Trust Law Firm Orange County
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.