While a will dictates how your estate is distributed after your passing, a living trust allows you to manage your estate while you are still alive. There are many benefits to establishing a living trust for your property, and a living trust attorney can help. The experienced estate planning attorneys at The Law Offices of Omar Gastelum and Associates are prepared to offer a wide range of legal services in the preparation and management of a living trust for our clients in the Los Angeles area. To learn more about why you need a living trust attorney, call or contact our office today to schedule a consultation.
What is a Living Trust?
A living trust is an estate planning instrument that allows the grantor of the trust to transfer ownership of certain property to the trust. A trustee is named to manage the assets of the trust and distribute earnings as the grantor dictates in the terms of the trust. Almost anything of value can be placed in a living trust, including real estate, financial accounts, vehicles, art, jewelry, collectibles, and intangible items of value like intellectual property or mining rights. The grantor also gets to determine who the beneficiaries of the trust will be and how the assets in the trusts are distributed upon the grantor’s death.
There are two main types of living trusts — revocable and irrevocable. A revocable trust can be changed or revoked by the grantor at any time. This is the more flexible option for living trusts. An irrevocable trust cannot have its terms changed by the grantor, which makes it more inflexible but comes with additional benefits for the grantor of the trust. A revocable trust also automatically becomes irrevocable on the passing of the grantor.
How can a Living Trust Attorney Help?
Hiring an experienced living trust attorney can be incredibly beneficial if you would like to establish or manage a living trust. A lawyer can ensure that the trust is set up legally, is funded properly, and can advise on the best ways to minimize taxes on the assets within the trust. An attorney can also help craft the details of the living trust’s distribution to beneficiaries and incorporate this aspect of the estate plan with any other relevant documentation.
If the trust is revocable, the right attorney can assist in adding assets, changing the terms, and adding or removing beneficiaries. A lawyer can also provide vital assistance if the grantor of a living revocable trust wishes to change it to an irrevocable trust. To learn more about how an experienced attorney can assist with your legal needs, contact us today.
An Experienced Attorney Can Help
To take full advantage of the benefits of a living trust, call the office or contact us at The Law Offices of Omar Gastelum and Associates to speak with one of our experienced estate planning attorneys.