What type of lawyer is best for trusts?
A living trust is a legal document which spells out exactly what your wishes are with regards to your assets and your beneficiaries. With a living trust, you choose a representative or successor trustee who will carry out your instructions at the time of your death. A revocable living trust allows you to transfer your assets into the trust while retaining control over them as the trustee and allows you to make changes to the document while you’re still alive.
Setting up a living trust can help your beneficiaries avoid probate and can ensure that your successor trustee will be able to take charge of your finances and other affairs should you become incapacitated. While an attorney that specializes in family law has developed expertise in a number of practice areas, the type of attorney needed for establishing a living trust is an attorney that specializes in estate planning — wills, living trusts, guardianship, and tax issues. In general, an estate planning attorney advises and helps to guide you when it comes to choosing the right options for maintaining your estate after your death or in the case where you become incapacitated. Qualified estate planning attorneys will sit down with you and discuss your goals as far as maintaining your estate and other property after your death are concerned. They will present the various options that are available and then recommend those that they feel are best to achieve your goals and desires.
The type of attorney needed for a trust is one that understands the issues that you’re facing and can fully address your questions and concerns . The Law Office of David W. Foley at California Living Trusts specializes in creating living trusts as part of your estate plan. If you’re looking for the best attorneys in California to handle your estate, California Living Trusts should be at the top of your list. The experienced attorneys at our firm are very knowledgeable in California law as it applies to probate, trust creation, power of attorney documents, and much more. Attorney David Foley and associates are experienced attorneys for living trusts in California. Mr. Foley has been a practicing attorney since 1962 and has specialized in estate planning since 1990. At California Living Trust, our living trusts are comprehensive and of the highest quality. We offer our clients a wide range of estate planning services from living trusts to power of attorney and pour-over wills.
A living trust is one of the most important documents that you’ll create, therefore, it’s important that you work with attorneys that specialize and are experienced in estate planning. Our attorneys understand how important it is to ensure that your loved ones are taken care of according to your wishes in the event of your death. Contact the Law Office of David W. Foley, living trust attorney in San Diego, to make an appointment with one of our trusted legal advisors.
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What is the average cost for a living trust in Texas?
Are you looking to secure your assets and ensure they are distributed according to your wishes after you die? A living trust could be your estate planning tool in Texas. Read on to learn how to create a living trust in Texas, understand its benefits and drawbacks, and discover how to navigate the associated tax implications.
A living trust serves as an important estate planning tool, allowing individuals to:
- Transfer a variety of assets owned by a family, such as real estate, bank accounts, or personal property, into a living trust in Texas.
- Sidestep the often lengthy and expensive probate process, safeguarding your family’s welfare.
In Texas, two primary living trusts exist: revocable and irrevocable. A Texas revocable living trust is a flexible and easily amendable legal instrument that enables the grantor to maintain authority over the trust assets while alive, providing various advantages, including potential tax reduction and legal safeguarding for recipients.
On the other hand, a revocable trust can be converted into an irrevocable living trust, which represents a fixed arrangement where property is transferred into the trust, and the grantor relinquishes control. This type of trust can offer enhanced asset protection and tax benefits, as the trust assumes ownership of the assets and pays taxes on them.
In a Texas living trust, there are three key roles:
- The trustee plays a crucial role in managing and allocating the trust’s assets to the beneficiaries, based on the specified instructions within the trust document.
- Naming a successor trustee is crucial because they manage the trust’s assets and guarantee the trust’s beneficiaries the execution of its terms if the original trustee fails to meet their obligations. According to Texas law, you can appoint up to three successor trustees for a living trust.
Creating a living trust in Texas is a matter of personal choice, but many people find the benefits worthwhile. Your trust keeps your personal and business interests out of the public eye. Wills must go through probate and become public records. A trust is not probated and does not become a public record. Your beneficiaries, assets, and trust terms remain private. Beliefs are also more difficult to contest than wills, providing greater security.
One of the main benefits of a living trust is its ability to provide significant protection from the probate court process, resulting in time and cost savings. Moreover, a living trust offers the following benefits:
A living trust allows you to specify how assets are distributed over time, thereby offering enduring financial security for your family. Additionally, a revocable living trust enables the trustee to oversee assets if the grantor experiences mental incapacity, thus eliminating the necessity for court costs of a conservatorship process and ensuring uninterrupted asset management.
How much do most lawyers charge for a will?
Planning for the future isn’t always easy, especially when it involves thinking about one’s own mortality. But creating a will is a crucial task that can save loved ones much heartache and confusion. But how much should drafting a will cost?
This question is a common one, and the answer varies greatly depending on several factors. From the complexity of your estate to the lawyer’s fees, the cost of a will isn’t a one-size-fits-all figure.
In this article, we’ll delve into the factors that influence the cost of a will, offering a detailed guide to help you navigate this essential part of estate planning. So, let’s get started on this journey to understanding the costs associated with creating a will.
