Perhaps the main reason why you’ve come to this page is that you’ve realized the importance of establishing a living trust as part of your estate planning. And now, you are looking for a living trust attorney, Solana Beach, to help you to establish a solid living trust.
In order to have a smooth-sailing process of establishing a living trust with your lawyer, you need to prepare several things that are considered as prerequisites for a well-founded living trust.
Here are some things that you need to deal with:
The property items that can go in a living trust
Not all properties can be placed in a trust such as insurance and certain retirement accounts. But here’s the thing you need to remember: the more property items you can place in a trust, the more beneficial that trust will be. So work on this wisely.
The decision on who should be your trustee
Most clients name themselves as trustee so that they can manage the trust assets during their lifetime. However, you can choose anybody (or even a corporation) as your trustee. If you decide to put yourself as trustee, you will be required to name a successor trustee who can step up to manage the trust after your death.
The decision to draw up a power of attorney
Living trusts have all of your assets already placed in the ownership and management of a trust. Meaning, they are already being handled for you and thus, there is nothing to worry about should you become incapacitated. However, many living trust lawyers do recommend to draw up a power of attorney so that somebody else will be authorized to make legal and financial decisions on your behalf. Your living trust attorney, Solana Beach, should be able to explain to you this matter clearly.
The benefits and drawbacks of a living trust
Of course, there are benefits as well as drawbacks in establishing a living trust. The main benefit of a living trust is that it allows your estate to avoid probate and so you avoid the costs associated with having a will probated. And for the drawbacks, as mentioned above, not all assets can be included in a living trust. In other words, it can only control the assets you specifically transfer into it. For example, if you forget to change ownership of something like a bank account, it won’t be covered by the trust.
Looking for a living trust attorney, Solana Beach? Contact us here at the Law Offices of Ronald R. Webb at (858) 558-1191.