Work With An Experienced Los Angeles Probate Real Estate Agent
It is a difficult thing for many people to consider what will happen when they die. While it might seem like the end, loved ones often end up going through a variety of legal battles to handle last affairs and divide up property. When property remains outside of a trust, it must go through probate, which can be a time-consuming and costly process for all involved. It is useful to seek out the help of your West Los Angeles probate real estate broker, Michael Millea, to learn more about establishing a trust to make life easier for your loved ones after you have passed.
The Difference Between Trusts & Probate
When a person dies and has established a will, loved ones can submit the will to a court for validation and to see to the distribution of assets of the deceased. This process is known as probate. The length of probate varies by case, but it is not uncommon in many instances for it to take about six months to see it to completion, and that is with a clearly established will.
A trust is similar to a will in some respects because it designates which assets go where upon the death of an individual. This is done by designating a trustee to hold assets for an assigned beneficiary. There are many benefits to establishing a trust, including:
- More control over distribution of assets
- Quicker access to assets by beneficiaries
- Fewer probate costs
- Fewer taxes (when establishing an irrevocable trust)
Simply writing a trust is not necessarily going to keep your loved ones out of probate, however. It is vital that you seek the help of a probate professional. There are very strict guidelines when establishing a trust, and a professional can help ensure all of the legal regulations are met.
Learn More By Contacting Us Today!
While you might not want to think about what happens to your loved ones after you pass away, establishing a trust is a great way to protect their interests even after you’re gone. Contact a reliable Los Angeles probate real estate agent at Michael Millea by calling (310) 939-9356.