Do we agree that life is a struggle? It's kind of fun if you have a sense of humor, but you have to be serious about estate planning. Estate planning simply means doing your best to preserve the wealth and assets you accumulate during your lifetime.
For those who have even a modest estate, a living trust may be your first line of defense. An attorney can prepare one for a reasonable fee, or you can buy a guide and do it yourself.
Living trusts are easy to understand and easy to create if you will spend two or three hours reading instructions and preparing the needed forms and documents. A living trust is really just a legal basket into which you put all your assets to protect them from probate. The trust gives you a chance to pass your wealth on to those you choose. In probate, a court makes those decisions. If you have any doubt regarding estate planning, you can consult pasadena lawyer.
Are there alternatives to a living trust? Yes, many. We will cover a couple of the simple ones.
The most common alternative is the joint titling of assets. If you want your house to pass to your daughter you put both your name and her name on the title as joint tenants with right of survivorship. When you die the house passes to your daughter and avoids probate. You can do the same with bank accounts, brokerage accounts, and cars.