So what to do? Almost all estate planning attorneys offer a free consultation. You should take advantage of the opportunity to be well-informed about estate planning. You will have peace of mind and be on your way to an ironclad living trust package. It will help avoid probate, protect your assets, and preserve your beneficiaries’ inheritance.
A high-quality living trust package should include a comprehensive revocable living trust, schedule of assets, property assignments, certification of trust, pour-over wills, financial powers of attorney, and trust transfer deeds for real property.
Too many people make the mistake of believing that merely having a will is enough to avoid probate – it is not. In California, the value of assets exceeding $150,000 is enough to trigger a costly and time-consuming probate proceeding. And even a single asset that has not been accounted for can require probate. The laws become even stricter when real property is involved. A home left to someone thru a will alone will result in the full probate of that will before the home can pass.
A living trust also provides a welcome layer of privacy and keeps your estate out of the court system. Huge savings can be passed on to your chosen beneficiaries. Costly attorney fees and probate costs are saved. The trust also allows for the retention of property such as a home. Having a trust avoids probate and prevents a forced sale of the home.
A living trust should also contain provisions that address your incapacity. It should provide for the protection of your estate. They can protect government-funded services through Medi-care or Med-cal. A large percentage of the elderly rely on government-funded medical benefits. Unless you have proper planning, their home can be the subject of an “estate recovery” upon their death.
Yet another added benefit of a living trust pertains to married couples. Only a living trust can provide you with a feeling of security. After the death of the second spouse, your assets and wealth will eventually pass to your selected beneficiaries. It is protected from going to some stranger you didn’t know before your death. Married couples often make a huge mistake, thinking that their estate is secure for their next-generation without a trust in place. The truth of the matter is that once the first spouse dies, if the home is not in trust, then the surviving spouse can add anyone to the title who they desire. Often this turns out to be a new partner in life. The surviving spouse will then out of loneliness make another connection with a significant other. The estate is then at considerable risk of escaping generational passing. It will be subject to dilution or elimination because of the new significant other. A living trust would put the brakes on such a scenario. It will preserve the estate for the next generation.
A will by itself cannot control a disposition in the future as a living trust can. The Revocable Living Trust near me prevents your intentions for your estate from being violated. A will alone cannot accomplish. The trust preserves the estate for your children or other beneficiaries. Get your living trust near me before the inevitable happens. Iron Clad Living Trust Attorney near me is the person you want in your corner to help achieve your goals.
Can I make my own living trust?: Before hiring an estate planning law firm, some clients are tempted by the cheap lure of the “do-it-yourself” approach. Generic prepackaged trusts and sample estate plans are widely available on the internet. These assembly line type trusts are peddled to a mass audience. Most clients are not trained in estate planning and they do not realize that any number of scenarios can arise which, if not addressed in the trust, could result in legal warfare and involvement of the probate court after the person’s death.
How much does it cost to set up a living trust?: The cost of hiring an estate planning attorney can vary widely from one law firm to another. Factors in the cost include the size of the estate, and whether the trust is for a married couple or a single person. Attorney fees typically range anywhere from $750 to $1,500, and can go higher for wealthy estates.
What is the purpose of a living trust?: A revocable living trust has many purposes. A revocable living trust is designed to avoid probate and provide protections for your beneficiaries’ inheritance.
Which is better a will or a living trust?: A will suffers from numerous limitations. In California, a will cannot pass title to real property without that will being probated. A revocable living trust is the vastly superior means for passing on your wealth without the costs and delays of probate.
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“Wanted to update several Trust documents. Mr Hanks gave me good advice on several questions I had, gave me the fee amount to revise my documents and I had the finish product in a few days. I called several months later to ask about a referral to another professional in the area. His secretary called the next day with a name and phone number.” . . . S. Spotter
“We went to Paul for our Living Trust and Powers of Attorney. He was helpful and provided everything that was needed. If you need legal assistance and live in Santee, give Paul a call and see how he can help. I do not think you will be disappointed. We will use them for our Probate of Estate.“ . . . Les Ford
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