Avoid Probate, If You Own Real Property Or Investments.Asset Protection For Your Surviving Spouse and Children. Better Control Over Beneficiaries. Best Of All, After Completing Our Intake Form, Registered LDAs Prepare All Documents From Start To Finish, With Software Only Available To Legal Professionals. It Is Most Important To Hire A Company That Is Knowledgeable, Instead Of Doing It Yourself And Missing An Important Step.
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Includes: Revocable Trust, Pour Over Will, Healthcare Directive, and Power Of Attorney. Also Includes Property Transfer Deed..
Includes: Revocable Trust, Pour Over Will, Healthcare Directive, and Power Of Attorney. Also Includes Property Transfer Deed.
Real Property Must Be Transferred Into the Living Trust, To Avoid Probate. Our Living Trust Package Includes One Trust Transfer Deed. Each Additional Trust Transfer Deed Costs $199. Plus County Recording Fees.
Creating a trust proves to be very advantageous even though you may not be a man of great wealth. Trusts have the potential to manage your precious assets and belongings. In fact, it ensures that your property is distributed fairly, as you desire, following your death. On top of that, trusts save a ton of your family's effort, time, and money.
To put it simply, trust refers to a legal paper that is set up by a corporation known as the grantor. A trustee possesses the control or management of the trust. On other hand, the property or the belongings of an individual person or a group held by the trust is called a beneficiary. In a few situations, the grantor himself/herself is the trustee. And in other cases, the grantor is a trustworthy friend or family member.
Well, there are endless reasons for establishing a trust. To name a few, setting up a trust aids in averting probate. With it, you can also mention the exact time when your descendants should attain their inheritance. However, one has to be very cautious while creating trust. For some people, a standard will works fine. These days, DIY kits are conveniently accessible, but the related laws are quite complex. Regardless to mention, anyone who is willing to establish a trust, should get the assistance of a registered and bonded Legal Document Assistant.
It is considered to be the critical reason for setting up a trust. Averting probate indicates substantial savings in the case of time, paperwork, and legal fees. Probate is the process that determines the distribution of your property according to your will after death. But, by establishing a trust, you let your descendants bypass this procedure and acquire convenient access to the property and belongings within a short time span. Additionally, with the establishment of a trust, your family does not need to pay huge attorney fees for probate services, probably 5% of your estate's value, plus tens of thousands of dollars in probate statutory fees and court costs. The probate process is undeniably a lengthy process which can take almost a year or two to accomplish. During that period, your family will not get permission for touching their legacy.
Between a will and a trust, the latter gives you more security when it comes to legal conflict. Sometimes, when a person is not happy with the property distribution, he/she could easily challenge it. In the case of a trust, usually nobody gets a right to do that. And due to this reason, most people consider a trust to be a better option than a will. However, it does not mean that one cannot challenge a trust. Although it is difficult, it is not impossible. A person could challenge the authority of trust in two different ways. Firstly, if someone manages to prove that grantor suffered from a mental illness while establishing trust. On the other side, the trust can also be contested if someone proves that the grantor took such decision in undue influence.
Trusts proffer flexibility in case of distributing assets. The grantor gets the authority to decide on how his/her possessions will be distributed to the receivers. However, in case the beneficiaries are incapable of managing the property efficiently, the trust allows the grantor to disburse the money in smaller amounts instead of giving the property all at once. Moreover, the grantor can even specify where the beneficiary can spend the money (for instance- food, rent, healthcare, etc.). It will restrict the receiver to spend the entire amount, here and there.
It is a popular process of donating into charitable associations. A grantor possesses the right of transferring his/her property, real estate, etc. to a charitable organization. In the intervening time, the grantor can even keep on using his/her asset. Furthermore, these types of charitable donations are most of the time tax-deductible. Hence, the grantor continues relishing his/her property knowing that in the end it will be used in some worthy-cause.
In some cases, a difficult situation arrives while distributing assets precisely. In such circumstances, nothing can be as fruitful as a living trust. For instance, in the case of a house, a living trust provides more power and control compared to a will. It clearly mentions the name of the owner and also the person who possess the right of using it. It also states whether the property is allowed to sell, if it is, then how it is to be distributed. In this way, the grantor can make sure how individual beneficiary acquires equal possession over the property. Apart from real estate, other assets that can be placed into the trust include vehicles or boats.
