People recognize the crucial role of a living trust attorney, Vista, CA, in helping individuals craft a solid estate plan. However, the value of their work is even more highlighted with the current wave of the COVID-19 pandemic. Indeed, more people are now seeking the help of a lawyer in ensuring their future through a well-crafted estate plan.
In this time of coronavirus pandemic, with courts being limited to only emergency filings, and pretty all businesses are closed, the use of revocable living trust offers even greater benefits. Some of these are the following:
Immediate access to assets.
Probate can be a lengthy process in many states, which causes delays in fiduciary gaining access to assets. However, if a revocable trust has been funded, such assets can be used to help pay expenses. This feature is well-recognized this day of the COVID-19 pandemic. The amount can be used, for instance, to pay for funeral expenses or medical bills.
While we understand the fact that revocable trust is generally not considered as a tax-saving instrument, it can still provide tax advantages, particularly if continuing trusts are put in place for beneficiaries. It may also provide savings for married couples in the form of joint living trusts.
Witnesses may not be necessary for trusts
The coronavirus pandemic has brought millions of people in the US to a “stay at home” status. This presents an issue to those who are thinking about drafting a will. Given the restrictions imposed due to this health emergency, it isn’t an ideal time to assemble a group of people to serve as witnesses. With a revocable living trust, however, that isn’t an issue as creating or updating a revocable living trust can be done without witnesses.