Walnut Creek, CA – Discussing the topic of mortality is often difficult, particularly for individuals who have dependents or ambitious life aspirations. However, when it comes to managing finances, it is important to acknowledge and prepare for the inevitable, such as the potential impact of a chronic illness, life-altering accidents, or incapacitation.
Developing a comprehensive estate plan that incorporates a living trust is a responsible step toward providing security for children, families, and loved ones while outlining the desired handling of assets both during and after one’s passing.
While a financial advisor can help with many wealth preservation issues, an Estate planning lawyer like the Law Offices of Joel A. Harris has valuable insight into the legal procedures of starting a living trust, the requirements, modifications, and many more.
A living trust names a grantor who is the person/couple establishing the document, the trustee appointed to take over management upon death/incapacity, and the beneficiaries who are the heirs to the assets and benefits set by a grantor. A person can make various provisions for the beneficiaries, such as age restrictions for young/irresponsible children and special needs stipulations for disabled family members. Compared to a will that works after death, a living trust bypasses the expensive and expansive probate process, allowing the trustee to carry out the documented instructions when a person passes away or fails to manage their financial/legal affairs due to incapacity.
Living trusts are created and signed to become enforceable documents when a person is still alive and capable of making sound decisions. Individuals who set up a revocable living trust modify terms at any time, allowing them to retain control of their assets, transfer ownership, and special provisions. While an irrevocable trust is set up when a grantor is still alive, they can’t make changes or modifications. As a result, their assets are no longer considered part of their estate and aren’t subject to creditor claims or estate taxes. Unlike revocable trusts that are appropriate for most people, an irrevocable trust is usually only used for asset protection or estate tax planning.
A person can transfer assets like family heirlooms, real estate, stamp/coin/jewelry collections, bank accounts, boats, vehicles, stocks, bonds, antiques, mutual funds, and other securities to a living trust. Depending on the assets a person is transferring, they may need a new deed, title, or other documentation in the trust’s name. However, assets like a retirement account, IRA, 401k, or life insurance can’t be owned by a trust, but a person can name the trust as the beneficiary. At Law Offices of Joel A. Harris, a living trust attorney in Walnut Creek, California, clients receive all the details they need to secure their interests and assets while abiding by the law, rules, statutes, and stipulations.
Visit their website to learn more about living trusts and estate planning, or call (925) 757-4605. The law firm is at 1261 Locust St Number 170, Walnut Creek, CA, 94596, US.
Law Offices of Joel A. Harris
Joel A Harris
1261 Locust St Number 170