Planning to create a living trust? If so, you will need to decide whether to create it on your own or to hire a living trust attorney, Oceanside. Which way to go? That’s the question that has to be asked and answered, first and foremost.
While you can create a living trust on your own, hiring a living trust attorney, Oceanside can be a better option most especially if your estate is large and complex. Remember, the very purpose of establishing a living trust is to protect your assets by placing them into a trust for your benefit during your lifetime, and then have them transferred to your designated beneficiaries smoothly at your death, carried out by your chosen representative aka a successor trustee. You do not want to fail at something because you commit some little mistakes, most especially if they involve technicalities or legalities.
What are some specific benefits of living trust
- It is your way to avoid probate -- the court proceedings through which your assets are distributed
- It can help you save money
- It gives you a higher level of privacy, as a living trust is not made public (as opposed to a will)
When does hiring a living trust attorney make sense? Here are some scenarios:
- When you have a taxable estate
- When you have minor children and want to provide for distributions to them at intervals or for particular purposes
- When you have a disabled beneficiary
- When you want to benefit a charity -- trust can be written so that the value of the assets distributed immediately to charity following your death, avoiding estate tax completely
- When you own a business and want to provide for someone to take over your business after your death
- When you have substantial assets in 401(k)s or IRAs
Some important questions to ask your prospective living trust attorney
- Which of my properties/assets are eligible to be put in trust?
- How and why should I choose this particular person as my trustee?
- What are the drawbacks of a living trust?
- Do I still need a power of attorney?
Taking care of your assets and making sure that they go to your intended beneficiaries after death requires due diligence. It makes sense to choose a process that is the most ideal for your unique needs. A proven reputable living trust attorney, Oceanside can help with that.
Call the Law Offices of Ronald R. Webb at (858) 558-1191.