Estate Planning, Living Trusts, & Wills
Here at Trusted Legal Document Services Inc., we provide you with complete Estate Planning Services for your Living Trusts, Wills, and Power of Attorney.
What is Estate Planning?
A living trust is a vehicle for you to transfer your property after your death to whomever you want to have it, without any attorneys or court involvement. This can happen whether you are single or married. The people who inherit your property can avoid probate; that expensive, time consuming process required of most wills. Estate planning involves the will, trust, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and power of attorney. Specifically the durable financial power of attorney and the durable medical power of attorney. More sophisticated estate plans may even cover differing or decreasing estate taxes or business succession.
What is a Living Trust?
According to the State of California Department of Justice, a living trust is a form of estate planning that allows you to control your assets (your money and property) while you are still alive, but have it distributed to people or organizations you select when you die. Setting up a Living Trust is one of the most common estate planning tools used today. When you meet with us we will review your assets and estate planning goals and options. And if this is something you wish to further proceed with, documents will be drawn up and be reviewed with you. Once the terms of the Trust are established, the assets will be transferred into the Trust. We will help with every step making sure you have a full knowledge on this.
Why Create a Living Trust?
Trusts help facilitate the transfer of assets to the beneficiaries through a trusted person (the Trustee) without having to go through the lengthy probate process. Probate is the court supervision of the distribution of a person’s assets after death. Trusts can also help people reduce estate taxes and put conditions on how assets will be managed and distributed after death.
What is a Will?
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you're gone. Wills can vary in their effectiveness, depending on the type, though no document will likely resolve every issue that arises after your death.
Why Do You Need a Will?
There are many good reasons why someone should have a will such as:
You can be clear about who gets your assets. You can decide who gets what and how much.
You can keep your assets out of the hands of people you don't want to have them (like an estranged relative).
You can identify who should care for your children. Without a will, the courts will decide.
Your heirs will have a faster and easier time getting access to your assets.
You can plan to save your estate money on taxes. You can also give gifts and charitable donations, which can help offset the estate tax.