Throughout one’s lifetime, it is recommended that the individual sets in place a living trust. A living trust is an estate-planning document that goes into effect during one’s lifetime and provides a way to manage his or her assets throughout their lifetime. It also manages where the assets will go after the individual passes away. There are numerous reasons as to why a living trust is preferable to a last will and testament.
Reasons to create a living trust
- A living trust can reduce the amount of estate taxes.
- A living trust can protect minor children. A trust may hold the money for minor children until they are responsible enough to manage it themselves. A trustee can also hold the money in the trust for the child’s lifetime and distribute it to them as needed.
- A trust will help an individual to avoid probate when they pass away.
- A living trust is more private than a living will.
It is important to hire a Trusts Attorney in Yucaipa CA, especially if the individual has a more complex estate planning need. It is also important to consider hiring an attorney if the individual’s plan includes any of the following: any beneficiaries with special needs or those who receive government assistance, those with a high life insurance policy, and those who need assistance with trust funding.
Following are a list of questions in order to determine if the attorney is truly qualified to help the individual’s needs
Be sure to clarify with the attorney what their primary focus is on estate planning. An attorney whose practice is broad but includes simple estate planning and probate matters will work fine, however, if the individual has a complicated family or financial situation they will need to work with someone whose primary focus is estate planning.
Clarify how many years of experience the attorney has. The more experience an attorney has, the more familiar they will be with essential estate planning documents.
It is important to understand what the flat fees are versus what the hourly rates are if any. This will give the individual a clear indication of what to expect to pay for the services of the Trusts Attorney in Yucaipa CA.
It is important to find an attorney that you feel comfortable around, as they will be handling very personal items. For more information on trust and estate planning, click here.
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