T.L. Brown’s living trust lawyer can help you protect your financial assets and legacies. If you want to make sure your memories and wishes are honored, seek out the assistance of the most experienced and professional living trust attorney in Southern California.
Living Trust Fundamentals
A living trust refers to a legal document that can manage your estate affairs and assets. And contrary to misguided perception, you can create a living trust while you’re spouse is alive. In layman’s terms, living trusts make it possible for you to transfer and protect your most valuable assets.
It is vital to understand that probate refers to legal proceedings that prove the authenticity of a will in a court of law. On the other hand, a living trust assigns a trustee who holds property and assets that ultimately transfers into the trust. The key is to ensure the item or asset has a value so that you can place it into a trust.
Examples of assets with value that you can put into your living trusts can include:
- Fine art
- Mining rights
- Intellectual property
- Real estate
- Savings accounts
- Bank accounts
Mechanics of Living Trust
How living trust works is not as complicated as people usually think. But T.L. Brown team understands that the process of a living trust often comes across as confusing to people. You just need to dive into a few steps to better understand how a living trust works.
The individual that makes a living trust is a settlor or grantor. The initiation of a living trust starts from the ownership transfer of assets or property into the trust. Remember that you can put the name of your trust on your vehicle title or property deed. After that, that lawyer can help you itemize and combine your assets that create the trust fund.
The next step involves assigning a trustee. Once you, the grantor, assign a trustee, you can count on him or her to manage your living trust on your behalf. You can appoint a relative or a professional individual as your trustee. Professional trustees are respected and established in financial institutions. At this stage, despite who you assign as a trustee, he or she will become responsible to follow your instructions.
In the event of the grantor’s departure, the process to transfer assets to beneficiaries starts. But long before this phase, you need to make sure the trust agreement outlines “your” wishes. Remember that a will only comes into effect “after” the death of the estate owner.
But a living trust is in effect while you’re alive. If you pass away or become seriously injured, you don’t have to clear the terms from courts to transfer intended assets to beneficiaries. In your living trust, you can leave your entire inheritance to your heirs named as beneficiaries.
As a grantor, you can add specific terms and conditions for different beneficiaries to get the inheritance items. For instance, you can stipulate that your son or daughter should first get a college degree to get the funds or a valuable asset from the trust.
Benefits to Create Living Trusts
Since the pandemic crisis, life has become uncertain for many individuals. In 2022, there is more than one reason and benefit to make a living trust. One of the advantages to create a living trust is to protect your assets and avoid potential trust challenges.
Unlike a will, a living trust is not a public document and has more privacy. Also, once you sign off on your living trust with specific terms and conditions for beneficiaries, no one will be able to challenge your living trust. Furthermore, creating a living trust saves money and time for grantors.
Protect and Honor Your Legacy through a Living Trust
How a Living Trust is Different from Irrevocable Trust
Unlike a traditional irrevocable trust, the living trust you create grants you complete control. It means you can maintain and adjust the details of the trust with more flexibility. Think of a living trust as a way to streamline and transfer your estate matters.
Make Changes in Your Living Trust with More Freedom
One of the best aspects of a living trust is that it does not create a legal obligation to maintain it in its original state. Instead, you’re free to adjust estate distribution terms and add or cut out beneficiaries. Your living trust attorney can assist you to make relevant changes in your trust whenever you want.
It is high time to settle your affairs!
T.L. Brown’s lawyer can help you add or cut out a specific property from your living trust. You can count on our attorney to keep you up-to-date about your living trust and ensure your estate affairs are in the right order if you pass away or become incapacitated.
Living Trust Attorney in Southern California
When it comes to the creation of a living trust, the needs and requirements of each client are different. T.L. Brown’s team can help you navigate the complex process and create a realistic trust or will. It is never too late or early to keep your affairs in order in life. With a living trust and as well as will, you can ensure your valuable possessions and assets pass on to people as per your wishes.
Schedule Your Case Review Right Now!
Prioritize and seek out the professional help of the T.L. Brown team to create your living trust.
If you want to avoid financial hardships in the foreseeable future and secure the future of your loved ones, take the first step to get professional help and create a living trust today.
T.L. Brown has helped thousands of individuals create a practical living trust. We also help realize estate owners the importance of creating a living trust and how it can benefit them in the long run.
Clients from different backgrounds expect lawyers at T.L. Brown to maintain their living trusts. We can help you create “your” living trust with the most suitable estate and asset distribution.