Why You Should Hire a Living Trust Attorney

A living trust attorney can help you set up an estate plan that makes sense for your unique situation. A revocable living trust will allow you to transfer property to the trustee for management and distribution upon your death or incapacity. It can also contain instructions for how debts and taxes should be paid. There are several reasons why you should create a trust, including avoiding probate and protecting your assets.

Using a trust can be expensive, but it will save you money in the long run. The cost of a revocable living trust can range from $500 to $5,000, depending on the size of your estate and the number of assets that are transferred to the trust. A fee charged to establish a trust can be substantially less than the costs associated with the probate process, which can be between 5% and 15% of your total estate.

A trust can also protect your hard-earned assets from litigious claimants. This can be a particularly important benefit for those who own rental properties or businesses. A lawsuit is not only costly, but it can also be a lengthy and time-consuming process. In addition, a lawsuit can have serious consequences for your family’s financial security.

If you do not have a living trust, the assets in your name will be subject to the state’s intestacy laws. This could result in your heirs losing a significant amount of money. However, a revocable living trust allows you to avoid the probate process and reduce or even eliminate estate taxes. A lawyer can explain current tax law to you and help you determine whether a trust is the right choice for your circumstances.

The first step in creating a living trust is to decide what property will be included. The next step is to determine who will be the trustee and the beneficiaries. Once you have all of this information figured out, you can prepare the trust document and sign it in front of a notary. Finally, you must transfer the property into the trustee’s name, which can be done by deed or standard transfer documents. A few important things to note about the living trust process are that it cannot be used to name a guardian for minor children and that IRA plans and life insurance policies are not eligible to be transferred into a trust.

It is common for people to avoid discussing finances and their estate. This is understandable, as it can be an uncomfortable topic to discuss. However, failing to address these issues can be disastrous. It is important to speak with a New York City living trust lawyer early on in order to make sure that your affairs are in order and that you have protected your loved ones. A knowledgeable attorney will ensure that the process is completed correctly and on schedule. Contact the law firm of Botti & Morison to learn more about how a trust can benefit you and your family.

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