Sacramento Living Trust Lawyer
Creating a Valid Will
Outlining your will can be an easy task to repeatedly avoid, which is why you should consider enlisting the help of a Sacramento living trust lawyer. Many people believe that sitting down to decide how one’s assets should be divided after their death is too emotional and depressing. It can feel like an overwhelming burden. The truth is that by not having a will in place, your beneficiaries will be faced with a number of complications and challenges after you pass away. Don’t leave your loved ones without a will in place. Enlist the help of a respected living trust lawyer in Sacramento, California from Yee Law Group Inc.
People are often overcome with emotion after a loved one passes away. When there are no clear instructions about what the deceased wanted in terms of burial and asset distribution, it can split families apart. Our legal team at Yee Law Group Inc. has more than forty years of combined experience in helping our clients with estate planning. A Sacramento living trust lawyer from our legal team can simplify the process of completing or updating your will so that you can move on to enjoying your life with those you love.
The Role of Your Sacramento Living Trust Lawyer
Your Sacramento living trust lawyer can draw up all of the documentation needed for your will. As part of the process, you will list all of your debts and assets. Examples of your debts would include credit card debt, mortgages, car loans, etc. Your assets will include anything that is considered valuable to you and your loved ones. If your will does not define who stands to inherit these things, you risk familial discord after you pass away. Examples of assets may include family heirlooms, jewelry, artwork, retirement accounts, insurance policies, property, and investments. You will also specify who will inherit your assets. Your Sacramento living trust lawyer can help make sure that you have not left anything out of your will. They will also make sure that your will is completed and valid by ensuring the following:
- Your will is signed and dated.
- There are two witnesses when the will is signed.
- You are of legal age to create a will.
- That you did not draw up the will under duress.
- That you are mentally capable of making decisions on your own.
Our role is to ensure that you have all your bases covered when completing your will. You will want to make sure that you don’t leave any key pieces of information out and that the document you create with your attorney is valid. Allow for Yee Law Group Inc. to provide you with the experience you require to ensure that all of the proper procedures are followed and accounted for.
Call us today at 916-927-9001 so that a member of our legal team can review the details of your particular situation. We will be able to set up a time for you to meet with a living trust lawyer Sacramento families trust so that you can begin the process.
Sacramento Living Trust Lawyer
An experienced Sacramento living trust lawyer may help you set up a living trust for your loved ones. Depending on your financial situation, a living trust could be more beneficial than a will. At the Yee Law Group Inc., we have helped many clients in the past determine if a living trust is right for them.
Here are some of the benefits of having a living trust:
- A Living Trust May Help You Save Money
A living trust can be much more complex than a will, so a living trust lawyer in Sacramento, CA may charge you more money to draft one. However, a living trust may help you save more money with your estate in the long run. This is because the distribution of your assets doesn’t have to go through a probate process at the time of your death. The costs of probate court could be been taken out of your estate if you don’t have a living trust.
- A Living Trust Helps You Avoid the Probate Process
If you drafted a will, your assets may have to go through a probate process before they are distributed to your loved ones. The process could take months or even years. If you have a Sacramento living trust lawyer create a trust for your assets, you might skip the entire probate process. Your family members may be able to receive your assets in just weeks.
- A Living Trust is Confidential
If you are a private person, you may appreciate the confidentiality a living trust provides. Unlike a will, a living trust won’t become public. With a living trust, your estate may be distributed privately to your beneficiaries upon your passing.
- A Living Trust May Protect Against Court Challenges
It is considerably more difficult to challenge a trust than a will. If a person tried to contest your trust after your death, he or she would have to prove that you were mentally incompetent when you made the trust, or that the trust document is flawed in some way.
- A Living Trust May Protect Your Assets Against Creditors
If you have a Sacramento living trust lawyer draft up a living trust, creditors likely won’t have legal grounds to seize your assets to take care of unpaid debts. This is because the assets in your living trust legally belong to the trust, and not to you.
SOME OF THE BENEFITS OF HAVING A LIVING TRUST INFOGRAPHIC
Why a Living Trust Might be Right for You
Determining if you need a living trust can be easy when you have the help of a living trust lawyer. When it comes to estate planning, it is usually something that is much lower on everyone’s list. No one wants to think about where their things are going to go when they die. However, a living trust is one important tool you can have and we are happy to help you determine if it is right for you. Our team understands that there are many different tools in the larger estate planning toolshed, so understanding what a living trust is and what it can do for you and your loved ones can help make the decision easier. If you would like to schedule a consultation with our team, give our office a call.
