate, it becomes public record. A trust, on the other hand, is a private document that offers an additional layer of protection for your family's privacy.