If you’re a homeowner, you can benefit yourself and your loved ones greatly by setting up a trust.
Today I’m joined by estate planning attorney Susan Foy to talk about one of the most important items you can have as a homeowner in California: a trust.
Why is having a trust so important?
For one thing, it helps you avoid probate, which is a court-supervised procedure your family would otherwise have to go through to address the transfer of your assets after you die. A trust helps you decide specifically who you want your assets and estate to transfer to. If your family situation is especially complicated or you’re married and you or your spouse has children from a prior marriage, they can be particularly helpful.
Additionally, a trust ensures that all the information regarding your estate and assets remains private, and you save a considerable amount of money by having one written up front instead of writing your will later on.
Also, a trust gives you more financial options than a will does. If your children are minors at the time you pass away, you can provide for them until they turn 18, 21, or whatever age you specify.
“If you don’t have an estate plan,” Susan says, “the state of California has one for you, but it’s much better for you to be able to set up your estate plan so it reflects your values, your family structure, and your finances.”
Many of the baby boomer generation are entering their golden years, which can mean transitioning to assisted living or moving in with family and leaving a property behind. If you’re entering the later stages of your life and these scenarios apply to you, don’t be intimidated by the thought of setting up a trust. For attorneys like Susan, it’s their job to make the process as simple as possible.
If you’d like to know more about setting up a trust, you can message Susan at her website www.susanfarrisfoy.com. You can also reply to this email and I’d be happy to put you in touch with her.
As always, if you have any real estate questions or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to speak with you.