Please forward this error screen to sharedip-1666274192. Please forward this revocable trust formation screen to sharedip-192186206165. Counselor at Law, located in Temecula CA, is committed to providing comprehensive estate planning, probate and trust administration services.
If you become incapacitated, who is supposed to make decisions for you about the management of your property or your health care? A durable power of attorney allows someone you designate to act on your behalf. It is usually included as part of an estate plan. Tax Reform and Charitable Estate Planning: Glass Half Empty or Half Full? When Your Parents Remarry, Everyone Is Happy, Right? Our law firm represents estate planning clients from Riverside County, North County San Diego, Temecula, Murrieta, Lake Elsinore, Canyon Lake, Wildomar, De Luz, Fallbrook, Bonsall, Escondido, Valley Center, Rainbow, Hemet, Riverside, Menifee, Sun City, Canyon Heights, Canyon Lake, Quail Valley, Pechanga, and Pala.
Complimentary Consultations provided for individuals or couples seeking to create or update their own estate plan and for those individuals seeking counsel regarding opening a new probate proceeding for a family member who has passed. We also offer a one hour complimentary consultation for the named successor upon the death of an estate planning client. You will be the “trustee” of your living trust which means that during your lifetime, you will have complete control over the living trust’s assets. Avoidance of Probate The main advantage for a living trust is the avoidance of probate.
Probate is a state court proceeding in which your property is transferred to your heirs. Since probate only affects assets which you own at the time of your death, assets placed in a living trust are not owned by you, therefore, there is no probate on those assets. Confidentiality and Continuity of Ownership Since probate is a court proceeding, your Will and the valuation of your assets are open to public inspection. A living trust, however, is confidential and the transfer of assets from the living trust is kept from public view. When the grantor of a living trust dies or becomes incapacitated, the successor trustee continues the administration of the living trust.
Advantages to a Will A Will only takes effect upon the death of the person, therefore, nothing has to be transferred or administered currently. Also, the probate estate is a separate taxpayer which can select a fiscal year end — an advantage over a living trust. Disadvantages of a Living Trust All assets which are to be owned by the living trust must be transferred currently into the living trust. In addition, the trustee must title and sign all documents relating to the living trust as “John Doe, Trustee, John Doe Revocable Trust dated January 1, 1989”, instead of merely signing his or her name.