Trust Attorney Los Angeles’s FAQ about Living Trust Attorney Los Angeles
There are different kinds of trusts. Basically all trusts are either revocable or irrevocable. We also have living trusts and testamentary trusts. In this article, Trust Attorney Los Angeles, being a professional in trust administration matters will highlight certain questions that clients ask and that will be of help to you and we shall dwell largely on Living trust Attorney Los Angeles.
Living trust is one that is created by you and becomes effective immediately. It is a way to guarantee that your assets and property will not be a subject of probate when you die. This trust which can be modified determines how your assets are managed in the event of incapacitation and death.
Frequently Asked Questions about Living Trust
Is there any difference between Living Trust and will?
Yes there is. A living trust becomes active while you are yet alive, but a will becomes effective only when you die. Again, a living trust has got you covered during your lifetime should there be any case of mental incapacitation but a will does not offer any such consideration. You should know that a will is an official and legal document which spells out the manner in which your property should be shared after you are dead and gone. This makes it a public document subject to probate which can become expensive and time consuming. Living trust on the other hand is designed to avoid what a will brings up because your property belongs to the trust and that settles it.
Does Living trust allow me to make myself the trustee?
Certainly, it does. As a matter of fact, a large percentage of people who have living trust policy act as the trustee. It gives you total control over the property mentioned in your trust. If you so desire, Trust Attorney Los Angeles can help you make your spouse or a friend a co-trustee which will give the person of your choice control over your assets when you die of if you become incapacitated.
When I have a Living trust, will I be exempted from income tax?
No you will not be exempted. A living trust will keep you away from probate proceedings and reduce or totally eliminate federal estate taxes. It does not reduce or exempt you from income tax.
Is it possible to move my real estate into a Living Trust?
Absolutely, yes. It is even advisable that your properties be moved into your trust if not, legal court proceedings may arise on all the properties you have in different states but when your Living Trust is in care of your real estate, no probate proceedings can arise after your death
I am not very rich do I need to bother about Living Trust?
You should bother about Living trust because it is not only for the very rich people. Anybody who is interested in shielding his beneficiaries and family members from needless court cases should consider it.
How do I choose the Attorney to manage my Living Trust?
Virtually any attorney should be able to create a living trust however, you should endeavour to consider one who knows his onions and that is where Trust Attorney Los Angeles comes in