Revocable Trust Lawyer Orange, CA
As your revocable trust lawyer in Orange, CA, Holborn Law can explain, creating a revocable trust may be the best way to ensure your assets and property remain available. Revocable trusts can be beneficial should you suddenly become mentally or physically incapable of managing your affairs. If you were to become disabled and do not have a power of attorney or revocable trust, it may result in a lengthy and costly court proceeding, where a conservator or guardian is appointed before the property can be utilized for you or your family. The benefits of having a revocable trust include:
Avoiding Probate
A legal process that many people try to avoid is probate. Probate is when the court determines the validity of a will. Probate can be lengthy and costly and is often described as one of the main reasons to have a revocable trust. As an example, if you have a revocable trust and real estate in more than just one state, you can avoid your estate from going through numerous probate proceedings.
Every jurisdiction is different when it comes to probate, so it is recommended that you consult with an Orange, CA revocable trust lawyer from Holborn Law to assess potential disadvantages of probate that would apply to your circumstances.
Asset Availability Upon Death
Assets within a revocable trust after the grantor’s death are available to pay administrative expenses, estate taxes, and debts without waiting for preliminary letters or probate decree issuance. A trust funded before passing means the property in the trust stays in the trustee’s name and is promptly available for liquidation if there is a need to do so.
No Interruption of Management
Another primary benefit of having written a revocable trust is being able to provide uninterrupted investment management should the grantor become unable to care for themselves and after their death. If the assets were transferred and in the trust’s name, there is no requirement to re-register these securities after passing on. Furthermore, depending on the needs and investment goals of the grantor’s estate, there may be no necessity in developing a new strategy for investment.
Why You Should Hire a Revocable Trust Attorney:
TO AVOID PROBATE
Your initial reason for hiring a revocable trust lawyer in Orange, CA, like those found at Holborn Law, is to avoid probate. Knowledgeable trust attorneys understand the process of removing your name from your assets and creating a declaration of trust. Then, upon your death, the trust transfers your assets automatically to the heirs you name in the trust. Because the documentation will be prepared in advance and you will have already declared ownership of each asset, there is typically a short delay in your heirs receiving their inheritance. In addition, they won’t have to go through probate or pay high death taxes because the assets were transferred through a trust.
TO TRANSFER BUSINESS OWNERSHIP
If you own a business, you must determine what happens to your company when you are no longer available to run it. A revocable trust lawyer in Orange, CA, can help you assess your successor and draw up the paperwork that ensures that individual will take over your company. Both you and your successor will have to meet with your attorney. However, the transfer of ownership will be much smoother.
TO RETAIN YOUR RIGHTS
A revocable living trust, which can be handled by law firms such as Holborn Law, allows you to remove your assets from your name, but it places you in the trustee position, so you still retain all your rights to those assets. You manage, dispose or use them the same way you always did. You have complete control of all your property and assets. However, if you are incapacitated or pass away, your named trustees then take over your assets.
BECAUSE YOU ARE A TRUSTEE
If you are a trustee, not the person who wrote the trust, and are trying to get your inheritance from the trust, you need to speak with a revocable trust lawyer in Orange, CA. These individuals wrote and managed the trust for the deceased or incapacitated individual, so they need to ensure proper funding has occurred. You also need to work with an attorney to discuss your tax burden. Finally, a good trust lawyer will guide you through handling your trust on a daily basis.
WHEN YOU ADMINISTER YOUR TRUST
Very specific laws govern how trusts are administered. These include the financial strategies used to protect the trust assets, especially if they are growing. Effectively managing or administrating a trust requires extensive legal and financial experience. You may not understand what is expected of you in managing the trust, which can cause costly mistakes, which you may be held personally liable for. A trust attorney can give you guidance or advice or help you administer your trust.
CALL HOLBORN LAW TODAY
While revocable trusts are not appropriate for every situation, they can be for many grantors and families. For help deciding whether a revocable trust is suitable for you and your chosen beneficiaries depends on your specific needs and preferences. The choice to write a revocable trust is complex and requires a legal consultation with a reputable legal professional. Contact a revocable trust lawyer in Orange, California, from Holborn Law today for more information.
Trusts are an Intricate Part of the Planning Process
A revocable trust lawyer in Orange, CA, tells clients that planning for the future is critical for several reasons. While it can be hard to plan for unforeseen circumstances or a future that you are no longer in, it’s an inevitable part of life. Whether you want it to or not, a time will come when you cannot make decisions for yourself; creating an estate plan critical as it will outline your final wishes. One estate planning tool that offers several advantages is a trust. There are many types of trusts to choose from, including:
- Revocable Trusts
- Irrevocable Trusts
- Charitable Trust
- Asset Protection Trust
- Special Needs Trust
- Spendthrift Trust
- Testamentary Trust
There are so many options available based on your specific situation. Holborn Law can help provide education so that clients understand the differences between a revocable and irrevocable trust while also providing recommendations for what may be appropriate based on your needs.
Common Questions About Revocable Trusts
A revocable trust can be a great way to make sure your assets are divided as intended. If you become injured or incapacitated, a revocable trust that outlines how you want certain assets to be distributed can help make things move more smoothly for your loved ones.
Here are answers to a few commonly asked questions about revocable trusts.
Does a Trust Need To Be In Writing?
