Estate Planning and Living Trusts Attorney in San Diego, CA
What is a Living Trust?
A living trust is a legal document that provides for the management and administration of your assets if you become incapacitated and ensures your assets are distributed according to your wishes upon your death. All the while avoiding probate. Avoiding probate prevents the court from controlling your assets and allows your family to avoid lengthy delays and high legal fees associated with probate.
How is this done without the courts getting involved? By transferring title to your assets to the name of your trust. This prevents the courts from taking control of your assets upon death and prevents your family with dealing with the courts to resolve your last wishes. You still have full and complete control of your assets once they are transferred to your living trust.
Living Trusts can hold title to many types of assets such as your home, automobiles, other real estate, stocks, CDs, bank accounts, other investments, insurance, etc. Your living trust will also contain personal items, including: art, furniture, antiques, clothes, and jewelry.
What is a Living Trust?
Like a will, a living trust names someone to manage your final affairs and names beneficiaries to receive your assets after your death.
Unlike a will, a living trust avoids probate and can keep your assets out of the control of the court in case of your incapacity, thus avoiding a conservatorship, also called a “living probate.”
Call our office today at (858) 558-1191 to discuss your case. We will able to answer any questions you have.
What is Probate?
Probate is the legal process that happens after someone dies if they do not have a trust. It is the legal process whereby the Court appoints the Executor and then oversees the process of the Executor collecting your assets, paying off all of your creditors, and then distributing the remainder to your beneficiaries. The probate process usually takes over one year and costs between 4% and 8% of the value of the estate.
Why do Estate Planning?
Estate planning is essential to controlling your assets during your lifetime and after death. You will be able to name your beneficiaries and keep your assets out of court.
Another reason to do estate planning is to control what happens in case of incapacity. It will enable you to keep control of your assets when you can no longer handle your own affairs, thus avoiding a conservatorship. Estate planning also enables you to state your desires regarding medical treatment and name the people who have authority to make medical decisions for you when you are no longer able to make your own medical decisions.