Trying to ensure that your assets will end up where they should if something untoward happens to you keeps many people awake at night. An experienced living trust attorney in Los Angeles can help you determine what legal protections you need for your property.
What Is A Living Trust?
A living trust is a key part of asset management and you should consider it if you have assets that you want to pass along to others without the future stress of probate court. While you may also be considering a will to determine where assets will go to loved ones, a living trust can be set up before. They help avoid the costly and time-consuming process of your future heirs going through the expensive and long probate process.
Setting Up A Living Trust
It’s certainly possible to set up a revocable or irrevocable trust on your own. Plenty of websites include documents that ask you to fill out the following information:
- Parties to the trust
- Property to be included
- Successor trustees (who will control the assets if you’re incapacitated)
- Beneficiaries (who will receive the property after your passing
It’s also not required, but generally a good idea to get that document notarized. You will also want to be sure to change the title of any property including vehicles and real estate, which can get complicated if they are already held in limited liability corporations.
An experienced living trust attorney in Los Angeles helps to ensure that the documentation will be airtight and hopefully avoid the probate process. A living trust makes the most sense as part of a comprehensive estate and succession planning process.
Living Trust Vs Wills
Living trusts and wills are completely different entities for people who are looking to manage their assets and they complementary documents. A will covers all property that is not included in your various trusts, as well as any other instructions that you may have.
What’s Right For Me?
At Stone & Sallus LLP, our living trust attorneys serving Los Angeles recommend that you include both types of documents depending on the amount of assets you wish to protect and any other specific needs.
Types Of Living Trusts In California
There are two types of living trusts in California, and the key difference is who retains control of your assets. Depending on whether or not you need to protect assets or simply want to guarantee that they are distributed properly, you may want either an irrevocable living trust or a revocable living trust. Consulting an experienced trust attorney will best help you determine which type is ideal for your estate, but here is a brief overview of each type:
Irrevocable Living Trusts
An irrevocable living trust is often used in special situations, often to protect assets for members of the family in the case of serious incapacitation or injury. In this case, you are designating someone else to control a list of assets during your lifetime on your behalf. The list can include vehicles, bank accounts, real estate, investments among many others. However, the trustee may only act on the beneficiaries’ behalf and you will no longer control those assets.
Revocable Living Trusts
A revocable living trust leaves you in control of those same assets during your lifetime, but establishes what your wishes are in terms of who should receive them after your passing. You may amend or change living trusts as you would like if they are revocable.
Trying to choose the right documentation for your succession planning and wealth management needs can be difficult. Consider making the choice with the assistance of an experienced living trust attorney in Los Angeles.
How An Estate Planning Lawyer Can Help You With A Living Trust
It’s true that any lawyer can handle helping you write a will or writing out trust documentation. You can also do it on your own. However, people who have investments in property like real estate or business understand that having those assets protected from future issues is critical.
Ensuring that your beneficiaries do not have to work through a costly and time-consuming probate process is one of the chief benefits of working with an experienced estate planning lawyer.
How To Find A Los Angeles Living Trust Attorney For You And Your Family Today
The most important factor when choosing the right living trust attorney in Los Angeles for your planning needs is experience within business formation and estate planning. Legal professionals who work within these two areas can help establish what protections your assets need and what you can do to ensure that they remain whole when your beneficiaries are ready for them.
Be sure to consider an attorney who works with you and your family members well and is able to outline a plan that accounts for any concerns you have about transferability and any other issues. The attorneys at Stone & Sallus LLP exclusively focus on asset management, corporate formation and related areas of law to ensure that you are protected throughout your lifetime and beyond.
Living Trust FAQs
Can I amend my living trust without an attorney?
You can handle any legal affairs that you want without a Los Angeles living trust attorney. However, doing so leaves you and loved ones open to the possibility of litigation regarding your assets unless the documentation is airtight.
How much does an attorney charge for a living trust?
The cost of estate planning depends on the complexity of your desired arrangements as well as some other factors. Choose an experienced Los Angeles living trust attorney to ensure that the documents are completed, notarized and submitted correctly.
Can a living trust have a power of attorney?
Yes, you can designate that the person with power of attorney over your affairs also has control of a living trust. You can do so with an irrevocable trust during your lifetime, or by adding provisions to the power of attorney document to include control for a revocable trust.
Can a power of attorney override a revocable living trust?
Someone with power of attorney over your affairs has control of your financial instruments, except in the case of a revocable living trust. Unless the POA specifically enumerates control over the trust, you retain control.