People who want to make sure their estate plan is guaranteed to go precisely as they wish should work with a San Diego attorney. Not only can a lawyer help create a living trust, but, if necessary, they can draft any legal documents needed to make the trusts work for you. No matter your plans, a Trust Attorney can ensure that your wishes are carried out.
Here’s how they can help you exercise control over your living trust:
Manage Trust Assets for Family Members
An attorney can advise on managing assets within the trust and protecting them from any creditors. If you have children, a living trust is essential if your goal is to ensure that they receive an inheritance when you die.
A lawyer can help name a trustee who will manage funds in such a way that benefits your kids while meeting their needs and goals. Creating a living trust can’t negate the need for an estate plan.
Still, when combined with other legal documents, it will give your family members peace of mind in knowing that the affairs are in order whether you are there or not and have a limited risk of losing assets in loved one’s hands.
Estate planning helps ensure that your asset distribution wishes are carried out. One way to avoid probate is by having a living trust that names someone who will carry out these wishes.
If you choose not to have a living trust or if no one has been put in charge of the estate, your assets may end up being controlled by the courts until legal proceedings are finished.
A trust has the advantage of allowing you to name someone trustworthy who will manage your assets in the way that you want while still taking care of your family. They can be released quickly without needing court approval if you need funds.
Reduce Estate Taxes
If you are concerned about estate taxes, your attorney may reduce the amount that your heirs owe on your property.
Ensure that your assets are included in the trust. They will then be distributed between family members as outlined by the living trust terms.
Not only will they reduce your taxes, but they can also help avoid issues with family members who might want to fight over the division of assets.
Draft Necessary Legal Documentation
One of the most significant benefits you receive during the living trust process is that it allows you to control who will carry out your wishes if you become incapacitated or pass away.
You can choose based on what makes sense for your family and friends, no matter which factor they may need guidance more than others at some point.
That’s why it can be essential to always have up-to-date documents on file. If you’re the trustee and need to make changes, an attorney can help with that.
You don’t want anything falling through the cracks or any surprises after your death. To ensure everything is set on the front end, work with your Trust Attorney to ensure that you don’t miss anything.
Your family may need to make amendments today if something changes tomorrow. It’s not uncommon for people to update their living trusts as they get older and begin to need more assistance.
However, if an adult child is removed from your trust, it can later result in them being unable to claim any inheritance you left behind. An attorney can help ensure that everything remains up to date with your living trust, so you or your loved ones don’t have any unnecessary consequences.
When drafting the original trust, an attorney can ensure that it’s as complete as possible for your unique situation. They can draft language for you and advise you to keep everything as it is documented at this stage.