Living Trusts Attorney in Los Alamitos, California

Living trusts are an essential tool for estate planning. They offer a sophisticated way to manage and distribute your assets for your beneficiaries after your death. When they are properly established and funded, living trusts can offer substantial asset protection, help facilitate a smooth and efficient transfer of your estate, and often bypass the lengthy and public probate process. 

At the Law Offices of Lawrence H. Nemirow PC, I have experience with creating living trusts that are tailored to the specific needs and goals of my clients. Located in Los Alamitos, California, I help clients with estate planning law throughout Los Angeles County, Orange County, Huntington Beach, Newport Beach, Cerritos, Santa Ana, Anaheim, and Long Beach. 

What Is a Living Trust?

A living trust (as well as a revocable living trust) is a legal tool that a person (the trustee) creates during their lifetime for the benefit of select beneficiaries. It allows the trustee to keep full control of their assets while they're alive and specifies how their assets are to be handled after their passing or in case they become incapacitated.  

Living trusts are a key part of proper estate planning, and their primary purpose is often to avoid the usually costly and time-consuming probate process. If you or a loved one is looking to set up a living trust, my firm is ready to help. 

Difference Between a Living Trust and a Will

Wills and living trusts are both essential estate planning tools. However, the key distinction between them is how they manage the distribution of assets upon the estate holder's death.  

A will is a legal document that specifies how a person's assets should be divided after their death, and it comes into effect only after the individual passes away. A will is required to go through probate, a legal process that can be time-consuming and public, potentially leading to disputes among beneficiaries. 

In contrast, a living trust takes effect as soon as it is created and properly funded. This allows for the management and distribution of the trust's assets both during the creator's lifetime and after their death. A trust can bypass the probate process, offering a smoother, quicker, and more private transfer of assets.  

Since a living trust can be amended or revoked by the creator during their lifetime, it provides additional flexibility and control over the assets that a will does not afford. This makes living trusts a preferred choice for many seeking to streamline the transition of their estate to beneficiaries while also maintaining privacy and reducing any potential for conflict. 

Benefits of Creating a Living Trust

Creating a living trust offers numerous benefits that can impact the protection and transfer of assets, making it an attractive option for a wide range of estate planning goals. These include: 

Ability to Avoid Probate  

Assets placed in a living trust can be transferred to beneficiaries without the need for probate court involvement. This not only expedites the distribution process but also significantly reduces any resulting administrative costs and maintains privacy since probate is a matter of public record.  

Higher Degree of Control Over Assets 

You can specify the exact terms under which your assets are distributed, enabling you to address unique family dynamics or provide for minor children. This level of specificity and control is seldom matched by wills.  

Continuity During Trustee's Incapacity 

Should you become unable to manage your affairs, a successor (trustee) you have named takes over. They make sure your estate is managed according to your wishes without the need for a court-appointed conservatorship. This seamless transition is beneficial for both the estateholder and their beneficiaries.  

Minimize Estate Taxes 

A living will help reduce the amount of estate taxes your beneficiaries will need to pay after your death, providing more of your estate to your loved ones. This can offer significant financial advantages and peace of mind for those looking to protect and efficiently manage their assets for the benefit of their beneficiaries. 

How to Set Up a Living Trust in California

Setting up a living trust in California involves several crucial steps that need to be carefully followed to make sure the trust is valid and operates as intended. Here is an overview of the process: 

1. List Your Assets: Compile a comprehensive list of your assets including any property or real estate, bank accounts, investments, and personal property that you intend to place in the trust. 

2. Choose Your Beneficiaries: Decide who you want to inherit your assets. These can be family members, friends, or even charitable organizations. 

3. Select a Trustee: Appoint a trustee who will be responsible for managing the trust both during your lifetime (if you become incapacitated) and after your death. You can be your own trustee; however, you will need to name a successor trustee to take over when necessary. 

4. Create the Trust Document: Working with an experienced estate planning attorney, draft the trust document. This legal document will contain all the instructions for managing and distributing the assets within the trust. 

5. Sign the Trust Document: In California, the trust document does not need to be signed in front of a notary public to be legally valid. Instead, the trust needs to be signed by the settlor and then either be signed or accepted by the trustee. 

6. Fund the Trust: For the trust to take effect, you must transfer your assets into it. This involves changing titles and ownership documents to the name of the trust. 

7. Store the Trust Document Safely: Ensure the original trust document is stored in a secure location. Additionally, provide copies to your trustees and beneficiaries as needed. 

Consulting with an experienced estate planning attorney, like myself, is essential to successfully set up a living trust in California and make sure all the legal requirements are met. 

How Can My Firm Help?

At the Law Offices of Lawrence H. Nemirow PC, I understand that setting up a living trust involves more than just drafting documents; it's about creating a secure future for you and your loved ones. I aim to make sure your estate planning goals are met with precision, personalization, and the utmost care. Some of the services I offer include: 

• Personalized Consultation: I will start with a thorough consultation to understand your unique situation, estate planning goals, and any concerns you might have. This allows me to tailor a living trust that accurately reflects your wishes. 

• Experienced Legal Guidance: With extensive experience in estate planning law, I can guide you through the selection of trustees, designation of beneficiaries, and asset allocation. 

• Document Preparation: My firm meticulously drafts and reviews every document to make sure they are accurate, comply with California law, and align with your estate planning objectives. 

• Asset Transfers: I can help you with funding your trust by guiding you through the process of transferring assets into the trust's name.