When you pass away, your assets will go through probate, the process of distributing your estate after you die. Probate court costs are very high, as much as 10% of your estate. Legal fees, inventory fees, court costs, and stress for your family are also expenses to consider. A living trust, on the other hand, will not incur these costs. Moreover, it can also help you avoid probate altogether, saving you the hassle of dealing with the probate court.
To create a living trust, you must first create a trust. Once you have created the trust, you must transfer the assets to it. You must retitle real estate to your trust before you can transfer it to your beneficiaries. You can also add trust beneficiaries to your will. However, remember that if you don’t set up a trust, your assets will go through probate and you will not get them immediately. A Living Trust Attorney will be able to help you with the entire process.
A living trust attorney will help you create a document that passes your assets to your beneficiaries when you pass away. You can have your assets distributed to your beneficiaries immediately upon your death or over a period of time, or even in specified amounts. A living trust attorney can also include provisions to minimize federal and state estate taxes. Getting a living trust attorney is a big step in protecting your assets. You’ll be happier with the result in the end!
While choosing a living trust attorney in Los Angeles, experience is a crucial factor. An attorney with experience in business formation and estate planning will be able to address your specific concerns and help you preserve your assets. The attorney will also be able to outline a plan that accounts for any concerns you may have. For example, Stone & Sallus LLP focuses on corporate formation and asset management exclusively. You can trust their experience in these areas.
While a living trust and will are completely different legal documents, they are complementary. A living trust will take over the management of your assets if you become incompetent. Typically, a power of attorney is included as well. With this document, you can authorize another person to make decisions for you in case you’re unable to do so yourself. If you have children, the power of attorney should include them in your will.
A living trust attorney can also help you choose a successor trustee for your trust. This person will be in charge of the trust after your death or if you become incapable of managing it yourself. These people serve as trustees for a living. These professionals are neutral third parties who are less likely to be involved in litigation and minimize the amount of division in the family. It is important to choose the right person to serve as successor trustee. If you don’t feel comfortable with your chosen successor, they should not micromanage your money.
A living trust attorney has years of experience creating comprehensive estate plans for Los Angeles residents. She has handled large cases as well, and is adept at implementing complicated estate planning. Using a living trust, she can avoid the high costs of probate. You don’t have to worry about your beneficiaries waiting for a year to receive their inheritance. Moreover, you won’t have to worry about the legality of the living trust. Your family will be taken care of after your death if you hire a living trust attorney.