For example, a home placed into a trust, with a surviving spouse set as the trustee, will pass smoothly into the ownership of that spouse without having to wait months for probate to allow them to legally and financially take over expenses. But when you become incapacitated or die, your living trust can be activated to install your successor trustee as the person in charge of your assets to grab them, pay your debts and then distribute the remainder of the assets as you outline in your living trust. His fees were very reasonable, and we expect to use his services again when necessary. To begin the judicial process, a petitioner needs to file a suit.
They are the more common method for documenting a person's wishes for distribution for both personal and real property when death occurs. I am also amazed by the positive reviews. Twentynine Palms Probate Lawyer Barton is able to help your family avoid such issues by means of proper appraisals, probate document preparation, asset liquidation, heir notification, and more. A trust is a legally binding agreement — sometimes drafted with the help of a Palm Desert trust litigation attorney — that allows a third party, known as a trustee, to hold the property, financial resources and other assets of an individual. When you call or meet with us, we want you to feel comfortable discussing the important issues involved in estate planning that are essential for you and your family. Our law office recognizes the uniqueness and diversity of the Palm Desert community and takes pride in tailoring an estate plan for each individual situation. Through the use of a wide range of customized legal tools we help families preserve their assets for future generations, minimize estate taxes, prepare for family emergencies, and avoid the expense and nightmare of probate. What can and cannot be done by a Living Trust? We look forward to assisting you with your legal needs. He helped us through the funding of our revocable trust and was able to answer all of our questions.
If you do not have a spouse or children, they will be passed on to other relatives. A revocable trust is more like a financial storage container, where you are able to place new assets, retrieve stored assets, and "change the locks" whenever the need arises during your lifetime. Artwork and real estate are among the two most commonly protected assets through living trusts. ESTATE PLANNING ATTORNEY IN CATHEDRAL CITY, CALIFORNIA. Some grantors choose a friend or family member to act as a trustee. Big thanks Melanie - I'm ever so grateful for your time and expertise! •Livingtrustsensureyourbeneficiarieswill ereare manytypesoftruststohelpyoucarryoutyour intentions, includingarevocablelivingtrust, charitabletrust, specialneedstrust, pettrust, and irrevocable living trust. My first impression of Herb Chavers was great. I highly recommend Herb, he will provide you the peace of mind you're looking for. Charitable Lead Trusts. If records cannot be produced, a breach may have occurred. WHY DO I NEED A WILL AND A LIVING TRUST? Our primary practice areas include estate planning, probate and trust administration.
In general, trustees must not borrow money from the trust or benefit in any manner from their role as a fiduciary. She may be able to help you protect wealth, minimize the risk of future litigation, and reduce taxes. WHAT IS A LIVING TRUST? Estate and Gift Tax Returns. Some jurisdictions do not allow grantors to make any changes to a trust once it has been executed. If ever my staff or I can answer any questions or concerns, please do not hesitate to contact our office; we welcome your calls. Wills and Trusts are important parts of estate planning. When one passes away, the other retains control of the trust until their death, at which time the beneficiaries inherit the remaining assets. FindLaw's Lawyer Directory is the largest online directory of attorneys.
His comprehensive knowledge of the ins and outs of Wills and Trusts puts his clients at a clear advantage when it comes to protecting their assets and their families. You and your spouse can be the trustees in order to have full control of the property indicated in the trust. Do I Need an Estate Planning Attorney? They answered all my questions without any problems. At the same time, a revocable living trust can be managed by you or any appointed trustee according to the terms established to govern the trust. BILL is well connected in the community. Please call (949) 833-8891 for your complimentary consultation today. When I was looking for a probate lawyer, Price Law firm was recommended to me. Sincerely, Todd Hammett CPA. Formal Wills are usually drafted by a Will and Trust attorney and signed by the testator (or a chosen substitute) in the presence of two witnesses, neither of whom is a beneficiary. Special needs trusts -- created to provide supplemental money for a loved one with special needs so that the individual can enjoy treats and extras without becoming ineligible for government benefits such as SSI or Medicaid. We recommend him without reservation. I had the good fortune to engage Jeremy in this regard.
While anyone can benefit from counsel with an estate planning lawyer, it's essential for people with unique family or financial situations involving: - Substantial assets. Poor customer service, they never got back to me. The staff is very helpful and take initiative in discharging your debt as soon as possible. This will help my parents as we need to utilize these important documents. Once the assets intended for the beneficiaries have been exhausted, the remainder of the trust is donated to a designated charitable foundation. Rejection of trust; resignation and removal of trustee. It has been almost a year and he has still to serve the party involved in probate case. When issues involving trust administration arise, our estate planning law firm can help find a solution.