The Living Trust
by James V. Quillinan, Attorney at Law
The Letitia Building
70 South First Street
San Jose, California 95113-2406

Privacy

The post-death administration of a Living Trust maintains family privacy.

Unlike a Living Trust, your Will becomes a public document once filed in probate court. Anyone may examine it. Additionally, probate procedures require that a detailed inventory of all your property be filed with the court. No property inventory is filed for a Living Trust, therefore your privacy and the privacy of your beneficiaries is protected.

Management of Assets

A Living Trust provides management of your, assets if you become physically or mentally incapacitated.

While you are able-minded, you designate in the Trust Agreement a successor trustee who assumes responsibility for managing your assets should you become incapacitated. At the time of incapacity only simple documentation in required for the successor trustee to assume his/her responsibilities and no "conservatorship" resulting from court intervention is needed.

• A court-supervised conservatorship is an expensive, public proceeding, which can be offensive to those who wish to keep personal family financial affairs out of the public eye. Note: Even without a Living Trust, a properly executed Durable Power of Attorney may enable an incapacitated person to avoid a "conservatorship."