TRUST-BASED PLAN

Like a Will-based plan, a Trust-based plan provides a collection of documents to ensure your assets are managed and distributed to beneficiaries at time of death or during incapacity. Trust-Based documents can also provide some privacy, freedom from court involvement and often faster and less expensive administration.

Included in a Trust-based plan:

  • Revocable Living Trust
  • Pour Over Will
  • Durable Powers of Attorney for Finances
  • Advance Healthcare Directive
  • California HIPAA Authorizations
  • Nomination of guardian
  • Asset Transfer documents

A Trust is not subject to probate administration, which can be expensive, slow and lacks privacy. A Trust is often advised for anyone who has substantial assets and real property. Most of our clients prefer a Trust for these reasons. A Trust will be more work to set up initially and it does require vigilance in making sure most assets you acquire are placed in the name of the Trust. If you mistakenly leave a certain amount of assets out of your Trust, a probate might be necessary. So funding your Trust properly is a crucial step, which is often missed when people try to do it themselves or use an inexpensive Trust Mill.