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.