Understanding Living Trusts: Hire An Estate Planning Attorney In Roseville, CA

Posted by loren wilson on February 20th, 2017

Numerous people believe that estate planning is for a separate segment of society which is seemingly the wealthy upper class. However, this is not true at all.

The truth is, whether you are rich or poor, old or young, it is imperative to meet with qualified estate planning attorneys so that you can have your affairs in order in case something goes wrong.

For this reason, no matter how much you own, you owe it to yourself and your family to plan for future now for the distribution of your assets after your death. With good estate planning, you can minimize the costs and expenses, including taxes, which often come into the picture at the time of the distribution of an estate. Some people use joint tenancy, others use wills, while others make use of an instrument called a living trust or a revocable trust.

Features Of A Living Trust

A living trust is a legal document that you can create with the help of your attorney.

In the trust document, you designate one or more trustee(s) and a respective beneficiary.

Customarily in a living trust you are the beneficiary and the trustee as well. However, certain individuals prefer to appoint another person or institution to serve as trustee, any which way the choice is yours.  

In the trust document, you designate a successor trustee to take over in case of your death, you also designate who your heirs will be.

Your trust should also include a provision that allows you to amend or revoke the trust at any time.


Merits Of A Living Trust

A living trust is a very useful and cost-effective device for transferring property from one generation to the next. A revocable living trust offers you flexibility while allowing you to maintain the control of your assets. There are other advantages as well, such as:

Dodge-Probate: Avoiding the costs and delays of probate is the most significant advantage being offered by a living trust.

Privacy: Under most circumstances, a trust is a private document and is not available for public scrutiny. Because a trust can protect your estate from the prying eyes of a creditor, beneficiary or even the press, many people choose a living trust for their estate planning needs.

Estate taxes: There are much compelling estate tax advantages such as a property owned by you at the time of your death (property in or out of the trust) is subject to federal estate tax and much more.

Protect your heirs and provide them with peace of mind of knowing that decisions have already been made in case of an emergency. Hire an estate planning attorney in Roseville, CA soon!