Tips for Setting Up a Living Trust
To protect your assets and your family’s financial future, you may wish to speak with a lawyer with Bakerink, McCusker & Belden who specializes in estate planning. A lawyer in Tracy with Bakerink, McCusker & Belden can help you establish a living trust. A living trust is much more than a document. It’s a funded entity. With the help of your living trust attorney, you will need to transfer your assets to the trust . Since you can serve as the trustee of your own trust, you will maintain full control over your assets.
As you’ll learn by watching this video, you should consider transferring assets such as bank accounts, stocks, bonds, securities, and other investments to the trust. However, for tax reasons, it’s usually best to avoid transferring annuities or IRAs to a living trust.
Common Questions About Living Trusts
A lawyer in Tracy with Bakerink, McCusker & Belden who specializes in estate planning can help you create a living trust. A living trust, which is a written document, essentially takes ownership of any assets that you transfer to it. It will be administered according to your wishes during your lifetime. Then, upon your death, its remaining assets will be distributed to the beneficiaries you designate. If you’re wondering whether creating this type of entity may be a wise financial decision for your particular needs, it’s advisable to contact a living trust attorney . Your lawyer can answer any questions you have about living trusts.
Why Should I Have a Living Trust?
Unlike a will, which is important for every adult to have, a living trust isn’t right for everyone. For example, if you’re a young adult, you do not have children, and you wish to leave all of your assets to your spouse in the event of your death, then you do not need a living trust. However, if you do have significant assets and you wish to bypass court supervision for the distribution of your assets, you should talk to a lawyer with Bakerink, McCusker & Belden about setting up this entity. A living trust can offer you multiple benefits. Since it’s created while you’re alive, it will be managed in accordance with your wishes. This remains true even in the event that you become incapacitated. If this occurs, a trustee you select will administer the trust according to your wishes. Upon your death, the trustee will pay any debts and taxes, and distribute the remaining assets to your heirs.
Who Is the Trustee?
It’s common for individuals to serve as the trustees of their own living trusts while they are living and capable of carrying out these fuctions. However, you may wish to select another person to fulfill this function if you prefer not to manage your everyday financial affairs. You could choose a family member or a professional fiduciary to be the trustee.
How Do I Transfer Assets?
Your lawyer with Bakerink, McCusker & Belden will help you transfer assets to the trust . The lawyer will need to prepare and record deeds to your real estate. The law firm of Bakerink, McCusker & Belden will also assist to transfer assets such as bank accounts, bond accounts, and certificates to the trust.
Tips for Leaving an Inheritance for Your Kids
When you’re ready to start thinking about your legacy to your children, it’s time to consult an estate planning lawyer . Your lawyer will draw up the documents for you and answer any questions you may have about estate planning in Tracy. For example, some parents automatically name the eldest child as the sole beneficiary of assets, after the death of a surviving spouse. They may assume that the eldest child will then fairly divide the assets among his or her siblings. However, to avoid confusion and ill will, it’s best to clearly state which child or other relative will receive which asset.
While handling matters of your estate, your lawyer may ask you if there are any stipulations involved with your kids’ inheritance. For example, it is possible to arrange for the inheritance to be distributed in installment payments when your kids reach certain ages. This can help prevent poor financial decision making. Estate planning lawyers often recommend these stipulations when children are known to have substance abuse issues or similar problems.
Essential Steps to Take Following a Car Accident
Each day, personal injury lawyers assist countless people who have been involved in car accidents. If you have been involved in an auto accident, no matter how minor, it’s important to follow a few general guidelines to protect yourself from legal liability. First, you must remain on the scene, even if it’s just a fender bender. Next, call the police and if necessary, call for an ambulance. Your injury lawyer serving Tracy will also advise you to get the name and insurance information of the other driver, in addition to the names of all passengers and witnesses.
Watch this video to learn what else you should do in the event of a car wreck. After calling for emergency responders, for example, it’s a good idea to call a lawyer. An injury lawyer can help you make sure that you have done everything necessary, such as taking photographs of the scene and documenting the circumstances of the crash.
- Personal Injury
- Estate Planning
- customer reviews
- Financial Planning
- Work Injury
- Tracy Lawyer
- Dog Bites
- Auto Accident
- Slip and Fall
- Car Accident
- Living Trusts
- Trust Administration
- Living Will
- Wrongful Death
- advanced health care directive
- About Us
- Russian linguist
- Wills and Trusts
- Car Crash
- Whiplash Injuries
- Estate Taxes
- Slip and Fall Injury
- Auto Accident Claims
- Intestate Succession
- Trust Administrators