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Imagine this common scenario. You spend years working hard, and have the assets to prove it. But how do you protect that wealth? And how do you safeguard your family’s financial future?
A living trust could be the answer. It can help you bypass probate, protect your property, and reassure your family. Read on to learn some essential details about how a living trust in California works and how valuable it can be for your estate planning process.
Living trusts are evolving legal arrangements that represent your assets. They’re overseen by a trustee; This can be you, or it can be a living trust lawyer with experience administering such matters.
An experienced Los Angeles living trust attorney from Alice A. Salvo’s office can explain your options in the most detail necessary to help you make the right estate planning decisions. To get you started, we’ve listed some of the most notable benefits of living trusts.
Families often hire a California living trust attorney to set up this type of estate planning arrangement to circumvent the lengthy probate process. Probate can also be stressful, emotionally exhausting, and ultimately expensive.
Keep in mind: When you place assets in a living trust, you no longer technically “own” them. They belong to the trust, though you can change certain terms (such as which assets go to whom) if the trust is specifically revocable. (When you pass away, the trust becomes irrevocable no matter what.)
However, that small inconvenience is well worth the benefit of avoiding probate. With a living trust in California, you can rest assured knowing that you’re protecting your family’s financial future.
A California Living Trust offers you a method to plan for the risk of incapacity. Once you create this arrangement, you can name yourself as a trustee. Many clients also name a successor trustee to manage and control their assets in the event they become incapacitated due to mental or physical impairments.
By designating a successor trustee, you’re ensuring that someone you know and trust will handle your assets diligently and competently when you cannot do so yourself.
Legal authority over a living trust passes to the successor trustee automatically if you become incapacitated. This rules out the need to get the court system involved.
Don’t worry: If you ever need to switch the power of successor trustee, you have the flexibility to do so if your trust is revocable.
Also, you can define what “incapacity” means in your trust documents. You alone choose the conditions that trigger a successor trustee takeover. A living trust attorney can advise you on the circumstances that should dictate incapacity in your trust.
A living trust in California 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 can pass to any of your beneficiaries.
For example, if you have a child and want them to use your trust assets for a specific purpose (such as college or other continuing education), you can set the schooling as a condition of them receiving their inheritance. If they don’t follow through on your wishes, the trust’s assets can’t go to them.
Clients also commonly place certain parameters within trusts to better preserve the assets within it. Often, they hope to ensure none of their beneficiaries spend their shares irresponsibly.
Flexibility is another significant benefit of creating a living trust. Families evolve over time; priorities shift and goals change. The living trust attorneys at the Law Offices of Alice A. Salvo understand this perfectly. We’re quite experienced in helping clients change the terms of revocable living trusts to better meet their current needs.
There are occasions when people do not plan ahead for the distribution of their assets. When this unfortunate situation occurs, probate court becomes the only way to handle the responsibilities of transferring assets to heirs. It’s best to avoid this roadblock at all costs.
It’s also important to stress that living trusts are complex. One mistake can be enough to spell disaster for your estate planning. That’s why you should hire experienced living trust attorneys to help. Don’t rely on DIY estate planning kits or online documents, however tempting they may appear.
Though they’re marketed as being quick and cost-effective, the opposite is true. Opting for DIY estate plans usually means that your loved ones will end up spending significant time (and money) handling your affairs. Furthermore, there is no guarantee that they won’t lose your assets.
If you’re living out your golden years in the Golden State, consider estate planning with the aid of a living trust attorneyliving trust attorney affiliated with Alice A. Salvo.
California residents can expect the best from the Alice A. Salvo team. We will make sure that your assets are safe and your family is provided for, even after your passing. Establishing this level of financial security ahead of time allows you to spend your retirement time comfortably and worry-free.
When you set your California living trust up with a complete estate plan at the Law Offices of Alice Salvo, it includes the following documents:
You’ve taken care of your family all your life. Now comes the next step: making sure that they are well taken care of upon your passing (or the death of your spouse). Enlisting a living trust lawyer to oversee this critical aspect of estate planning is a strong first step toward creating a financial legacy for your loved ones.
With over 25 years’ experience, attorney Alice Salvo understands the many complex issues clients face when planning their estates. She can walk you through every element of estate planning, from will drafting to trust administration.
If you’re considering setting up a living trust, let the Alice Salvo team of living trust lawyers provide the guidance you need. We consider it our distinct privilege to give clients the peace of mind and reassurance they deserve.
At the Law Offices of Alice A. Salvo, our attorneys care about your estate. Our team will treat you with the respect you deserve – and give you clear, personalized legal advice.
Give yourself peace of mind. Protect your family, assets, and future. Call our estate planning attorneys in Los Angeles for a consultation.