California Living Trust Attorney

If you are thinking of creating a living trust in California, here are a few things to consider. State laws will remain the same whether you are in San Diego, Los Angeles or San Francisco. Questions about state laws and how they can effect you can be best answered by your California living trust attorney.

One of the first questions you need to consider is whether you have enough assets to need a living trust. California has a costly and complex probate process. If you would like to avoid it, because you have significant assets, you should consider a living trust.

There are also certain tax benefits to a living trust. If your estate is likely to be valued at one million dollars or more, you would probably benefit from a living trust. One of the reasons for this is that in 2011 the federal estate tax exemption is scheduled to return to $1,000,000. If your assets might be valued above that amount, and your assets are not in a trust, there could be a significant tax penalty. A living trust can be an effective vehicle for limiting this estate tax penalty. Estates of this size should always be handled by an Estate Lawyer.

A living trust can also prevent people from contesting property that they would otherwise be able to contest, if the property was left in a will. Property in other states can be consolidated into a living trust, so that your decedents do not have to put that property though probate in another state. Also, the property in your trust remains confidential.

In California, you still need a will. A will deals with anything you did not put into the trust. Guardians of children and pets cannot be put into a trust, and need to be placed into a will. The probate process will deal with the will. If you do not update your living trust on a regular basis, any additional property or assets that were obtained after the living trust was written will be dealt with in probate as well.

Once you decide to create a living trust, you will have to find a way to do it. One way is to hire an attorney. Another way is to visit a website, such as Legal Zoom, and create a living trust. Yet another is to visit NOLA and get software to help you write your trust.

Generally, you do not want to create your living trust on your own. This is simply because living trusts can be complicated. They interact with other legal documents, such as wills and taxes, in unique ways. Estate planning professionals, such as attorneys, can help you set up a living trust so that everything will work out the way you want it to. There is no substitute for the peace of mind an estate planning professional can give you with their expertise.

California has recently changed its marriage laws. Same-sex couples can now be married. If you are in this situation, it is very important that you hire a professional to do your estate planning. This is because the federal government does not recognize that type of marriage. If you do your own planning, you may not be able to recognize how the various laws interact, and this may inadvertently result in higher costs for your spouse.

Hiring a California living trust attorney to create your living trust could save your heirs from probate and other expensive costs.

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