Newport Beach Trust Attorney Explains Living Trusts for Estate Planning

in Property
It doesn’t matter where you live, La Jolla, Del Mar, Rancho Santa Fe, Encinitas, Carlsbad or San Marcos, for instance in San Diego, CA, or Newport Beach, Newport Coast, Crystal Cove, Laguna Beach, Anaheim Hills, Yorba Linda or Corona del Mar as an example in Orange County, California, or even in Palm Springs, Palm Desert, Rancho Mirage, Indian Wells or La Quinta in the Coachella Valley, trusts are a useful tool for estate planning attorneys to reduce probate expenses and estate taxes for individuals.

When a trust is set up, one person’s legal property is held in trust by the trustee for the beneficiary. With most living trusts, you are the trustee of your own trust property and keep full control over all the property in the trust. That is why people should not be scared of setting up a trust for themselves. The scary thing is when people try to set them up without the assistance of an attorney. That is when mistakes can be made.

While setting up a trust will cause some expense in attorney fees, they can eliminate the need for probate, probate fees, and your surviving family members can transfer your property quickly without waiting 6 to 12 months for probate to be complete.

If you don’t expect to owe federal estate tax at your death, a simple basic living trust is probably the only type of trust you need to avoid probate and probate fees.

A declaration of trust is prepared and you can name yourself as trustee. The declaration of trust states who you want to get your property at your death. Property is transferred to yourself, as trustee of your estate. When you die, the successor trustee transfers the property to the people you wanted to get it.

If you want to leave your house through your trust, you will need to sign a new deed. This is not as complicated though as it sounds.

You should still have a will even if you have a trust. The will serves to cover any property which you choose not to or forget to transfer to the trust. Your will can also have a catch all that states who gets the residue of your property that you have not specifically given to others.

If you have a trust but no will, any property that falls outside the trust will still go to your closest relatives, according to state law.

Finally, if you have a large estate and need to save on estate tax, more complicated living trusts can be created to reduce your tax at the time of death.

For those who do not want the hassle of setting up a trust, a will can be made very easily and you can still control who gets your property.

If you forget to make a will before you die, the state will determine who gets your property, but it will usually be your spouse and children, or if you have none, your closest relatives.

Visit our website at if you have an estate planning need or legal issue, we have the knowledge and resources to represent you as your Newport Beach Estate Planning Lawyer and Orange County Estate Planning Attorney or your attorney in the areas surrounding cities such as Palm Springs, Palm Desert, Cathedral City, Indian Wells, Yucca Valley, Joshua Tree, Rancho Mirage, Indio, Coachella, La Quinta, or cities in San Diego, the Inland Empire and Orange County, such as La Jolla, Del Mar, Carlsbad, San Clemente, Newport Beach, Dana Point, San Clemente, Laguna Beach, Huntington Beach, Anaheim, Santa Ana, Laguna Hills and Laguna Niguel, Buena Park, Rancho Cucamonga, Ontario, Corona, Riverside, Temecula, Corona del Mar, Yorba Linda, San Marcos, Escondido, Irvine, Tustin, Costa Mesa or Fullerton.

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Sebastian Gibson has 1 articles online
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Newport Beach Trust Attorney Explains Living Trusts for Estate Planning

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This article was published on 2008/10/13