Living Trust Lawyer Anaheim, CA
If you are an individual looking to set up a living trust, it’s highly in your best interest to hire an Anaheim, CA living trust lawyer that you can rely on. A living trust is a legal document that places your assets and property into a trust within your lifetime. The trust will then be managed by a trustee of your choosing – most people appoint themselves as the trustee during their lifetime. If you do name yourself as trustee, you want to also name a trustee who will manage your trust for you if you are no longer able to. A living trust has countless benefits for lifelong security, and working with an experienced lawyer, such as one of our lawyers at Katje Law Group, can be crucial to setting up a secure and sound living trust.
Why Should You Have A Living Trust?
A living trust ultimately allows you control of your assets. Life is entirely unprecedented, and we don’t know what our future will look like or how long we will actually live. A living trust gives you protection and also the liberty of choosing who handles your assets on your behalf and how they do so. To be more specific with benefits, a trust can allow you estate tax savings if you are married. And if you have any concern that your spouse may mishandle your assets after your death, putting your assets in a trust with a professional trustee will prevent that from happening in any way. Not only does a living trust benefit you and your spouse, but also any of your dependents. Your living trust can hold money for minor children until they reach the age that they can manage the money themselves. Most people prefer to pass along money to their children over a staggered period of time. However, if your child or dependent is unable to responsibly manage money for any reason, you can hold the money in trust for your child’s lifetime and distribute as needed. If you are single and do not have a spouse or any dependents, it’s still beneficial to set up a living trust. Should you become incapacitated, your appointed trustee can continue carrying out your decisions on your behalf.
What Goes In A Living Trust?
There are many different assets that go into a living trust, and an Anaheim living trust lawyer can help you decide what makes sense to put into your own. There are few hard and fast rules when it comes to this, but it’s important that you are intensely strategic and thoughtful nonetheless, which is why you need an educated lawyer to navigate the process with you. A few of the most common examples of assets in a living trust are real estate, financial accounts, investments, personal property, intellectual property, and life insurance policies. Again, you want to be able to decide with confidence what assets should go into your own living trust, and a lawyer helps you understand all of the angles of how to go about this.
A living trust provides a steadfast future for you and your loved ones, and you shouldn’t attempt to set one up without legal support. A dedicated Anaheim living trust lawyer will work passionately by your side so that you have the utmost assurance of your financial future plans with your estate. Don’t hesitate to contact our offices at Katje Law Group if you are looking for experienced guidance and support.
Common Misconceptions About Living Trusts
If you are considering a living trust, contact an Anaheim, CA living trust lawyer at Katje Law Group. A living trust is a valuable estate planning tool that can help individuals manage their assets during their lifetime and efficiently pass them on to their heirs after they pass away. Despite its benefits, there are several common misconceptions about living trusts that can lead people to misunderstand or underestimate their usefulness.
1. Living Trusts Are Only for the Wealthy:
One of the most prevalent misconceptions about living trusts is that they are only for wealthy individuals. In reality, living trusts can benefit people from all income levels. While they are often used to avoid probate for large estates, they can also be advantageous for individuals with modest assets. Living trusts provide flexibility, privacy, and control over how your assets are managed and distributed, making them a valuable tool for many individuals and families.
2. Living Trusts Are the Same as Wills:
Some people mistakenly believe that living trusts and wills are interchangeable. While both serve as estate planning documents, they serve different purposes. A will specifies how your assets should be distributed after your death, while a living trust allows you to manage and distribute your assets during your lifetime and after your death. A living trust can also help avoid probate, which can be a lengthy and costly legal process.
3. You Lose Control Over Your Assets in a Living Trust:
Another misconception is that you lose control over your assets once you create a living trust. This is not true. With a revocable living trust, you retain complete control over your assets. You can buy, sell, or change the terms of the trust at any time as long as you are mentally competent. It’s only with an irrevocable trust that you surrender control over your assets, but this type of trust is generally used for specific purposes, such as reducing estate taxes.
4. Living Trusts Are Expensive to Create:
While there may be initial costs associated with creating a living trust, such as Anaheim living will lawyer fees, these expenses are often offset by the potential savings in probate costs and taxes. Furthermore, the cost of probate, which living trusts can help avoid, can be significantly higher than the cost of setting up a trust. Additionally, the benefits of avoiding probate and ensuring efficient asset distribution can far outweigh the upfront expenses.
5. Living Trusts Are Only for Older Individuals:
Some people believe that living trusts are only necessary for older individuals who are closer to the end of their lives. However, estate planning is not just about age; it’s about ensuring your assets are managed and distributed according to your wishes, regardless of your age. Unexpected events can occur at any time, making it prudent for adults of all ages to consider creating a living trust as part of their estate plan.
6. Living Trusts Are Only for Real Estate:
Another common misconception is that living trusts are primarily used for real estate. While it is true that real estate is often included in living trusts to avoid probate, these trusts can hold various types of assets, including bank accounts, investments, vehicles, and personal property. A living trust provides a flexible way to manage and distribute a wide range of assets.
Living trusts are a versatile estate planning tool that can benefit individuals of various income levels and ages. It’s essential to dispel these common misconceptions to make informed decisions about your estate plan. Consulting with an experienced Anaheim living trust lawyer at Katje Law Group can help you better understand how a living trust can be tailored to your specific needs and goals, ensuring that your assets are protected and distributed according to your wishes.