When creating a living trust, you will decide on whether to create it on your own or to hire a living trust attorney, La Jolla. Which way to go? That is the question that has to be asked and answered, first and foremost.
The truth is, you can create a living trust on your own provided you have a simple estate; otherwise, seeking help from a living trust attorney, La Jolla can be a better option. It is important to note that 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 intended beneficiaries at your death, which is carried out by your chosen representative aka a successor trustee. You do not want to fail at something just because you overlook something, most especially if it involves technical or legal aspects.
What are some specific benefits of living trust
- It helps to avoid probate -- the court proceedings through which your assets are distributed
- It can help you heirs save time and money -- trust would not be under the direct management of the probate court
- It gives you a higher level of privacy -- your living trust will not made public (as opposed to a will)
When does hiring a living trust attorney make sense? Here are some things to consider:
- When you have a taxable estate
- When you have minor children and you desire to provide for distributions to them at intervals or for specific purposes
- When you have a disabled beneficiary
- When you want a charity to be one of your beneficiaries -- trust can be written so that the value of the assets intended for charity is distributed immediately 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 your 401(k)s or IRAs
Some important questions that your prospective living trust attorney should be able to address:
- Which properties/assets are eligible to be put on trust?
- What are the drawbacks of a living trust?
- Is a power of attorney requirement?
- How and why should I choose this particular person as my trustee?
Taking care of your assets and making it sure that they go to your intended beneficiaries after death need due diligence. Make sure to choose a process that is the most ideal for your unique condition. A proven reputable living trust attorney, La Jolla can help with that.
Call the Law Offices of Ronald R. Webb at (858) 558-1191.