While many people believe trusts are only for the rich, that is not the case. In fact, more and more people are finding that establishing a trust rather than a will not only serves essentially the same purpose regarding distribution of property and assets, but also saves substantial time, money, and paperwork. If you have been considering establishing a trust, here are some reasons to do so and why a Los Angeles estate planning attorney can be helpful along the way.
Avoiding Probate
By establishing a trust, your family will be able to bypass the probate process that is common with wills. This can be important, since probate fees can often be as much as five percent of the value of your estate. If you are in the process of estate planning in Riverside CA, consult with the Fridley Law Firm to learn more about the benefits of avoiding probate.
Flexibility
When doing estate planning in Riverside CA, a trust will give you greater flexibility over how and when assets are distributed. For example, you can stipulate a person may not get certain assets until they reach a certain age, and you can also specify how funds may be spent, such as on rent or childcare.
If you have additional questions about creating a trust, schedule a consultation with a Los Angeles estate planning attorney at the Fridley Law Firm.