Understanding Living Trusts
All too often, people spend the majority of their lives working hard for the money they make, only to spend their retirement years living on a fixed income. When it comes to protecting you and your family’s financial future, it’s time to meet with Alice A. Salvo or one of her San Fernando Valley living trust lawyers. Our priority is to provide your family assurance and peace of mind knowing that your estate plan and family wealth is protected. We want you to know that all assets, possessions and real estate are being distributed to your heirs and beneficiaries exactly as you planned.
Alice Salvo‘s has more than 25 years of experience creating comprehensive estate plans for Los Angeles residents. Her experience has led her to handle many cases including some rather complicated large cases requiring a lawyer for living trust.
At the Law Offices of Alice Salvo, we can set up a living trust to provide your family the maximum financial benefit and bypass the high cost of probate. Without this trust, your beneficiaries experience a delay of one or more years before they can get their inheritance.
We Understand The Nuances Of Setting Up A Living Trust
It is advisable to insist upon an experienced lawyer for drafting a living trust, not a paralegal or internet form, which can be disastrous and missing serious phrases, sentences or paragraphs regarding your specific situation. Select our firm with a proven reputation and beware of living trust scams. Every trust is unique.
California residents must understand that while you’re alive you are the trustee, making it a living revocable trust. This means that you can alter and change your living trust as needed, by adding beneficiaries or even canceling it, if need be. When you pass, as tragic as that may sound, it then becomes an irrevocable trust which can’t be changed or altered, keeping it safe and secure for your family’s financial future.
When setting up a revocable living trust, California residents first have to decide which firm they would like to consider. As rates can vary, it’s a matter of finding one that’s cost effective, so it won’t be a drain against the money used in the trust to begin with. When looking for a living trust attorney, Los Angeles citizens can benefit from the knowledge that comes from a consultation with our highly experienced living trust lawyers.
What To Do Before Preparing A Living Trust
Here are the steps you will need to take before we can help you create a living trust:
- Write a list of all your assets, real estate, bank accounts, investments, significant valuables.
- The list includes everything you own.
- Locate the paperwork regarding your assets.
- Select the beneficiaries.
- Select a successor trustee.
- Select a guardian for your minor children.
A Living Trust Or A Will?
The California Living Trust offers a method to pass property to the trust’s beneficiaries upon your death without having a will or the probate process. Also, you can use this type of trust to ensure that a person you trust will manage your assets for you if you become incapacitated, even while you are still living.
One significant difference between a will and a living trust is that a will takes effect only after you die, however a living trust takes effect as soon as you make it. A will is a document that says who will receive your property upon your death. The will appoints a legal representative to carry out your wishes.
Should you become incapacitated and unable to continue to manage your financial situation, a successor of your choice can manage the trust, making financial distributions for your benefit. Another advantage to having our living trust lawyers assisting you with this level of financial planning is saving your heirs a great deal of money in the long run on both taxes and avoiding expensive probate procedures.
If you have questions about setting up a living trust or want to make any modifications to an established trust, we can assist. To schedule a FREE initial consultation with a living trust attorney for Los Angeles residents or a living trust attorney for Woodland Hills, CA please fill out the contact form below, or call 818-676-9572.
Plan Ahead With An Estate Plan
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 lawyer. 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:
- Living trust
- Advance health care directive
- Durable power of attorney
- Assignment agreement
- Funding letter
- Trust transfer deed
- Preliminary change of ownership report
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.
Take Care Of Your Family And Contact A Living Trust Attorney Today
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 home owner we encourage you to have us draw up a living trust as soon as possible. Our lawyer 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.