Does a living trust benefit me at all?
We completely understand: you have accrued assets during your lifetime and want to know if your living trust benefits only other people or if it can benefit you as well. As it turns out, a living trust does both! Unlike a will, you do not only name other people as beneficiaries or heirs. With a living trust, you are in control of everything during your lifetime when you name yourself as the “grantor.” When you pass away, then everything you named in your trust can go to the people you chose as beneficiaries.
How does one create a living trust?
When it comes to the legal aspects, we know that you may want a small amount of direction or you may want to work closely with our team to make sure every detail is in your document. There are a few basic steps when it comes to creating a living trust:
- Inventory all of your assets. If you want it in your trust, you need to make sure you inventory it. How much money do you have? Where do you want your antique collection of horse statues to go? Determine what you have and who you want to give it to when you pass away.
- Choose someone to help. If you are incapacitated or when you die, you will want to make sure you have someone you can fully rely on handling your trust, the trustee. Your living trust is exactly where you want to name this person and they can ensure that the wishes in your trust are respected and play out as you want them to.
What do I need to set up a living trust?
As an experienced Sacramento living trust lawyer clients depend on can tell you, you will need several things to set up a living trust. You will need assets to put into it. There are some types of assets that need to be re-titled in order to place them inside the trust. You also need to ensure that your trust can be funded properly at any given time, so you must make sure the appropriate assets are re-titled if necessary. You can reach out to a living trust lawyer if you have any questions about additional requirements, or if you need assistance putting certain assets in your trust.
Can I change a living trust after creating one?
There are revocable and irrevocable living trusts. Living trusts are revocable because they can be modified or amended without having to obtain permission from beneficiaries. The terms and conditions of a living trust can be changed at any time during your life. A revocable living trust is highly flexible and convenient because you get to keep control of all of your assets that you decide to put in the living trust. This is helpful if there are sudden and unexpected life changes or events that may demand a change to a living trust, such as the death of a beneficiary.
Will a living trust help me avoid probate?
Many people choose to set up a living trust for their assets because it allows them to avoid probate. The probate process can be a complicated and drawn-out process, and it makes it difficult for beneficiaries to immediately obtain their assets. While probate has its pros and cons, it is much more of a disadvantage for an estate to go through probate. As a Sacramento living trust lawyer can explain, not having to go through probate can save a lot of time and streamlines the asset transfer process. Probate is also an expensive process, so having a living trust can significantly reduce the amount of estate taxes you need to pay.
What can I put in a living trust?
Assets that you can put in a living trust include bank accounts, real estate, stock accounts, shares, insurance policies, non-retirement assets, and tangible personal property. Make sure that your assets are properly re-titled so that they can be put in the living trust, which means that you are changing the ownership of an asset. Keep in mind that there are certain assets that you should avoid putting in a living trust, which include retirement assets, offshore assets, and cash. You can learn more about the reasons for whether or not you should put assets in a living trust by talking with an experienced lawyer.
Do I need a lawyer to create a living trust?
For people who have large estates, hiring a lawyer may be helpful to set up a living trust properly. With so many assets to evaluate and organize, it helps to have a lawyer who is highly familiar with the process and the relevant estate planning laws that concern it. There is a lot of paperwork involved, and it can be overwhelming to go through each of your legal and financial records alone. A lawyer will ensure that everything is done accurately. For more information about how a Sacramento living trust lawyer can assist you, schedule a consultation as soon a possible.
Many people avoid doing any type of estate planning because they are unsure of all that it entails. They may be intimidated by all the estate planning tools they hear about and think it doesn’t apply to them because they are not wealthy.
At Yee Law Group, we have been assisting clients in Sacramento CA with their estate planning needs for more than 40 years of combined legal experience and know that everyone should have an estate plan in place, no matter what how much you have in your bank account. The following is a brief overview of some of the tools we can help you with. Please contact our office to meet with a living trust lawyer for more detailed information.
Revocable Living Trust
A revocable living trust can be revoked or amended at any time the person who makes it is still alive. It is similar to a will in that you choose who is named as beneficiary for the assets placed in the trust, however, unlike a will, there is no probate process necessary. The courts are not involved at all in how the assets of the trust are distributed. No one can contest a revocable living trust like they can a will, so your wishes will be kept. And because there is no probate, there is no waiting period for the beneficiary to receive the assets. The trust is turned over to them upon your death (unless you specify differently). See below for a more detailed explanation.
