Long Beach Living Trusts Attorney
I am sure you have heard the term, “Living Trust.” But just what does it mean? We are all familiar with what the term “Will.” It is a document created by a living person to direct what happens to their property and possessions after death. “Property” is both real and personal. “Real Property” means real-estate possessions. “Personal” property means things such as stocks, bonds, bank accounts,- right down to your prized ruby ring). Together, these things are your “estate.” The people or organizations benefitting from estate are called “beneficiaries.”
Experienced Living Trusts Attorney
Passing property on through a will can have undesired consequences. For instance, one such consequence may be a large tax bill against the estate. You may end up with an unexpected beneficiary, - the government, thus lowering what you leave to your family. One way to address this problem is through a “living trust” rather than a will. A living trust is a legal creation hold assets you put into it, while still allowing you to maintain control over those assets. You can put most types of valued property into your living trust.
If after death, your property has to be “probated,” that is, pass through the probate court, decisions as to the ultimate disposition of your property may come to rest in the hands of the judges, and attorneys at the oftentimes complex and expensive process of probate. A living trust is designed to allow for greater control and preservation of assets. Living trust agreements designate a trustee who manages the assets and property of the trust. The person creating the trust is the “trustor.” Perhaps the Trustee’s most important duty is to make happen what you intended for your property and your heirs.
But a living trust is only as good as the person writing it makes it.
At the Michael Gaston Law Firm, we have decades of experience helping clients set up a living trust. Let us help you protect your assets and your family, so you can relax with the peace of mind that comes from knowing you have a solid estate plan in place written by our professional estate planning lawyer.
Start planning for your future by contacting us today.