San Diego is a city located on the Pacific coast of California. The city is known for its warm climate, beaches, and park. As per recent data, San Diego’s home valuations rank six times higher than the national market median price. Estate planning is important to ensure all your assets are inherited by the people you want.
When someone dies without a will and no living spouse, the survivors receive the estate through inheritance. Without a will or trust, things can become complicated when distributing assets. To avoid this, you need to hire an estate planning attorney San Diego to create a revocable living trust.
What Is Revocable Trust?
A revocable trust is like any living trust. In a revocable trust, a trust document is created by an individual, and they have the right to change it whenever they want during their lifetime.
As per recent data, the average income of San Diego’s residents is twice the national average, and many people live in exclusive neighborhoods. Many people in San Diego set up a revocable trust to avoid probate, minimize estate taxes, and protect the privacy of the beneficiaries and the trust owner.
Now that you know what a revocable trust is, it is important to understand how an attorney can help create a revocable trust.
Setting up the Trust
The setting up of trust is a two-step process. The first step is creating the trust agreement, and the second step is funding the trust.
Creating the Trust Agreement
The estate planning attorney in San Diego plays an important role in creating the trust agreement. As per California, property transfer laws, not every estate needs to go through probate. The Superior Court of California states if the total value of the assets is less than $166,250, the court may allow the transfer of property with certain affidavits or summary proceedings. The attorney has a thorough knowledge of laws governing trust creation and transfer of property.
The estate planning attorney can help create a trust agreement that complies with the California State laws and make sure the beneficiaries in the trust do not have to go to the court after the property owner dies without leaving a will. The lawyers will create a proper outline for distributing assets that need to be managed or distributed.
Funding the Trust
As per recent data, most estates in San Diego are settled by probate in 9 to 18 months. Ordinary expenses of the estate include surety bonds, appraisal costs, court fees, accounting fees, attorney fees, and executor fees. The fees and expenses generally add up to 2% to 7% of the estate value.
Legal experts mention a trust agreement is worthless unless it is funded. How the trust will be funded depends on the type of property. An attorney can give the trust creator valuable advice and guidance on funding the trust. An estate planning attorney has years of experience in setting up different types of trusts and can set up a functioning trust in a few weeks.
To sum up, these are a few ways in which an estate planning attorney can help set up a revocable trust.
You must be logged in to post a comment.