Pour-Over Will
A pour-over will places any asset or property that is not specifically given to anyone into a trust which is mentioned in the will, hence the name of “pour-over.” It is a good catchall protection for any item that the decedent may not have had time to add to their will before their death. A trustee is appointed to manage the trust according to the provisions set forth by the decedent.
Power of Attorney
As much as we may not like to think about it, in many cases, a person can become physically or mentally incapacitated before their death. Having a power of attorney in place gives a person you choose the power to make all financial and medical decisions on your behalf. You can either have a general power of attorney in place where the person makes all the decisions or you can have a special power of attorney which specifies which decisions the individual can make. It is critical that you have the utmost trust in the person you choose as power of attorney. Some people have more than one power of attorney in order to have checks and balances in place to ensure that there is no abuse of authority.
Quit Claim Deed in Trust
This type of trust is set up to transfer property to and from a revocable living trust. It is a way of doing a simple transfer with the person giving the property renouncing any interest in it, however, is making no guarantees about the property.
Living Will
A living will is the best way for a person to declare what their wishes are when it comes to life-sustaining medical intervention. It is important to let your loved ones know what your wishes are, however, sometimes family is unable to honor those wishes because of emotional reasons. A living will cannot be contested and your wishes will be kept. A living trust lawyer Sacramento CA clients recommend can also draft an advanced medical directive.
What Is a Living Trust?
A living trust lawyer Sacramento CA residents rely on from Yee Law Group can help you plan and prepare for your future and the future of your loved ones through a living trust. A living trust is created while you are alive and is a written agreement designating someone to be responsible for managing your property. A living trust enables the creator of the trust to maintain complete control over the assets placed into the trust. This means they can do what they want with their assets such as selling, exchanging or investing them, as they see fit. A living trust lawyer in Sacramento CA may be able to assist you in creating a living trust.
The Parties in a Living Trust
There are typically three parties that are involved when creating your living trust.
- The Grantor – This is you, the person creating the trust. Normally, they are the only person who provides funding for the trust. However, a living trust lawyer Sacramento CA citizens depend on, may suggest adding more than one person, such as a husband or wife, which would create a joint family trust.
- The Trustee – This individual holds the title to the trust property and manages it according to the terms of the trust. The grantor typically serves as trustee during their lifetime allowing themselves the ability to do what they wish with their assets. Another person is usually named to serve as successor trustee, after the death of the grantor or if the grantor becomes incapacitated.
- The Beneficiary – This would be the person or persons that receive your assets after your passing.
Advantages of a Living Trust
Creating a living trust can offer you several different benefits. A reliable living trust lawyer Sacramento CA citizens can be certain of may describe the benefits as follow:
- It is a smart way to avoid probate. A living trust lawyer Sacramento CA offers may help keep more money in the family by avoiding court proceedings that could potentially be lengthy and expensive.
- Anything that is written in a living trust remains confidential. Your personal and financial matters will remain private. The public will not be able to see what you owned, who you owed, or who will inherit your assets.
- If you were to become incapacitated, then your affairs would be handled by your trustee. A Sacramento living trust lawyer may help to avoid court and the trustee will take charge of your finances per your instructions.
Peace of Mind
A living trust allows you to make sure that your property goes to the right people, at the right time and at the least cost. Knowing that you have set in place a proper trust to protect your assets and provide for your loved ones, can help provide peace of mind for yourself and your family. Choose living trust lawyer Sacramento CA residents know that has your best interest at heart and contact Yee Law Group today.
Hiring a Living Trust Lawyer
If you have decided to create a living trust, it may be in your best interest to work with an experienced Sacramento living trust lawyer. He or she may make sure that the legal document is drafted correctly and free of errors.
During your first meeting with a living trust lawyer, be prepared to answer several different questions, such as how many dependent children you have and who you want to appoint as trustee.
A living trust comes with many benefits and can ease the stress on your family members. Do not wait to hire a lawyer to help you set up this trust. If you are looking for a Sacramento trust lawyer, contact Yee Law Group Inc. at 916-599-7297.
Client Review
“Mike Yee and his team are amazing. They are fast and efficient, but you don’t feel rushed at all when meeting with them. Mike in particular is extremely patient, knowledgeable and articulate, and made the whole process as pleasant as writing legal documents can be. Highly recommended.”
Gerald Quon