Estate planning is the process of forming a personalized plan that protects your assets and distributes them in a way that supports your interests, determines guardianship for minor children, arranges care for pets, and provides directions for future healthcare needs.
|Less costly and time-consuming to prepare||More costly and time-consuming to prepare|
|Does not require notarization||Requires notarization|
|Does not avoid costly probate process (must be validated in public court proceeding and assets distributed under court supervision)||Properly funded trusts avoid probate process and state control of asset distribution|
|Can be found in probate records by general public (including creditors)||Cannot be found in public records and the privacy of your financial and family affairs is maintained|
|Probate process may require a year or more to distribute assets.||Beneficiaries receive gifts in shorter amount of time|
|Simpler method of leaving assets to beneficiaries||Provides more flexibility and control (i.e. conditional gifts based on future events, protection from their negative or financially reckless behaviors etc.)|
|Does not need to be funded after preparation||Requires funding after preparation|
|Does not provide as much comprehensive protection for beneficiaries||Protects your children/beneficiaries from their creditors, lawsuits, and spouses|
|Does not protect large estates||Minimizes tax implications for large estates|
|Takes effect upon your passing||Takes effect during your lifetime and continues upon your passing or incapacity|
|Includes guardianship for minor children||A trust alone does not name guardians for minor children|
Contact a Los Angeles living trust attorney at Maclean Chung Law Firm and meet with us at one of our offices in Burbank, Pasadena or Santa Clarita (or meet us via phone or Zoom). Please call, chat or fill out one of our contact forms.