How to Create a Living Trust
Along with the best living trust lawyer Folsom CA has to offer, you have created a substantial portfolio of assets. But now you are worried that when you pass away, your beneficiaries will be subject to the hassle of probate and estate taxes. What should you do?
First of all, it is important to note that a trust is an instrument whereby you transfer the management of your assets to a trustee to benefit your beneficiaries. With respect to a living trust, it is created while you are still alive. This is a very complicated area of the law, and if not done correctly, it will not have any effect at avoiding probate or of protecting your assets. The Folsom living trust lawyers at Yee Law Group have 40 years of combined experience creating living trusts and helping answer estate planning questions. Contact us today at 916-927-9001 to have your questions answered and to schedule your initial consultation today.
About Living Trusts
Building a living trust comes with three major roles:
1. The Grantor. The best living trust lawyer Folsom CA recommends might ask you to think of the grantor as the trust creator. The grantor is the individual who creates the trust and also decides what his or her trust will say regarding what will happen during a period of being incapacitated, during a period of disability, or during the period in which the grantor passes away. The grantor also takes all of their possessions and retitles them to the trust. He or she can list whomever he or she wants to give assets to by name and affiliation.
2. The Trustee. Now picture the trustee as the living trust’s manager. The trustee will manage all of the assets and allocations of the trust. This means that the trustee will possess the authority to decide what will happen to the grantor’s assets. They can buy, sell, gift, loan, and borrow assets in the grantor’s name. As someone deemed by many to be the best living trust lawyer Folsom CA clients know can tell you, all of the powers that you have over your assets transfers over to your trustee at the time of your death.
3. The Beneficiary. The beneficiary of the living trust is a person or persons who essentially get to reap the benefits of the trust. They get to enjoy the assets.
So, as the best living trust lawyer Folsom CA has available can inform you, the trustee manages the assets that the grantor put into the trust for the benefit of the beneficiary. The key to a living trust is more than just the trust document, it is making sure that the trust is funded. The trust must own your assets; it is not just a stack of papers. The way a trust works is that it owns your assets. You have to literally take your bank account, stocks, bonds, and other investments and put it in your trust’s name. Do not put IRAs in or annuities in, because they typically have some tax issues and are subject to probate. Make sure to pass your assets to your loved ones with the minimum amount of legal fees and delay, as well as maximum amount of privacy by creating a living trust instead of a will.
Contact the Best Living Trust Lawyer in Folsom CA Today!
With Yee Law Group, you can trust that you have an attorney with the diligence and experience to help walk you through creating a sound living trust. Contact us at 916-927-9001 today to schedule a consultation where someone who many consider to be the best living trust lawyer Folsom CA has to give can answer your questions and aid you in creating a living trust today.