Leaving a Legacy of Love TM
Estate Planning Attorney Serving Clients in Murrieta, CA; Temecula, CA; San Diego, CA; & Beyond
For the majority of us, our estates, though hard earned, aren’t necessarily sprawling. For those with a little less, there is less room for error, which means that estate planning is all the more essential. At The Ashcraft Firm, our estate planning lawyer can help you draft a trust to keep your assets and property out of the probate process. With many years of legal experience, our estate planning attorney can protect your family and distribute your property properly. Unsure if you’re filling out a will properly or need guidance on how to best protect your estate? Our compassionate and experienced will and estate lawyer would be happy to guide you through the process. Our office is proud to serve families across Murrieta, CA; Temecula, CA; Menifee, CA; Hemet, CA; Lake Elsinore, CA; Moreno Valley, CA; Palm Springs, CA; Perris, CA; Poway, CA; Riverside, CA; Rancho Bernardo, CA; San Diego, CA; and the surrounding areas. Contact us today to learn more about the importance of estate planning and to schedule a consultation.
How Do I Create an Estate Plan?
Believe it or not, the State of California already has a plan for you. This plan is called probate. Probate is a court process that returns property to the land of the living. However, most people don’t like this plan because the process is difficult and time-consuming (learn more about the probate process).
Since most people don’t like the plan that the State of California has laid out for them, they opt instead to write their own plan. Many think that a will accomplishes this task, but a Last Will and Testament is merely a letter to the probate judge that tells the court how the planner wants their property distributed when they pass.
You can create your own plan by creating a trust, a special kind of trust called a revocable trust, sometimes called a living trust, and sometimes even called a revocable living trust. While there are various types of trusts that are used to plan for taxes, the revocable trust is used to plan for taxes and to plan for all the unthinkable events that are bound to happen. One of the great benefits of creating a trust is that you are no longer bound by the rules that the State of California has created for you. Creating your own plan becomes more important as life becomes more complex - as families become more complex, society becomes more litigious, employment becomes more irregular, etc.
What Is a Revocable Trust?
A revocable trust is a bucket. This trust “bucket” can hold your property, and you control the property in this trust bucket by holding the bucket handle as the trustee (the legal name for the boss). Further, you can control this bucket even when you are no longer able to make your own decisions because you can appoint others (successor trustees) to take over when you can no longer attend to your own finances. You can also leave instructions for the person appointed to be your successor trustee, and they have a duty to follow those instructions. The problem with owning property in your name only is that the property held in your name only may have to pass through probate. If you read up on that process, you’ll know that probate is a PAIN, so anything you can do to avoid that process would be good. A trust has many other benefits, too.
What Are the Benefits of a Revocable Trust?
Some of the benefits of setting up a revocable trust include:
- probate avoidance
- asset protection
- remarriage protection
- lifetime planning
- tax planning
- special needs planning
- protecting minor children
- protecting adult dependents
- protection from beneficiaries’ drug habits, gambling addiction, and spendthrift habits
- planning for your pets
- planning for your business
- planning for peace for a blended family
- And Much More
Living Trust Attorney Serving Menifee, CA; Hemet, CA; Lake Elsinore, CA; and Beyond
As stated earlier, a living trust serves the same purpose as a revocable trust in California. Living trusts are advantageous because they allow for the seamless transfer of assets upon the individual’s death. This helps the estate avoid probate, which, as we explained, can be expensive, time-consuming, and stressful for all involved.
In the event that you become ill or incapacitated, having a living trust can be enormously beneficial. You can name a successor trustee to step in and manage the trust assets on your behalf. This ensures continuity and avoids the need for a court-appointed guardian.
Why Consider a Living Trust in California?
Tax Benefits: Living trusts can provide significant tax benefits, both during your lifetime and after your passing. Our living trust attorneys can help you maximize these benefits while ensuring compliance with California's complex tax laws.
Flexibility and Control: A living trust allows you to maintain control over your assets during your lifetime. As a revocable trust, you can modify or dissolve it at any time. Our family trust attorneys can help you make informed decisions about managing your assets and providing for your loved ones.
Privacy: Unlike wills, living trusts are not public records. This means that the details of your estate and its distribution remain private. Our will and estate lawyers can help you understand the differences between these legal documents and choose the best option for your needs.
While a living trust can be a valuable tool in your estate plan, it might not be the best solution for everyone. Consult with our office to determine whether a living trust aligns with your specific circumstances. We’ll help guide you through the process to ensure that your wishes are met and your assets are protected.
Additional Trust Services From The Ashcraft Firm
Trust Administration
The Ashcraft Firm offers trust administration services to help guide you through the process of receiving and handling the distribution of funds. After your passing, a trustee will manage and distribute your assets according to your wishes. Our trust administration services will help to officially put you in charge as a trustee and ensure you are meeting all of California’s probate code requirements.
Regular Reviews
It's essential to review your living trust periodically to ensure it reflects your current wishes and circumstances. Our estate planning attorneys can help review your living trust or family trust at any time to help you make any necessary updates or changes.
Family Trust
A family trust is a legal arrangement where a person (the grantor) transfers assets to a trust, which is managed by a trustee for the benefit of the grantor's family members (the beneficiaries). The primary goal of a family trust is to protect and manage assets, ensuring they are distributed according to the grantor's wishes. This can provide various benefits, including tax advantages, asset protection, and the ability to control how and when assets are distributed to beneficiaries. Family trusts are often used in estate planning to help families preserve wealth and provide for future generations.
Take the First Step Toward Peace of Mind
At The Ashcraft Firm, our dedicated team of estate planning attorneys helps clients in Murrieta, CA; Temecula, CA; Menifee, CA; Hemet, CA; Lake Elsinore, CA; Moreno Valley, CA; Palm Springs, CA; Perris, CA; Poway, CA; Riverside, CA; Rancho Bernardo, CA; and the surrounding communities navigate the complexities of living trusts and estate planning. Trust us for all your estate planning needs in California. Whether you need a living trust attorney, probate lawyer, or assistance with trust administration, our compassionate and knowledgeable team is here to help. Contact us today to schedule a consultation and take the first step toward securing your future and protecting your loved ones.