When establishing your living trust, you will have to decide on whether to create it on your own or seek the help of an expert living trust attorney, San Diego. Which one should you choose? That is the question that has to be asked and answered, first and foremost.
The reality is, you can create a living trust on your own -- that can be a viable option to take if you have a simple estate. However, if your situation is more complex, working with a living trust attorney, San Diego can be a better strategy.
It is important to note that the core purpose of establishing a living trust is to protect your assets by putting them into a trust for your benefit during your lifetime, and then have them transferred to your intended beneficiaries without going through the complexities of legal process at your death. Thus, you do not want to fail at something just because you overlook something, most especially if it involves legalities, technicalities.
When does hiring a living trust attorney make sense? Here are some things to consider:
- When you have minor children and you desire to provide for distributions to them at intervals or for specific purposes
- When you have a taxable estate
- When you have substantial assets in your 401(k)s or IRAs
- When you want to benefit a charity, as trust can be written so that the value of your assets intended for charity is distributed immediately following your death, avoiding estate tax completely
- When you have a disabled beneficiary
- When you own a business and want to provide for someone to take over your business after your death
Some specific benefits of living trust
- Avoids probate -- the court proceedings through which your assets are distributed
- Helps you heirs save time and money, because your trust would not be under the direct management of the probate court
- Provides you a higher level of privacy, as your living trust will not made public (as opposed to a will)
What are some important questions to ask your living trust attorney:
- Which of my properties/assets are eligible to be put on trust?
- How and why should I choose this particular person as my trustee?
- What are the drawbacks of a living trust?
- Is a power of attorney requirement?
Taking care of your assets and making it sure that they go to your intended beneficiaries after death requires some level of due diligence. Make sure to choose a process that is the most ideal for your unique condition -- a proven reputable living trust attorney, San Diego can help you with that.
For living trust help, call the Law Offices of Ronald R. Webb at (858) 558-1191.