A living trust can be an important estate planning tool, helping you pass along your assets to the intended heirs without the need for the probate courts to intervene. Find out more about the benefits of establishing a living trust, and the reasons to hire an experienced living trust lawyer, in this blog post from Max Alavi APC, OC Trusts Lawyer.
Do I Really Need to Create a Living Trust?
All too often, individuals believe that simply creating a will is sufficient for properly distributing their assets to intended heirs. If you die with only a will in place, you run the risk that your assets could be entered into probate court, creating additional expenses and hassle for your loved ones. Additionally, a will alone is not always sufficient to ensure your assets are distributed according to your wishes; sometimes, the court may intervene, going against your express wishes.
One solution to these problems is to create a living trust. A qualified living trust lawyer can help you use your trust to ensure the optimal outcomes for your intended heirs.
Why Set Up a Living Trust?
The main reason to set up a living trust is to protect your heirs from having to go through probate court once you die. Probate simply refers to the state’s legal process of assessing how a person’s assets should be allocated upon their death, and it will prove both costly and time-consuming for your heirs. It’s desirable to help them avoid probate altogether, and in California, the best way to do so is by working with a living trust attorney.
Exceptions: When Don’t You Need a Living Trust?
There are a few circumstances in which a living trust might not be needed. Examples include:
- If the entire value of your estate is under $150,000, your heirs may use the small estate probate process, meaning a living trust is not necessary.
- Bank accounts and investment accounts can have a “Transfer on Death” designation, allowing the immediate transfer of those assets to the designated beneficiary without the need for probate. Again, a living trust is not needed here.
What Does a Living Trust Do?
When you establish a living trust, you’re effectively creating the rules and parameters by which your heirs will receive your property when they die, without the need to have the probate courts intervene. This helps preserve the value of your estate while ensuring your heirs all get the assets you intend for them, as promptly as possible.
A living trust can also prevent headaches should you become incapacitated due to dementia or a similar condition. Assets in a living trust can then be managed by a trustee you have appointed, on behalf of your heirs, without the need for a legal conservator.
Why Hire a Living Trust Lawyer?
Living trusts can certainly be helpful but be advised that they come with their own special rules and protocols. To establish an effective living trust, you’ll want to work with an experienced lawyer.
Max Alavi APC, OC Trusts Lawyer, has a proven record of success, and a wide range of knowledge concerning probate law. Contact him whenever you’re ready to speak with a living trust attorney in the State of California.