Transcending the realm of personal finance and legal affairs, a will serves a multi-faceted role. It’s an essential cog in the wheel of estate planning. Let’s delve deeper to comprehend its definition, role, and significance fully.
A will, or “last will and testament,” is a legal document that communicates a person’s final wishes in terms of asset distribution upon death. The author of the will, known as the Testator, dictates the roles of beneficiaries who stand to inherit real estate properties, investments, valuable possessions, and other assets.
Primarily, a will plays the pivotal role of reducing ambiguity and preventing potential disputes that may arise after the testator’s death. It appoints an executor who marshals the decedent’s assets, pays debts and taxes, and finally distributes what’s remaining to the beneficiaries.
It’s vital to highlight that creating a will stands as a relevant legal cushion. It ensures that the fruits of a person’s lifetime of labor go to their chosen beneficiaries rather than being distributed according to state inheritance laws.
From safeguarding a minor child’s future through a guardian appointment to steering clear of lengthy probate court proceedings, having a will offers multiple advantages. It enables a smooth transition of assets, underlining its significant role in any well-conceived estate planning strategy.
Several determinants play substantial roles in influencing the cost of a will. These factors shape the intricacy, depth, and the legal navigation it requires, primarily including the complexity of your estate, the involvement of professional assistance, and prevailing local regulations.
The cost of drafting a will varies directly in connection to the complexity of one’s estate. An estate comprises all assets an individual owns, including real estate, bank accounts, investments, and personal belongings. A simple estate, entailing straightforward allocations without trust establishments or potential for familial disputes, calls for fewer legal machinations. Contrastingly, a complex estate, replete with high-value assets, business ownerships, and properties in multiple states, necessitates comprehensive work. It demands intricate planning, incorporation of legal devices like trusts, and measures to mitigate impending issues.
How much does a living trust cost in San Diego?
Our fees are low because we don’t require a lot of your time. We can communicate with you via phone calls and emails and are efficient with your time. We don’t insist on unnecessary meetings. You only have to visit our office once, when you come in to sign; at which time you will receive a full consultation explaining all the details. Schedule Contact us
Who is the best trustee for a living trust?
One of the most important decisions you will make when you plan your estate is not “what” or “how” but “who.” Who will you choose as successor trustee of your revocable living trust? If you are married, the first successor trustee will likely be your spouse. But what about when you both pass away? Who will be responsible for the administration of your trust? Who will divide your assets fairly? Avoid arguments? Guard your assets wisely? Let’s look at the issues around the appointment of a successor trustee.
You may also wish to view my webinar on choosing and educating your trustees–and I invite you contact my office for comprehensive Estate Planning in California.
People often confuse the roles of trustee and executor in an estate plan. If you have a properly executed trust, then the person with the authority and responsibility to administer your trust (and only your trust) is the trustee. The executor is the person with the responsibility and authority to execute your will (and only your will). The Army has soldiers, and the Navy has sailors – similar roles, different names. It’s the same with a successor trustee vs an executor.
Ideally, a trust will be the foundation of your estate plan where many, but not all, assets accumulate. Your IRA, 401(k), TSA, Annuity, and Life Insurance typically stay out of your living trust. The trustee can take control of them on behalf of your beneficiaries. With a living trust, you will also have a “pour-over will” which moves certain types of assets into the trust when you die, if those assets are not already in the trust.
It’s the responsibility of the executor of the pour-over will to make sure that the proper assets get moved into your living trust. And usually, if you have a living trust, you will designate the same person to act both as trustee and executor of the pour-over will. Both of these people should know that even in well-constructed estate plans, a probate process may still be required to move some assets into the living trust.
Maybe and maybe not. In some cases, it may be best to have a different person as the executor of your will and trustee of your living trust. That’s a decision to make with a qualified attorney. But essentially, when comparing a successor trustee vs an executor, know that one exclusively handles the administration of your trust while the other is responsible for executing your will.
These are five basic options to consider when you name a successor trustee for you or you and your spouse:
If you name family members or other non-professionals as trustees, you should strongly suggest they engage a trust administration law firm to help them with the legal and accounting issues.
Then there are the professional options:
Let’s look at the pros and cons of these options—starting with a reminder that whatever choice you make, you should revisit that choice frequently as people and circumstances change greatly over time.
How much does a living trust cost in San Diego?
Our fees are low because we don’t require a lot of your time. We can communicate with you via phone calls and emails and are efficient with your time. We don’t insist on unnecessary meetings. You only have to visit our office once, when you come in to sign; at which time you will receive a full consultation explaining all the details. Schedule Contact us
What type of lawyer is best for wills?
I recommend an estate planning attorney or elder law attorney. These practitioners handle wills, durable powers of attorney, healthcare powers of attorney, living wills/advance directives, and trusts.