Living Trust
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3550 Watt Ave., Suite 140, Sacramento, CA 95821
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3550 Watt Ave., Suite 140, Sacramento, CA 95821
Living Trust
When you have to prepare a trust, you will face a large number of decisions, as well as many legal steps that may seem confusing or convoluted. Our team is highly knowledgeable preparing, executing, and funding Living Trusts. You don’t have to worry about any aspect of the living trust process when we help you with the preparation.
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.
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.
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.
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 pr
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 offer 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.
Planning for your future and ensuring the security of your loved ones is a top priority. One of the most effective ways to do this is through a Living Trust. At LDA Pro Legal, we offer comprehensive Living Trust services in Sacramento, designed to simplify the estate planning process and protect your assets.
A Living Trust is a legal entity that holds your assets during your lifetime and determines how those assets will be distributed after your death. It provides a structured and efficient way to manage your estate while offering benefits like probate avoidance, privacy, and flexibility.
There are several significant benefits to creating a Living Trust:
At LDA Pro Legal, our experienced paralegals are committed to providing you with personalized and professional estate planning services. We understand that every individual’s needs are unique, and we tailor our approach to fit your circumstances.
Creating a Living Trust may seem complex, but we simplify the process into manageable steps:
You can place a variety of assets into your Living Trust, including:
While many assets can be included, some cannot, such as retirement accounts, health savings accounts, and vehicles with loans. It’s important to consult with a professional to understand the best way to handle these assets in your estate plan.
Many people wonder whether a Living Trust or a will is the better option. The answer depends on your individual needs:
A will is simpler and less expensive to create initially. It allows you to name guardians for your minor children and specify how you want your assets distributed. However, a will does not avoid probate.
While a Living Trust requires more effort and cost upfront, it can save your family time and money in the long run. It also provides greater privacy and a smooth transfer of assets upon your death.
Let’s debunk some common myths about Living Trusts:
Living Trusts are beneficial for people of all income levels, especially if you own real estate or have a complex family structure.
While a Living Trust can help with some tax planning, it doesn’t eliminate estate taxes. Additional estate planning strategies may be required.
Beyond Living Trusts, we offer a range of estate planning services:
Protect your legacy and provide peace of mind for your loved ones. Contact LDA Pro Legal today to get started with your Living Trust in Sacramento. Visit our website at livingtrustssacramento.com or call us at (916) 620-2446 to schedule your consultation.
With our expert assistance, estate planning doesn’t have to be overwhelming. Let us help you secure your family’s future.