Any qualified revocable trust lawyer in Orange, CA, will tell you to put your wishes in writing to avoid any potential confusion in your absence. This will eliminate any ambiguities, disagreements, or frustrations for your loved ones. A revocable trust will also alleviate stress for your loved ones because they won’t have to wonder if their decisions matched your wishes.
Do I Still Need a Will if I Have a Revocable Trust?
You should have a written last will and testament even if you have a revocable trust. A will encompasses all of your assets, as opposed to the property outlined in the revocable trust. If you only use a revocable trust, anything not in that trust will immediately go into probate, which can be a legal hassle for your loved ones. On the other hand, if you’ve created a will, your loved ones won’t have to go through the probate process at all.
Do I Need an Attorney to Set Up a Revocable Trust?
Although you don’t need an attorney to set up a revocable trust, it’s a good idea to do so. Revocable trusts, and any other legal documents, are complex things. To ensure you’re doing right by you and your loved ones, you should have a revocable trust lawyer in Orange, CA, draw up a document that outlines your wishes.
Why Should I Avoid Probate?
Probate can be a long and expensive process for your loved ones to deal with. A revocable trust makes the process of administering your estate much smoother for several reasons. For example, if you anticipate being incapacitated in the future, a revocable trust can dictate who will manage your property, funds, and medical care. Or, if your beneficiaries will be under the age of 18 when you pass, a revocable trust will outline how their inheritances will be handled.
If you still have questions regarding revocable trusts, don’t hesitate to reach out today to speak to a trusted lawyer. The attorneys at Holborn Law have years of experience drawing up revocable trusts and are on hand to answer all of your trust-related questions.
Key Benefits of a Trust
Our revocable trust lawyer in Orange, CA, shares that developing a trust can offer several benefits to the trust owner (the grantor) and their families. While a basic will can be helpful, a trust may reduce estate taxes and the number of assets that pass through probate. Additionally, developing a trust can allow the grantor to be creative over how assets are distributed for when the time comes while also outlining critical decisions you have made when you are no longer able to. Here are some additional protections that a trust can provide:
A Trust Can Protect Your Privacy
When a person passes away with a will in place and the will is submitted to the probate court, the estate’s value will become public record. Most people don’t want their assets available for just anyone to view. However, when you have a trust in place, these assets will not pass through probate and will remain private.
A Trust Can Protect Minor Children and Children with Disabilities
There is much to consider when developing an estate plan as a parent. If you have minor children, you will want to ensure that they are well cared for. If you have an adult with disabilities, you may be especially worried over what will become of them when you are no longer around to provide care for them. A trust allows a parent to outline key details over their children’s care in addition to ensuring that they are financially taken care of.
A Trust Can Protect Your Family
When a person passes away, emotions often run high, and loved ones may have difficulty making decisions or, worse, fight over their loved one’s assets. When there is a well-thought-out estate plan and/or trust, the family will have a clear picture of your final wishes. Not only can this help reduce stress, but it can also mitigate family conflict. Additionally, family will have peace of mind knowing that you have ensured that everything has been taken care of.
Making decisions regarding an estate plan is deeply personal. In some cases, it may be challenging to initiate the process. However, when you speak with a lawyer from Holborn Law, you can have confidence knowing that you are making the right decisions for the future. Don’t put off the opportunity to develop this vital estate planning tool another moment. Contact our Orange, California revocable trust lawyer to get started.
Why Do I Need A Revocable Trust Lawyer?
Now that you know how a revocable trust can help you and your loved ones avoid probate, transfer business ownership, retain your rights over your property, and what happens once you administer your trust, it almost goes without saying that it is time for you to create your own revocable trust. If you reside in Orange California and you have significant property to your name, you should consider getting one of the most qualified revocable trust lawyers Orange CA has to its name. You may find those lawyers at Holborn Law, where we provide you with compassion, years of experience, and trusted results.
There are a plethora of reasons why you might want a revocable trust lawyer. At first, you might think, “Well, I will name an executor to manage my estate and that person will ensure that all of my wishes go as planned, so what good is a lawyer?” An executor only comes into the picture after you have drafted your trust. What about before and during?
A lawyer can assist you knowing which documents to include your trusts. A lawyer can assist you with covering all the basics and then some, which will reduce the likelihood of you overlooking something. A lawyer can even assist you with wording of your trust so that things are just as you want, especially because any trust will require specific language and need to meet certain uniform standards to be valid.
Not to mention, a lawyer can advise you on your rights and how to maintain them. It is not uncommon for people, including your beneficiaries, to begin pressuring you or asking or making requests that may leave you scratching your nose at whether you must do it.
What Is A Revocable Trust?
Although we have discussed the vast upsides to having a revocable trust, we may have explicitly told you what a revocable trust is. A revocable trust is just what its name suggests. It is a trust, which is a fiduciary relationship between you and a third party to ensure that your beneficiaries receive the assets you choose to title to them, that you can change. You can revoke what you leave behind to someone.
For example, what if you realize that you do not like that particular cousin, after all? What if you realize that she or he will squander the money that you decided to give to her or him? Or, what if, months after you created your trust, you learned that your cousin had a substance use disorder or a gambling addiction? Now, you no longer believe that it is wise to gift that person any of your money and you no longer want that person as a beneficiary.
In this case, during your lifetime, you can change your promise by altering it slightly or deleting it entirely. In fact, you can terminate all of your trust if you’d like.
Whatever you decide to do, have the elite lawyers at Holborn Law help you.