What to Know About Living Trusts
The best lawyers in Folsom, CA make it as easy as possible to create a living trust. Thinking about one’s eventual death is difficult for most people and is one of the primary reasons why they procrastinate about creating an estate plan. However, having a living trust in place offers many upsides for yourself as well as for your loved ones you will someday leave behind. At Yee Law Group, our attorneys work hard to be the best lawyers possible, and we do this by providing compassion, patience, and a depth of knowledge about creating living trusts. Call us today at 916-927-9001 so that we can offer you a free consultation with one of our attorneys. Below is some information about living trusts that you might find helpful in the meantime.
Common Questions About Living Trusts
A living trust is a type of document that allows you to delegate your assets out and appoint beneficiaries in the event that you become incapacitated or pass away. Young or old, married or unmarried, with or without children– nearly everyone wants to decide who should receive their valuables after they die. A living trust can do this, and it will allow your loved ones to avoid the expensive and lengthy probate process. Without a trust or will in place, probate will likely be required and as an aside, the process will be made public. If you’re not familiar with living trusts, below are answers to some of the most common questions asked of a living trust attorney:
- What assets can be included in a living trust? Many times, most of your wholly owned property such as cars and real estate can be included. However, your life insurance and retirement accounts may be heavily taxed if included in a living trust. When you consult the best lawyers, they will consider your unique situation to determine how taxes may affect your trust and provide you with choices. Keep in mind that you should create a list of your most prized assets before contacting a living trust attorney for a consultation.
- Who Should I Name as My Trustee? Typically, individuals name themselves as their trustee. However, you can choose anyone – even a corporation or a business – as your trustee. In the event that you name yourself, you will need a backup trustee for after your passing.
- Does a Living Trust Avoid Probate? Irrevocable trusts avoid estate taxes and the probate process. Revocable trusts do not. Talk to the best lawyers in Folsom, CA to determine which type of trust will most meet your needs.
- What are the Benefits of a Living Trust? Benefits may include avoiding probate, knowing that your children and spouse will be taken care of, and knowing your assets and estate will be distributed as you intended.
- What is the Difference Between a Will and a Trust? A living trust covers the assets that you specifically place into it and only them. It is designed to stand during your lifetime and after you pass. A will is only there to provide distribution of your assets upon your death and nothing else. It will only provide the court with instructions for what to do with your assets after you die.
Contact a Living Trust Attorney Today
Do not hesitate to reach out to the best lawyers you can find to create a trust for you. An experienced lawyer can use their immense knowledge of trusts and your state’s laws to aid you in establishing financial structures that meet your individualistic needs. Contact a living trust attorney from our firm to discuss any concerns that you may have and to schedule an initial consultation. The first consultation is free, so you have nothing to lose by meeting with one of our attorneys.
Our Goal? Be the Best Lawyers Folsom, CA Offers
If you are seeking legal representation, chances are you are going through a potential life-changing situation and you want the best attorneys Folsom California offers. At Yee Law Group, our guiding principles are built on deep-rooted core values that encourage success without sacrificing professionalism and integrity.
For personal legal counsel, the best attorneys Folsom California has to offer are at your fingertips. At Yee Law Group, our team is proud to represent individuals and businesses throughout the Folsom, CA region. We know that matters surrounding estate planning and business management can be incredibly complex. It’s important to our firm that clients can access trustworthy and experience-based counsel from some of the best attorneys Folsom California can provide.
Estate Planning: Estate planning refers to any legal arrangements you make, regarding your assets, in the event that you pass on or become incapacitated. Individuals often seek out the Folsom best attorneys to help draft a comprehensive estate plan. This may address medical wishes, tax management, business dealings, and personal asset transfer.
Wills and Trusts: Wills and trusts are a small — but important — piece of estate planning. If you do not have substantial financial assets or business dealings that require a full estate plan, simply drafting up a will or living trust may be suitable for your needs.
Probate: The probate process is intended to pass along an individual’s wealth fairly and according to their final wishes. A probate lawyer may help a family deal with wealth distribution disputes, retirement fund management, and payment of state and/or federal taxes.
Wealth Transfer Taxation: Tax requirements in general are a common reason why families look to hire the best attorneys in Folsom California. When transferring major assets, individuals often want to figure out how they can transfer assets legally without paying unnecessary fees and taxes.
Trust and Estate Litigation: When one or more parties contest the details of a will, they may need to take the matter to probate court. Probate can be extremely complex and time-consuming, so it’s beneficial to have a lawyer on your side who understands how the litigation process works.
Business Succession: Choosing to pass on your business can be a big decision, and it helps to know that your lawyer is handling all the legal aspects of doing so. A lawyer who deals with business succession may help to prevent future tax problems, help to establish a viable business plan, and may also help protect your continued interests in the business after you move on.
Conservatorships: Conservators are required to handle all the financial dealings of another person’s estate, including outstanding taxes, property, debts, and management of stocks and bonds.
Real Property: As some of the best attorneys Folsom California residents trust, we have assisted individuals and businesses in many property-related matters. These can include landlord and tenant rights, buying and selling property, forming contracts, and compliance with zoning and construction requirements.
If you would like to find out more about any of the practice areas listed above, don’t hesitate to contact us today. Yee Law Group prides itself as being amongst the best attorneys Folsom California clients can turn to for trustworthy legal counsel.
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“Michael Yee has been extremely professional in helping me navigate through various legal matters regarding housing laws over the years. He has always been easy to get ahold of, very knowledgeable, easy to talk to, straight forward, and ultimately an important advocate for me. His prices are always fair, and there are never any hidden surprises or fees. Michael Yee knows how to get the job done. I cannot recommend him enough.”