There are many benefits to drafting a living trust. Most people aim to set up a living trust to avoid a formal and costly probate or to put a mechanism in place to manage their finances should they become incapacitated. However, a trust may also be used as a financial management tool. Some people chose to set up a living trust so that they can delegate investment advise and financial decisions to a third party, the trustee. For example a bank or a trust company well trained in investments may act as a trustee.
Additionally, a living trust may be used to conceal the true ownership of certain assets in life and in death. The privacy of a living trust allows the nature and value of your assets to remain private. Whereas, in a probate case, the valuation of your assets would become public knowledge. If you live in the Los Angeles area and are considering setting up a living trust, you should consult with a Los Angeles estate litigation attorney.