Trust Lawyer in Mission Viejo CA
If you want to establish a trust, you should get in touch with a trust lawyer in Mission Viejo, CA promptly. A trust is a complex estate planning document and you want someone knowledgeable and experienced on your side. A lawyer can help you draft a valid trust that reflects your wishes.
Common Myths About Trusts
A living trust is a valuable estate planning document that lets you be in control over your property while you are still alive. After your death, the trust is turned over to the successor trustee, who will distribute the property in the trust. Here are some common myths about trusts that you should not believe.
- Trusts only provide benefits for beneficiaries, not grantors. When many people create trusts, they have their beneficiaries’ best interests at heart. They know that a trust can help distribute assets faster and easier to them. What they might not realize is that a trust can have benefits for them as well. For example, you can state who you want to handle your financial and legal affairs if you should become mentally or physically incapacitated during your lifetime.
- Trusts always avoid probate. One of the main reasons people choose to create trusts is to avoid probate. Probate can be a long process, so grantors don’t want their beneficiaries to go through that. However, if a trust isn’t properly set up, some assets may still have to go through probate. That is why you should have an experienced trust lawyer in Mission Viejo, CA help you create a trust.
- Trusts are too expensive. Some people shy away from establishing a trust because they assume the costs are too high. Although it’s more expensive to establish a trust than a will, it may be able to save you more money and headaches in the future.
- It’s best to appoint a family member as a trustee. Many people name their family members as trustees. However, this might not always be the best idea. Being a trustee is a huge responsibility and the person you appoint should be financially savvy, honest and organized. If no one in your family can realistically take on the role, you may want to appoint an independent third party, like a corporate trustee.
Signs You May Need to Establish a Trust
A living trust is an important estate planning document that allows individuals to manage assets during their lifetime. While they are not ideal for everyone, trusts can have many benefits. Here are a few signs it might be time to establish a living trust.
- You want to maintain privacy. When you have a standard will, your assets will generally have to go through probate before your heirs receive their inheritances. Probate becomes part of public court record, so anyone can find out information about it. If you want to protect your heir’s privacy, you might not feel comfortable with this. In this situation, it may be best to consider a trust, as it has privacy benefits.
- You want to support a disabled family member. If one of your family members has a physical or mental disability that prevents them from being completely independent, you may be concerned about his or her future. That’s another good reason to consider establishing a trust. In a trust, you will be able to provide financial support without taking away his or her government assistance.
- You want control over how beneficiaries receive your assets. A trust allows you to have more control over how your beneficiaries receive their inheritances more than a will. For instance, if you have an adult child who is not very good with finances, you could state in your trust that you want your child to receive assets at different intervals.
- You’re worried someone may contest your will. Unfortunately, it is not uncommon for family members to argue over inheritances after a family member dies. If your family members already have complicated relationships, you may be concerned that they may contest your will after you’re gone. This can cause even more stress on everyone. If you establish a trust with the help of a trust lawyer in Mission Viejo, CA, your wishes will be followed.
- You want to avoid probate. The probate process has a long reputation of being long and stressful. Your heirs may have to wait quite a while to receive their inheritances. If you don’t want your heirs to deal with all of this, you have another good reason to establish a trust. Having a trust may allow you to skip the probate process altogether.