It may seem like something out of reach for an average person. However, the reality is that wills and trust attorneys serving Orange County CA is accessible to people of all financial levels and should be leveraged to ensure your final wishes are fully met.
A living trust attorney in Orange County can provide you with a frictionless way to have an estate planning process completely aligned with your current goals, desires, and priorities.
Here's what you need to know about drawing up wills and trusts.
A will is a legal and living trust document that allows you to declare who will manage your estate after you die through a trust attorney in Orange County or through law offices. Your estate planning may consist of items with a broad range of values, from a vacation home to personal items, such as jewelry, art, photographs, real estate, and more. The person you name in your will to manage your living trust and estate when you die is called an executor.
Your will may also include who you want to become legal guardians of any minor children who are currently under your care. You can even name people to receive specific property items that you own.
If you die without a will, your estate will be settled based on your state laws, and you will need probate attorneys in Orange CA. Probate is simply the court-driven legal process of transferring a deceased person's property to the rightful heirs.
A judge will name an administrator to manage your estate. This person is often a stranger to you and your family, and they must follow the instructions from the court, which may not completely align with your wishes and estate planning.
While you're not required to hire a trust attorney Orange County to create your will, it's often a wiser and less expensive choice to work with a specialist in estate planning, attorneys, or a law corporation versus doing it on your own.
Experienced estate planning attorneys, also known as probate attorneys, can offer suggestions and advice you may not even know exists. They can also ensure that your will or living trusts are created according to state law and are not deemed invalid after you die.
A trust is similar to having a bank account where your assets, money, real estate, and other property are safely held for you. It gives instructions for how your assets can be used or distributed while you are alive as well as after your death.
In most cases, items in a trust avoid probate in Irvine, CA, and by having one, you can often reduce estate taxes and claims from creditors. Creating it on your own can be a daunting task as there are quite complicated legal documents included in estate planning, but not so when you recruit the help of experienced estate planning lawyers.
By working with an Orange County trust attorney or a law corporation near Huntington Beach, you will have the confidence that not only is the trust set up correctly, but that you also choose the right kind for your individual and unique needs.
There are different types of common trusts that allow for incredibly flexible options. Here are some of the most commonly used trusts:
As previously described, a living trust allows someone — the trustor — to distribute assets and property to a beneficiary upon their death. A living trust must be funded in order to avoid probate litigation and must be created while the trustor is alive, and the assets remain in control and for the use of the trustor.
Sometimes called a will trust or a trust under a will, a testamentary trust is an agreement made for the benefit of a beneficiary once the trustor has died, including details on how assets are passed on. This is controlled by a trustee who manages the trust for the trustor's beneficiaries. A will upon which the testamentary trust is based cannot be changed or altered after the trustor dies.
A revocable trust is created during the trustor's lifetime and can be changed, updated, or entirely canceled by the trustor with the help of living trusts or estate planning attorneys. A revocable trust is most often used to avoid assets going into probate court.
An irrevocable trust is one that generally cannot be changed or revoked during the trustor’s lifetime. Irrevocable trusts immediately transfer assets out of the trustor’s name and into the beneficiary’s name.
Your trust must be funded with assets, or it defeats the purpose of having a trust. An unfunded one is nothing more than a piece of paper with instructions and without any assets for the instructions to control. Transferring assets to your trust after you die can sometimes be accomplished but requires a probate court judge's approval according to the law. Your lawyer in Orange County will guide you on how to fund your trust to avoid trust litigation.
Often called a bypass or family trust, a beneficiary can receive assets or funds up to the estate-tax exemption. Estate tax planning is important because it allows the trustor to give a spouse or family member the remainder of the estate tax-free. These trusts are growing in popularity since they can keep an estate tax-free, even if it grows in size.
An insurance trust allows the trustor to combine his or her life insurance policy within the trust, keeping it free from taxation. Insurance trusts cannot be changed but will enable the life policy to help pay for the post-death expenses of the estate.
This trust gives assets to different beneficiaries at different times. For example, assets might go to a spouse after the trustor's death. According to the law, when the spouse dies, the remainder of the trust will go to the children.
When a trustor names a charity or non-profit organization in CA Irvine as a beneficiary, it is called a charitable trust. This trust is often built up over the trustor's lifetime and then distributed to a charity when they die.
A blind trust is handled solely by the trustees without the beneficiaries’ knowledge. This kind of trust is most often used during the estate plan to avoid conflicts between beneficiaries.
1. They help you determine the best way to achieve your planning goals
In planning processes, every client has different goals and sets of priorities. Therefore, hiring a California attorney can lead you in the right direction.
2. They help you establish your living trust
To avoid complications during your planning, these Orange County estate planning lawyers can help you set up your trust, ensuring that it is legally compliant.
3. They can explain the categories mentioned above
You'll have several questions along the way, and attorneys can give you the answers you need.
While most people think they can delay preparing their wills or avoid creating trust until they are in their final years, this creates a risk that your wishes won't be followed if something unexpected happens. Everyone in Orange, CA, can benefit from creating an estate plan or living trust with an attorney, including wills and trusts, even if it may need updating every once in a while.
It is understandable to be tempted by the various low-cost online providers to prepare your legal documents. However, this can result in something that is far from your expectations. Therefore, to ensure that your wishes are honored when you die, you need a lawyer to help you execute smart and final decisions.
Our attorney at law provides value in different ways, beyond what others can do — who just hand out wills, trusts, and other legal documents you'll need. Therefore, it is essential that all your questions and concerns are addressed, and that you fully understand what happens after you pass on and that your beneficiaries receive what they deserve.
If you're not sure if a living trust is right for you, it's worth talking to an Orange County living trust attorney. We can provide you with a free consultation, which will truly help you ensure that your wishes will be carried out and your loved ones will be able to inherit from you after your passing.
A simple conversation with an Orange County living trust attorney can help you see what options are available and how to get started. Since you're talking about your financial legacy and the possible care of your loved ones, this is not an area to take lightly. Therefore, seeking advice from attorneys on creating your living trust or creating your estate plan is a wise decision to make.
Call or email to set up a free consultation today with the trust attorney Orange County and let us show you what you can accomplish with the proper will and living trust abided by the law. You may also check our law firm website to understand the importance of asset protection.