Trust Lawyer Carlsbad, CA
When engaged in the process of estate planning, it’s in your best interest to work with a trust lawyer Carlsbad, CA residents recommend. It should come as no surprise that the process of estate planning is something that many put off. While estate planning may seem cumbersome, it doesn’t have to be, especially with Kamper & Estrada, PLLC. Our team can provide the guidance you need when making critical decisions for the future. One component of the estate plan is developing a trust. It’s a common misconception trusts are reserved for only the wealthy. There are several reasons to consider developing a trust to safeguard assets and protect your legacy:
To Avoid Probate
Probate can be a dreaded process for many. While all wills must pass through probate, it’s possible to reduce the number of assets that have to pass through the probate process with proper planning. When you pass away, the assets in a trust are no longer your property and are transferred to the successor trustee. As a result, assets are no longer considered your property and will not be required to pass through probate. This can be beneficial in retaining assets within your family or appointed beneficiaries. A living trust allows decedents to pass assets on to their heirs without requiring them to pass through probate. This not only maximizes the inheritance of beneficiaries but also simplifies the probate process.
To Maintain Control Over Asset Distribution
A revocable living trust allows you to maintain control until you are unable to do so. This gives you the ability to clearly outline the terms of the trust and put conditions in place to distribute assets to beneficiaries. Our Carlsbad, California trust lawyer will tell you that a trust gives you the ability to outline how trusts will be distributed clearly. For example, you may choose not to disburse assets until a beneficiary completes college, gets married, or reaches a certain age. This can protect young beneficiaries from frivolous spending and, in turn, protect your assets and wealth for the future.
To Protect Your Privacy
When a person passes away, the contents of their will are required to pass through the probate process. Because probate is a public process, any information can be accessed by the public, meaning anyone can access it through the courts. Many do not want the public to know the extent of their estates. When assets are placed in an estate, they are not required to pass through probate. As a result, the extent of a person’s wealth and assets can be kept private.
To Reduce the Risk of Litigation
When a person passes or becomes incapacitated without an estate plan in place, family and loved ones are left to decipher what someone’s wishes might have been. When proper steps are taken to develop a well thought out estate plan, the risk of familial conflict, contested wills, and litigation is probable. No person wants to see their family members squabble over what your wishes are; a trust leaves nothing up for discussion and is incredibly straightforward. As a result, the risk for litigation can be greatly reduced.
While developing an estate plan seems cumbersome, in the long run, it can save both you and your family much headache. When you have worked hard to amass success, assets, and wealth, you want nothing more than to protect it for the future. Kamper & Estrada, PLLC is available to help you achieve this goal. Don’t delay another moment in giving both you and your family peace of mind; contact our Carlsbad, CA trust lawyer at your earliest convenience.