- A living trust will avoid probate for all assets that have been transferred to the trust.
Legal fees for probating an estate are usually much higher than the fees for administering a trust. Probates can also take a year or longer to complete, but a trust administration usually can be completed in a much shorter time.
- Federal estate taxes can be reduced or avoided.
- It can help ensure that your assets will be managed according to your wishes; even if you become unable to manage them yourself.
- In setting up your living trust, you may serve as its trustee initially or you may choose someone else to do so.
- A trust also can avoid a conservatorship, which is a court preceding that is expensive, time-consuming and restrictive. Conservatorships are needed when an individual can no longer manage his or her financial affairs. A conservator is appointed by a court and given the power to manage the conservatee’s financial affairs, and also make decisions concerning the conservatee’s living arrangements. A properly prepared trust can provide a successor trustee who will manage the trust for the benefit of the trustor, sometimes avoiding the need for a conservatorship.
Knowing exactly who should get what can put your family at ease, ensuring that they do not have to deal with confusion on top of grief after you’re gone. Our legal professionals at Leventhal Law Group, P.C. have the skills necessary to help you determine whether you should create a will or trust. We can then help you organize the document or documents you choose so that your wishes are clear to your loved ones.
- Flat-rate fees
- Flexible appointment scheduling
- Personal attention on every case
Please email us at firstname.lastname@example.org or call us at 818-347-5800 for a free initial consultation and speak directly with attorney Jonathan Leventhal.