Living Trust Lawyer
As your local living trust lawyer Beverly Hills, CA residents rely on from Inter Vivos, PLLC may be caught saying, did you know that about half of Americans don’t have an estate plan? The documents within an estate plan are essentially instructions for how that person wants their assets and other affairs to be handled after they pass away. Despite death being a certainty, many people still put off writing an estate plan, and often when it’s already too late. Those who die without an estate plan may have their assets succumb to probate, which is a lengthy and expensive court-supervised process that tends to add more stress to grieving loved ones.
Passing Away Without an Estate Plan
To avoid the drawbacks of passing away without an estate plan, we suggest getting started on writing a living trust right away. This document is designed to be modifiable throughout the writer’s lifetime, and must be updated as life events transpire. A living trust can be a way to save money on the costs of going through probate. Additionally, probate is a public process, so by having a living trust you avoid peering eyes and ears as your legacy is being handled. Lastly, a living trust gives you a peace of mind knowing that all of your wishes will be abided by when the time comes for you to depart.
How To Begin Writing Your Living Trust
As your California living trust lawyer in Beverly Hills may advise, the first step in establishing your living trust is to make a list of assets and names of those you care about the most. Some people realize they have more assets than they thought, and are glad to be taking steps to protect what they have built over a lifetime. Assets entail both tangible and intangible items, such as:
- Cars
- Land
- Equipment
- Furniture
- Art collections
- Jewelry
- Boats
- Properties
- Trademarks
- Copyrights
- Intellectual property
- Patents
- Stocks
- Bonds
- Bank accounts
- Retirement accounts
Call Inter Vivos, PLLC Today
Remember, estate planning is not just for you, it’s for those you’ll leave behind upon your departure. We know that thinking about a time when you are not here with those you cherish most can be a difficult task to take on. But you aren’t alone! We can help you protect your family from estate-related complications in the future and answer your most pressing questions. Call Inter Vivos, PLLC now for compassionate assistance from a living trust lawyer in Beverly Hills, California!
LIVING TRUST LAWYER BEVERLY HILLS CA
Trusts, together with wills, are the most often utilized estate planning tools. Individuals and families can employ a variety of tailored trusts to meet specific estate planning goals with the assistance of a living trust lawyer Beverly Hills, CA area residents recommend. At Inter Vivos, PLLC we have a wealth of experience serving clients in California, and understand through that experience that Living Trust is one of the most regularly utilized estate planning tools. It is used to avoid probate, manage assets, and preserve assets, and it has several benefits over a will. You will need a living trust lawyer to help you form a living trust.
California Living Trust
A California Living Trust is a legal instrument that substitutes the last will as most people know it. In other words, a living trust ensures that your assets are distributed to the persons you specify. A Trustor (the person who establishes the trust) signs a document called a Declaration of Trust, generally appointing himself or herself as Trustee of that Trust. The Trustor also distributes his or her assets to the trust at the same time. The act of transferring assets into a trust is referred to as funding the trust. When properly financed, a living trust in Beverly Hills CA can help an estate avoid probate. A living trust also prevents the second probate for your spouse when he or she dies, as well as probates in other states where you own property.
When properly drafted with the assistance of a living trust lawyer, living trusts may assist people to secure their loved ones’ assets while also ensuring a smooth movement of assets from you to the next family. Furthermore, payments to your children may be structured in such a manner that they get health care, education, assistance, and upkeep after you pass away, without having the capacity to misuse family assets.
Living trusts are revocable
It’s also permissible to set up joint living trusts. They simply merge a husband and wife’s assets into a single trust that is administered by a single document. Revocable trusts are those in which the person who creates the trust can amend it at any moment as long as they can do so.
Making a Living Trust
Only a Beverly Hills CA living trust lawyer from Inter Vivos, PLLC has the expertise to ensure that this complex and vital legal process is carried out correctly. Even if you enlist the services of other financial specialists to set up your estate or lower your taxes, a California living trust attorney is required to correctly establish this legal form.
What Are the Benefits of Avoiding Probate Court?
Any living trust Beverly Hills CA attorney will tell you that avoiding probate will benefit your family if you have considerable assets at the time of your death. The probate procedure in court might take anything from months to three years. This is significantly longer than the time it would take to disperse assets if you employed another estate planning instrument.
Contact a Living Trust Beverly Hills CA Lawyer
A living trust is the most crucial component of a comprehensive Estate Plan. If properly prepared, it will only serve to simplify your estate strategy. You must have a proper living trust in place.
We can explain how trusts function in California and work with you to build a thorough Living Trust tailored to your family’s requirements. Please contact our California living trust lawyer at Inter Vivos, PLLC right now.
Estate Planning Tools
Estate planning is a term used to describe a broad range of tools and processes that effectively arranges for the distribution and transfer of property and assets from one individual, to one or more others at a set point in time, commonly following death. An individual may elect to selectively implement one or more estate planning tools to help ensure that their property and assets are managed and transferred in strict accordance with their plans. By utilizing estate planning tools, our estate planning attorneys can assist you with the process of solidifying your legacy and securing the future of your family.
Trusts
Trusts are widely considered to be useful in a diverse range of estate planning scenarios. There are several specific types of trusts, each serving to meet a unique estate planning goal for a client. The fundamental goal being to establish, oversee, and uphold a “right in property” that one person has, with the intention of benefiting another. Our living trust lawyer can assist with identifying what type of trust could be created that best serves to help achieve your specific goals.
Essential Trust Components Terms
- Settlor, grantor or trustor – the individual who acts to create, and establish the trust.
- Trust property – property of any kind.
- Trustee – a person or legal entity who is granted the responsibility of managing, maintaining, and upholding the terms of the trust to the best of their ability.
- Beneficiary – one person, a group of people, or even a pet may be designated as a beneficiary, effectively establishing that they are to “benefit” from the trust.
- Purpose – established intention or function of the trust that serves any legal purpose. Simply, a person may establish a trust for a specific purpose, such as to allocate and distribute funds to beneficiaries for support, education.
Types of Trusts
There are six primary types of trusts and two types of trusts that are less commonly utilized. One of the first, primary goals of a trust lawyer is to help a prospective or existing grantor in the process of identifying the viability of various trust types in helping to accomplish specific goals. A trust lawyer may also aid their clients in identifying and describing their goals as to make a well informed trust strategy. A relationship with a dedicated trust attorney from Inter Vivos, PLLC can prove to be invaluable for those who want to plan their legacy, but desire the advice, direction, and assistance of an experienced professional.
- Testamentary Trusts
- Revocable Trusts
- Irrevocable trusts
- Fixed trusts
- Discretionary trusts
- Living trusts (described in the living trust section above).
Wills
Perhaps the most commonly utilized estate planning tool. The primary goal of a Will is to provide specific direction about how property and assets will be, distributed, or otherwise, transferred after death. The person who acts to establish a will is known as a Testator. Soon after the death of the testator, a local court that specializes in Will-related affairs, will oversee the terms stated in the will and to the best of their abilities, ensure that everything is executed in accordance with the terms.