Contact Info

Law Office of Victor Waid
333 University  Avenue,

Suite 200
Sacramento, CA 95825

Phone:  916-923-2345

Email - vwaid@waidlaw.com


Free Legal Answers

A Living Trust is a legal document that you transfer all of your assets into, with instruction as to how the assets therein are to be managed, and to whom assets are to be distributed, naming a trustee to manage the trust according to the trust provisions.  The trust is revocable and becomes irrevocable upon the trustor's death. 

A trustor, the maker of the trust, is also known as a settlor of the trust.  The persons who receive benefits from the trust are known as beneficiary.  The settlor can also be a trustee.  The settlor retains the right to amend the trust or revoke the trust at any time.
 
Benefits of a Living Trust:
 
  • Avoids probate at death.
  • Prevents court control of assets at incapacity.
  • Brings all your assets together under one plan.
  • Provides maximum privacy.
  • Quicker distribution of assets to beneficiaries.
  • Assets can remain in trust until you want beneficiaries to inherit. 
  • Easy to set up and maintain.
  • Can be amended or changed at any time.
  • Difficult to contest.
  • Can protect dependents with special needs.
  • Prevents unintentional disinheriting and other problems of joint ownership. 
  • Professional management with  trustee.
  • Peace of mind.

If I Have A Living Trust, Do I Still Need A Will?


Yes, you still need a “pourover will”, which is a will, that mirrors the trust, as to distribution of assets and beneficiaries, and catches assets that were not included in the Living Trust Plan, to allow for the assets to be distributed via the trust plan; the “pourover will” can also provide for children or minor children, who will need a guardian appointed to represent them in any proceeding, implementing the trust provisions.


Please call (916) 923-2345 for appointment.


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