Avoid the Probate Process
One common reason families hire a California trust attorney to set up a living trust is the avoidance of the probate process. Because the property was placed in the trust during your lifetime, the property would not pass to your loved ones through probate. Why is this? Because, technically, the property won’t be held in your name or owned by you when you pass—rather, it will be owned by the trust. However, when you pass, it then becomes an irrevocable trust which can’t be changed or altered, keeping it safe and secure for your family’s financial future.
Plan for Incapacity
The California Living Trust offers a method to plan for incapacity. Once you create your trust, you can name yourself as a trustee. In addition, many clients name a successor trustee to manage and control their assets in the event they become incapacitated. When you name a successor trustee, you are ensuring that someone you know and trust will handle your assets diligently and competently when you cannot do so yourself. Furthermore, this power is given to the successor trustee automatically if you become incapacitated, which rules out the need to get the court system involved. Don’t worry—if you ever need to change the successor trustee, you have the flexibility to do so. Finally, you can define what “incapacity” means in your trust documents, which allows you to choose the conditions that trigger a successor trustee takeover.
Control and Flexibility
A living trust allows you to have more say over when and how your assets are allocated to your beneficiaries. Specifically, it allows you to include terms and conditions that must be met before your property goes to any one of your beneficiaries. For example, if you have a child and want the trust assets to be used for a specific purpose (such as college or other continuing education), you can set the schooling as a condition precedent to them receiving their inheritance. Another common reason clients place parameters within a trust is to preserve the assets within it and ensure their beneficiary does not spend their share irresponsibly. Another benefit of creating a living trust is that they’re highly flexible. You can easily modify the trust with the help of a trust attorney if your estate planning priorities, goals, or relationships change.
If you’re living out your golden years in the Golden State, for the financial security of your family, consider setting up your estate plan with a living trust attorney. California residents can expect the best from Alice A. Salvo, because she will make sure that your money is safe and your family provided for, even after your passing – allowing you to spend your time comfortably and worry-free.
When you set your trust up with a complete estate plan at the Law Offices of Alice Salvo, it includes the following estate planning documents:
There are occasions when people do not plan ahead for the distribution of their assets. When this unfortunate situation occurs probate court becomes the way to handle the problems of transferring assets to heirs. Hopefully, you have taken care of your family all your life, and getting a lawyer for a living trust is very important to ensure they are well cared for upon your passing or the passing of your spouse.
Let our Los Angeles living trust lawyers assist your family to avoid uncertainty by utilizing our living trust services. When doing this in conjunction with an estate plan you will be able to decide how your assets are distributed, set up healthcare directives and more. Have you ever wondered what the best way is to get your affairs in order? If you are a homeowner we encourage you to have us draw up a living trust as soon as possible. Our lawyers will create a comprehensive plan and take into account all the needs of your family’s special requirements.
For those requiring a living trust attorney in Los Angeles, throughout Los Angeles County, Ventura County or the San Fernando Valley, simply call with any questions or concerns. Call 818-676-9572 or use our online contact form to schedule a free initial consultation.