A revocable living trust has basically the same purpose as a Will. It is an estate planning tool designed to avoid probate while providing long-term property management. You can terminate, edit or update it at any time.
Unlike a Will, once property is transferred into the trust, it does not go through probate. After your death, your trustee transfers ownership to your beneficiaries. The process happens quickly and there are no court fees involved. Once the beneficiaries receive their property, the living trust ceases to exist.
Estate planning should be taken very seriously. It is vital to your family’s long-term financial health. If you are thinking about preparing an estate plan for the future, contact an experienced Riverside Estate Planning attorney who will sit down and discuss what is right for you and your family.
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Over the last twenty years there has been an increase in individuals choosing to draw up a living trust rather than a Will.
Both documents have similar functions. Both documents allow an individual to appoint someone to manage his or her estate after death. In a living trust, the person is known as a ‘Successor Trustee and in a Will, the person is called an “Executor’.
Both documents name your beneficiaries. A Living Trust provides lifetime and after-death management. It will provide for a successor after your death or if you become incapacitated. Court intervention is not necessary. A Living Trust can avoid probate on your assets and prevent your financial affairs from become public record. It must be actively managed once it is created and it is more expensive to set up than a Will.
A Will is a document that must be signed and witnessed. It states where the assets will go upon your death.
If you are in the process of planning your estate and are not sure what is best for you, contact an experienced Riverside Estate Planning attorney who will discuss the pros and cons of each document and help you understand which one best meets the needs of you and your family.
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California law requires an individual writing a legal will to be at least 18 years old and of sound mind. He or she must understand the complete nature of the document before signing.
There are three acceptable forms of a legal California will, which include:
· Handwritten – Must be completely written by the testator, signed and dated
o Does not have to be notarized or witnessed but having a witness is a good idea
· the testator just needs to fill in the blanks
o Can leave estate to anyone in family, money to one other person, or to a charity
o Provides for naming a guardian and executor
· Prepared by attorney – An attorney can advise the best ways to leave property and tax consequences that can arise
o Signed by testator in the presence of at least two witnesses, none of which are beneficiaries. They must also sign.
A will remains valid unless superseded by a new one. Provisions that require change can be done so by a codicil.
It is not always necessary to hire an attorney to create a will, but a good idea to avoid any complications that could arise. Contact an experienced Riverside Estate Planning attorney who will ensure that your wishes are carried out.
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When the owner of a life insurance trust dies, the proceeds of the policy will be administered to the beneficiaries and subject to estate taxes. However, if, he arranges ownership transfer, the proceeds will be exempt from estate taxes, saving the beneficiaries a lot of money.
The insured has the right to change the beneficiary (the trust is the beneficiary). The insured cannot serve as trustee of his or her own life insurance trust and must appoint a trustee.
If the insured individual transfers an existing policy to a life insurance trust and dies within three years after doing do, he will be known as the owner and will be taxed.
A life insurance trust is a complex matter and should be discussed with an experienced Riverside County Estate Planning attorney. There are many drawbacks to creating a life insurance trust, but some believe it is worth the cost and hassle. It ensures that the proceeds will go to your beneficiaries and not the Federal government.
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A QTIP Trust makes the surviving spouse the sole beneficiary of the income in it every year. However, what happens if you have been married previously and have children from that marriage? How can this type of trust benefit your children? How can you make sure your home will go to your children once your present spouse dies? This is known as the Qualified Terminal Interest Property Trust or QTIP. This trust makes your children the ultimate beneficiaries of your home, allowing your present spouse to live in it until his or her death.
Because the QTIP is a trust, it will not have to go through probate at the surviving spouse’s death. Now is the time to take control of your future and the future of your children. Take the time to sit down with an experienced Estate Planning attorney and see what is right for you and your family.
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For those of you who do not know what a living trust is, let me explain. A living trust, also known as an inter vivos trust, is written before the creator dies. A living trust does not help assets avoid probate.
It is important to understand that signing and notarizing documents does not end the process. If you are the trust’s creator, you must visit your bank to change title and ownership of certain assets from your name to the living trust’s name. By doing this now, you can save time and effort for those taking care of your estate after your death.
Before drawing up a living trust, you must understand the people involved, which include trustees and beneficiaries. You should be aware of how to transfer assets into the living trust and the reasons living trusts are used to keep assets.
If you are considering a living trust, you should contact an experienced Estate Planning Attorney who can help you and answer any questions you may have. No one likes to think about death, but planning will save your beneficiaries aggravation and time later.
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For those of you who do not know what probate means, let me explain. Probate is a legal process when the court transfers a deceased person’s assets to his or her beneficiaries – those listed in the Will.
The executor of the Will begins the process of probate after the individual has died by filing a court petition. The executor pays all debts and takes charge of all assets and property. If there is no Will, a relative can start the process and the court will appoint an administrator to handle the estate. The court makes sure the executor or administrator handles everything correctly, protecting the beneficiaries’ interests.
Probate may be more expensive than handling matters under a living trust. A good Estate Planning Attorney can review all the choices available. The probate process usually takes longer than a living trust process.
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