CALIFORNIA LIVING TRUST ATTORNEY
Most of our clients choose to set up a Revocable Living Trust (“RLT”) as a basic part of their estate plan.
A qualified attorney in California may draft a Living Trust for you that contains the Trustor’s instructions how to dispose his or her assets at death.
The Trustor must not probate his or her Living Trust and it makes easier the administration of an estate for heirs. Another saying, a Living Trust is a legal document setting up your own family company and it allows to continue carrying out your wishes. The concept of the Living Trust is very simple. The Trustor remain the control of the assets (i.e., he may buy or sell them as well as cancel or change the trust) and only the name on the title changes but not your assets.
Below, The Margarian Law Firm lawyers will introduce you the main elements of the California Revocable Living Trust Law. Moreover, in the resources of our site you can find detailed information about California Estate Planning Law.
- Why Do I Need a Living Trust in California?
- How an Estate Planning Lawyer Can Help Me
In addition, we are ready to provide answers to your initial questions concerning California Estate Planning for FREE.
You may file your request online, by telephone or by mail.
1. Living Trust in California
One of the main aims of a living trust is to try to avoid probate. Probate is a legal process allowing to pass your assets to your heirs. If you have not incorporated your assets in an estate plan or you have covered them only by a will, then such assets are subject to probate. Take into consideration that an average court process may last from eight (8) months to two (2) years. Moreover, probate is a costly process and during the entire time your assets will be tied up.
The other benefits of a Living Trust include:
If you set up the Revocable Living Trust, it does not mean that your Living Trust is effective. The next step is to re-title the assets to the name of you trust on real estate and other titled assets (investment, business interests, etc.).
- It provides maximum privacy,
- IIt allows to prevent court control of your property in case of incapacity,
- IIt affords to reduce or eliminate estate taxes,
- IYour dependents with special needs are more protected,
- IYou can change or cancel terms of the Living Trust at any time.
2. How Can an Estate Planning Lawyer Help Me?
You should remember that in a revocable living trust you still continue to hold 100% control over your assets. So you need only to name the trust as the owner of your assets. After it, your property will be in the name of the trust. That is the only change. Nonetheless, under California it is nor forbidden to revoke or change the name of your trust. The main advantage of a Living Trust in comparison to a will is an opportunity to avoid additional tax burdens and a simplified process of formation.
The Margarian Law Firm lawyers are dedicated to providing our clients with consultations to make informed decisions about your assets. At The Margarian Law Firm, the skilled and experienced lawyers will work with you in order to ensure and implement cost-effective estate planning for you.
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