In the United States, the probate system is used to distribute property at death. Probate is a multi-pronged and prolonged process, which many wish to avoid due to the high cost and distribution delays. Finding a knowledgeable probate and living trust lawyer in Los Angeles can be a crucial task. Due to the time and expenses associated with the traditional probate process, Alice A. Salvo's professionals take the time to counsel you to put in place probate-avoidance strategies whenever it makes sense to do so. It's a given that you should have a written legal document distributing your assets when you pass away.
Should you have a will or a living trust?
It is advisable for California homeowners to have a living trust as there are many benefits. One benefit, depending on the size of the estate, can save a family twenty to fifty thousand dollars in probate related costs. Having a proper trust would ensure these funds go directly to family members, typically your children. Without a trust the funds would be lost - they go to legal fees and probate cost.
The trust is a private document implementing your wishes and without it the government will make choices that may not be in your best interest.
A living trust (sometimes called a "revocable" trust) is a written legal document that puts your assets into a trust for your benefit while you are alive and then gets transferred to authorized beneficiaries when you die by your chosen "successor trustee." One of the main benefits of a living trust is that it doesn't go through probate. On the other hand, a will is a written legal document with a plan of distribution of your assets upon your death. Your executor, as named in the will, oversees this process, and notably, nothing in your will takes effect until after you die. If you have any questions or concerns about establishing a living trust or dealing with the probate process, contact the highly reputed Alice A. Salvo Law Offices.
Because a living trust does not endure probate, this can often mean a faster distribution of assets to your beneficiaries. Having a valid will and going though the probate process can take anywhere from six months to over two years to complete and may require that lawyers be hired throughout that time. And even if you die without a will, if the value of your estate surpasses a threshold amount, it still has to pass through the probate system. With a living trust, your loved ones will likely wait just a few weeks. Your successor trustee will simply follow your instructions. Whatever you're working with, be it a will or a living trust, our dedicated Los Angeles Probate and Living Trust attorneys can help guide you through the entire process with helpful counsel and support. Los Angeles citizens looking to make solid plans for their families can really benefit from the expertise of our highly experienced attorneys.