They say, before you use the service of a particular individual or company, make sure you are able to address all important questions you might have about the service you are trying to avail yourself. This is also true when it comes to hiring a living trust attorney Carlsbad, CA. It is important to note that any details (even the smallest ones) can make a big difference between success and failure.
So, here are some of the most important questions you should ask a prospective living trust attorney Carlsbad, CA.
Which among my possessions can go in a living trust? Though many properties can be placed into a living trust, there are just some items that cannot be added. Life insurance as well as some certain retirement accounts are not eligible. Your living trust attorney should be able to enumerate all of the properties that can be added to your trust.
What are the benefits I can get? Living trusts have a variety of benefits. Your prospective attorney should be able to explain to you those benefits. For instance, it allows your estate to avoid probate, and thus, you avoid the costs associated with it. Another is that, you can alter it anytime, and you can in fact dissolve if you decide to.
Who should be my trustee? Why ask this? That is because, if you are not careful in choosing who should your trustee be, it can lead to possible complication. Though most people name themselves as trustee, you can actually choose anyone or even a corporation as your trustee. A highly qualified attorney should be able to explain clearly about the advantage of choosing a particular trustee.
Can you explain the drawback of a living trust? Realize that there is no perfect system; even a living trust has some drawbacks. A highly qualified attorney should not forget to explain to you such drawbacks, so that you can make better decision. For instance, with a living trust, you can only control the assets that you specifically put in it. In other words, if you forget to include one of your bank accounts, it won’t be covered by the trust and likely to be a subject of probate before it can be transferred to your intended beneficiary.
If your prospective living trust attorney cannot provide you a clear answer to each of the above questions, you have a valid reason to find another prospective attorney.