iving trusts are one of the tools used by experienced estate planning attorneys. A living trust has one distinct feature – it provides benefits to trust makers while they are still alive. However, a living trust is not just another document for your estate plan. It requires utmost compliance with state laws, otherwise, the trust can incur penalties.
While creating a living trust may be as simple as setting conditions for how you would like your assets to be distributed after your passing, there’s more to that. But first, you should have a clear knowledge of what a living trust is.
Living Trust Attorney Explains Why You Need To Create One
A living trust allows you to control how your assets are managed and distributed after your death. This estate planning tool has three key parties – the grantor, the trustee, and the beneficiaries. If you create a living trust, you (as the grantor) transfer ownership of your assets to the trust, and designate a trustee and beneficiaries. You as the grantor also write all the rules and conditions for managing the trust.
The trustee then manages the assets according to your wishes as outlined in the trust agreement. Upon your death, the assets in the trust are distributed to your beneficiaries without going through probate.
In some cases, the grantor can also be the trustee and the beneficiary at the start or while still alive. Additional conditions can be placed in the trust, such as a successor trustee. There are several ways to make a living trust, so it is wise to hire an experienced living trust attorney to ensure compliance with the law.
It may sound simple and you can probably sit down and create a living trust in a few minutes, on your own. However, the conditions in living trusts must also be carefully and concisely worded to prevent any disputes later on. That is why an experienced living trust attorney by your side brings a lot of advantages.
Contact Weiner Law office in San Diego, CA. A living trust can be an excellent way to protect your assets and legacy after your death. If you have any further questions, you can speak with an experienced estate planning attorney from Weiner Law who can advise you on all aspects of setting up a living trust.
Weiner Law
12707 High Bluff Drive Ste. 125
San Diego CA, 92130
(858) 333-8844
https://weinerlegacylaw.com/ |