It is essential to mention that trusts can reduce the potential conflict among the heirs during the settling of an estate. The trust documents can be customized effortlessly for the sake of the grantor. He has the right of detailing the exact items, as well as monetary amounts that are to be given to the individual beneficiary. This helps a lot in eliminating arguments between the heirs. In fact, a trust can be tailored in such a way that a receiver's spouse cannot interfere in between without his/her consent.
Trusts assist you in managing your affairs precisely in case you are unable to do it on yourself. So, many people opt to establish a trust, to prepare for disability or illness before death. To acquire this security, many create a revocable living trust. Besides, you also need to mention the name of the trustee who will be responsible for managing it. Along with managing your affairs, the trustee will take care of the assets of the beneficiaries. When you choose the trustee, the court does not need to appoint an outsider to execute the task. Moreover, the court-appointed custody might involve a lot of complications including delays and extensive paperwork.
Unlike a will, trusts provide better privacy. The chief reason behind it is that trusts do not have to go through probate. Hence, there is no room for it to be listed in the public records. Thus, your objective remains totally confidential. Nobody gets to know whom you are leaving your assets.
A trust can prevent the probate process, get your assets to your loved ones much more efficiently, and has other benefits during your life as well.
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Living trusts (also known as a revocable trust, provides a solution for many potential issues associated with estate planning. One of the most important solutions a living trust can provide is protecting your assets, from the ugly probate process. A will cannot protect your assets from the probate process. You should consider many factors before deciding to create a living trust.
Living trust, is used to describe a trust that you create during your lifetime. A living trust helps you manage and protect your assets. Living trusts also protect you if you become ill or disabled at any age, after your trust is created. Included in our trust package is a couple important documents that will help you should you become too ill to take care of your own finances or make important decisions regarding your healthcare. Springing Power Of Attorney, appoints an agent to be able to take care of your finances if you're declared incapacitated. Healthcare Directive is a form used in many hospitals and funeral homes. This document appoints an agent to carry out your wishes for life support and prolonging of life measures. Healthcare directives also provide instructions for your agent regarding after death wishes. Whether you want to be an organ donor, buried, or cremated, the Healthcare Directive provides detailed information regarding your final wishes.
You may revoke or amend a revocable living trust whenever you wish to do so. Probate is extremely costly and takes, in most cases, 9 months to a year to fully resolve.
An irrevocable living trust, may not be revoked or changed. Irrevocable trusts are almost always created to produce certain tax or asset protection results. If you are considering an irrevocable trust you should consult with an attorney first.
A living trust is legally implemented during your lifetime. Trustee (s), which is usually the creator of the trust, currently serves, and owns property. Upon creating the trust all real property must be transferred into the trust properly to avoid probate. This is called funding the trust. If you create a living trust and fail to transfer real property into the trust you will not avoid the probate process. This is one of the most important parts of creating the living trust is funding the trust.
While you are living, the trustee and possibly the co-trustee might also be named. Trustees are responsible for managing the property. The trustees may dispose of or sell assets for their benefit during their lifetime. Upon your death or when you become incapacitated, the successor trustee is directed to either distribute the trust property to your beneficiaries.
The successor trustee may continue to hold it and manage it for the benefit of your beneficiaries. Unlike a will, a living trust can provide assistance for managing your property during your lifetime. Living trusts also provide the trustee authority to manage the property and use it for you and your family's benefit if you become incapacitated, which avoids the need for a guardianship or conservatorship. Both guardianship and conservatorship, may not follow your final wishes and is a very lengthy and costly process. Creating a living trust is one of the most important decisions you can make for you and your family during your lifetime.
A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution. Please note that a Will & Testament, does not avoid the probate process.
The California Health Care Decisions Law, effective July 1, 2000, consolidated previous advance directives into the new Advanced Healthcare Directive (AHCD). Advance health care directives allow you to have legal control over your health care treatment in the event that you are unable to speak for yourself.
Power of Attorney is a legal document that gives someone you appoint, as agent, the power to act on your behalf. Either effective immediately or when incapacitated, depending on your choice. Your agent is able to make all or certain financial decisions you elect, on your behalf. This document avoids the need for Conservatorship.
Sometimes an adult becomes incompetent or is disabled and doesn't have an estate plan that allows another person to manage their personal care / estate.
If an adult becomes incompetent or is disabled and needs someone to manage their personal care and/or estate, the court requires the person managing their affairs to file for Conservatorship.