If you are looking to create a trust and have questions about the sometimes confusing legality of forming this document, contact a Folsom living trust lawyer today. Living trusts are designed to avoid having probate hearings like you would if you wrote a will. A probate hearing is when the case must go to court to divide up the assets of the deceased. This can be an extremely costly process that can take months to finalize. A trust will directly transfer assets to the heirs listed in the document rather than having to go to court. The process is much more efficient and is usually completed in a matter of weeks as opposed to months of trials. Having a living trust can have other benefits such as reduced taxes, ensuring financial privacy, and regulating the use of assets. If you are considering creating a trust, ensure it is done correctly with the advice of a Folsom living trust lawyer who has experience on the subject of trust law.
There are several things you will want to keep in mind while creating a trust to ensure that it is done properly and is legally sound. You should contact a local Folsom living trust lawyer directly to have a more detailed and comprehensive understanding of the process.
List Your Assets
Compiling a list of all your assets is the first step in forming a trust. You want to ensure that you have a comprehensive list that covers everything you own. These would be items like real estate, jewelry, cars, stocks, life insurance policies, and artwork. Having a complete list of your assets can help you to decide how you would like to divide them up. If you have questions about what you should include in your trust, seek the advice of a Folsom living trust lawyer to receive more information.
Get Your Paperwork In Order
After you have made a full list of assets your next step is to find the corresponding paperwork. These would be policies, titles, and deeds that confirm your ownership of the assets you have listed. This paperwork will need to be turned over to your reliable living trust lawyer in Folsom for review so it is important to ensure you have it ready so the process can be as efficient as possible.
Name Beneficiaries and Successor Trustee
It is important to leave detailed information on who your assets should be left to. A living trust lawyer Folsom counts on will need to have any information regarding beneficiaries you have named previously that may conflict with your trust. Having conflicting beneficiaries may lead to legal ambiguity later on. You should also name yourself the trustee so that you can remain in charge of your assets throughout your lifetime. Naming a successor trustee will determine who carries out your instructions upon your death.
If you plan on creating a living trust you should ensure it is done properly with the help of a reliable Folsom living trust lawyer. Call the Yee Law Group today at 916-927-9001.