Palm Desert, Palm Springs, Newport Beach and Indian Wells Trust Attorney Advises When Living Trusts are Useful in Estate Planning
October 30th, 2008
R. Sebastian Gibson asked:
When setting up a living trust in California, it doesn’t matter where you live, La Jolla, Del Mar, Rancho Santa Fe, Encinitas, Carlsbad or San Marcos, for instance in San Diego, CA, or Newport Beach, Newport Coast, Crystal Cove, Laguna Beach, Anaheim Hills, Yorba Linda or Corona del Mar as an example in Orange County, California, or even in Palm Springs, Palm Desert, Rancho Mirage, Indian Wells or La Quinta in the Coachella Valley, they have usually been set up by an estate planning attorney to reduce probate expenses and estate taxes for the clients. Today, their usefulness in that regard depends on the size of the estate.
When a trust is set up, one person’s legal property is held in trust by the trustee for the beneficiary. With most living trusts, you are the trustee of your own trust property and keep full control over all the property in the trust. That is why people should not be scared of setting up a trust for themselves. The scary thing is when people try to set them up without the assistance of an attorney. That is when mistakes can be made.
While setting up a trust will cause some expense in attorney fees, they can eliminate the need for probate, probate fees, and your surviving family members can transfer your property quickly without waiting 6 to 12 months for probate to be complete.
If you don’t expect to owe federal estate tax at your death, a simple basic living trust is probably the only type of trust you need to avoid probate and probate fees.
A declaration of trust is prepared and you can name yourself as trustee. The declaration of trust states who you want to get your property at your death. Property is transferred to yourself, as trustee of your estate. When you die, the successor trustee transfers the property to the people you wanted to get it.
If you want to leave your house through your trust, you will need to sign a new deed. This is not as complicated though as it sounds.
You should still have a will even if you have a trust. The will serves to cover any property which you choose not to or forget to transfer to the trust. Your will can also have a catch all that states who gets the residue of your property that you have not specifically given to others.
If you have a trust but no will, any property that falls outside the trust will still go to your closest relatives, according to state law.
Finally, if you have a large estate and need to save on estate tax, more complicated living trusts can be created to reduce your tax at the time of death.
For those who do not want the hassle of setting up a trust, a will can be made very easily and you can still control who gets your property.
If you forget to make a will before you die, the state will determine who gets your property, but it will usually be your spouse and children, or if you have none, your closest relatives.
If you have a trust, will, or estate planning issue in San Diego, Newport Beach, Irvine, Orange County, La Jolla, in the Inland Empire, Los Angeles, Palm Springs or anywhere in Southern California, we have the knowledge and resources to be your Palm Springs Estate Planning Lawyer and your Newport Beach Trust Attorney. Be sure to hire a California law firm with estate planning and trust law experience who can serve areas such as Los Angeles, Palm Springs, Palm Desert, Anaheim, Irvine, Beverly Hills, Malibu, Newport Beach, Beverly Hills, Carlsbad, Corona del Mar, Laguna Beach, Huntington Beach, Santa Ana, Rancho Cucamonga, Ontario, Fullerton, Del Mar, San Diego, Orange County, San Luis Obispo, Buena Park, La Jolla, Oxnard, Ventura, La Quinta, and Santa Barbara so you are properly represented and get the compensation you deserve.
If you have a trust, will, or estate planning issue of any kind, call the Law Offices of R. Sebastian Gibson, or visit our website at http://www.sebastiangibsonlaw.com and learn how we can assist you.
Hawaii Homes
When setting up a living trust in California, it doesn’t matter where you live, La Jolla, Del Mar, Rancho Santa Fe, Encinitas, Carlsbad or San Marcos, for instance in San Diego, CA, or Newport Beach, Newport Coast, Crystal Cove, Laguna Beach, Anaheim Hills, Yorba Linda or Corona del Mar as an example in Orange County, California, or even in Palm Springs, Palm Desert, Rancho Mirage, Indian Wells or La Quinta in the Coachella Valley, they have usually been set up by an estate planning attorney to reduce probate expenses and estate taxes for the clients. Today, their usefulness in that regard depends on the size of the estate.
When a trust is set up, one person’s legal property is held in trust by the trustee for the beneficiary. With most living trusts, you are the trustee of your own trust property and keep full control over all the property in the trust. That is why people should not be scared of setting up a trust for themselves. The scary thing is when people try to set them up without the assistance of an attorney. That is when mistakes can be made.
While setting up a trust will cause some expense in attorney fees, they can eliminate the need for probate, probate fees, and your surviving family members can transfer your property quickly without waiting 6 to 12 months for probate to be complete.
If you don’t expect to owe federal estate tax at your death, a simple basic living trust is probably the only type of trust you need to avoid probate and probate fees.
A declaration of trust is prepared and you can name yourself as trustee. The declaration of trust states who you want to get your property at your death. Property is transferred to yourself, as trustee of your estate. When you die, the successor trustee transfers the property to the people you wanted to get it.
If you want to leave your house through your trust, you will need to sign a new deed. This is not as complicated though as it sounds.
You should still have a will even if you have a trust. The will serves to cover any property which you choose not to or forget to transfer to the trust. Your will can also have a catch all that states who gets the residue of your property that you have not specifically given to others.
If you have a trust but no will, any property that falls outside the trust will still go to your closest relatives, according to state law.
Finally, if you have a large estate and need to save on estate tax, more complicated living trusts can be created to reduce your tax at the time of death.
For those who do not want the hassle of setting up a trust, a will can be made very easily and you can still control who gets your property.
If you forget to make a will before you die, the state will determine who gets your property, but it will usually be your spouse and children, or if you have none, your closest relatives.
If you have a trust, will, or estate planning issue in San Diego, Newport Beach, Irvine, Orange County, La Jolla, in the Inland Empire, Los Angeles, Palm Springs or anywhere in Southern California, we have the knowledge and resources to be your Palm Springs Estate Planning Lawyer and your Newport Beach Trust Attorney. Be sure to hire a California law firm with estate planning and trust law experience who can serve areas such as Los Angeles, Palm Springs, Palm Desert, Anaheim, Irvine, Beverly Hills, Malibu, Newport Beach, Beverly Hills, Carlsbad, Corona del Mar, Laguna Beach, Huntington Beach, Santa Ana, Rancho Cucamonga, Ontario, Fullerton, Del Mar, San Diego, Orange County, San Luis Obispo, Buena Park, La Jolla, Oxnard, Ventura, La Quinta, and Santa Barbara so you are properly represented and get the compensation you deserve.
If you have a trust, will, or estate planning issue of any kind, call the Law Offices of R. Sebastian Gibson, or visit our website at http://www.sebastiangibsonlaw.com and learn how we can assist you.
Hawaii Homes