Sacramento Estate Planning Lawyer
You might be wondering if you need a trust, and the bus to figure this out is to talk to a Sacramento estate planning lawyer such as the ones available at the Yee Law Group. You don’t have to be a Rockefeller the need to trust, a trust can be a useful estate planning tool for a lot of people no matter what their socioeconomic work.
But there are a lot of expenses that are associated with opening a trust fund, and you will probably not need one unless you have a certain amount of assets under your belt. A good rule of thumb is if you have a net worth of $100,000 or more than you’ll need a trust fund, if you have a substantial amount of assets in real estate or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die than you want to have a trust fund.
Trusts are also great in minimizing estate taxes and for protecting your estate from lawsuits and creditors. Trusts are very flexible, they are varied and complex. Each type has advantages and disadvantages, which you should discuss thoroughly with your Sacramento estate planning lawyer.
Assets that you want protected by the trust must go re-titled in the name of the trust, and anything that is not entitled to the trust when you die will have to go through probate.
You may have questions about who you need to talk to to get a trust. If you want to set up a trust, you need to talk to a Sacramento estate planning lawyer, there are so many state and federal laws that have to be taken into account when setting up a trust that you need to enlist the advice and services of an expert with a lot of experience in the field.
A lawyer is going to guide you through the various types of trust and help you decide what better suits your needs and your goals will help make sure it’s legally sound. This is going to make the probate process easier for your family and your beneficiaries later on.
You might be wondering how much it will take to create a trust fund, and a trust plan may run anywhere from $1600-$3000. A more complex trust is going to cost more, and you should plan for the type of trust that you are talking about with your estate planning lawyer. Oftentimes these plans include the trust set up, a will, a living well and a healthcare proxy and you will also pay fees to amend the trust. Not every type of trust will allow you to change it after it’s been made, but if it does allow such a thing to happen then it will charge ongoing administration fees after you die as well.
In reality, you should only update your trust fund if your lawyer told you to. They will usually notify you if you need to update your trust for legal reasons.