The Living Trust
by James V. Quillinan, Attorney at Law
The Letitia Building
70 South First Street
San Jose, California 95113-2406
- In both cases, a Durable Power of Attorney for Healthcare should be executed so that health care decisions may be effectively made in your incapacity.
- At some point, you may wish to authorize your successor trustee to serve as trustee to manage your financial affairs even though you are perfectly capable. Some people come to the point where they prefer not to deal with paying recurring bills, reconciling statements, or other detailed bookkeeping chores. The Living Trust allows you to designate a co-trustee who will manage your financial matters for you.
The Living Trust estate is settled quickly, with simplicity, and with considerably less expense.
Unlike the drawn out nature of most probate procedings, a trust estate often settles virtually as soon as the successor trustee acts, thereby assuring distribution of proceeds to loved ones. Whereas probate sales are subject to court oversight, trust estate sales are not. It is quite possible that trust assets can be sold, if appropriate, within days after death.
