No individual wants to leave his wealth to be squandered irresponsibly by a child. It might be lost in a divorce proceeding or through the child’s creditors. After working hard the whole of your life to provide the needs for your legal heirs in the event of your death, you will not appreciate the money to be lost just easily. This is the reason why many individuals choose to put money on living trust. This is a part of estate planning done with the assistance and legal advice of lawyers handling Trusts in Tarzana, CA. It is very important for a trust to be assessed carefully in order that the protective goals will be achieved successfully.
It is important to carefully assess and decide whether the living trust is the perfect option on how you want your finances to be managed. You could become disabled in the course of your life and it will provide for your maintenance to sustain your medical needs. However, the individual must also understand that setting up a trust transfers you assets from your name to the trustee’s name in the state of California. There are several advantages and disadvantages on the living trust which should be discussed with the lawyers handling living trusts law attorneys in Tarzana, CA including the assets that you have not transferred to the trust which will significantly require a will.
Proper estate planning must be handled while you are still alive to avoid the time and expense of probate. Many do not actually look forward to probate hence they make all the necessary steps to avoid the process including joint tenancy which is not particularly desirable when co-ownership is made with someone who is irresponsible with money. As a general rule, it is quite risky to transfer ownership of assets or bank accounts to another person not unless you will no longer have any use for the wealth. However, it remains that many older people have remarried even late in life to change the circumstances. Again, this should be considered thoroughly as you will never know what will happen in the future and while there are legal procedures that can be pursued, it is quite difficult to win such case.
Even if you only own modest property it is very important to discuss estate planning with your lawyer and assess whether the living trusts law attorneys in Tarzana, CA will be a good idea for your circumstances. Preparing your own legal documents is not actually recommended not unless you yourself are a probate lawyer. Unfortunately many individuals decide to leave their assets directly to heirs instead of the protection of trusts. This is kind of wealth transfer is very significant in divorce proceedings. This poses a greater risk than probate and estate taxes.
It is worth spending some time with the probate lawyers to determine the right decision from someone who is emotionally detached from the situation. Sometimes, people handle spur of the moment decisions which they will regret for the rest of their life. Contact us to discuss your case with Anthony Rinaldi Law!
