Benefits of hiring the best probate attorney Los Angeles
A living trust can be a crucial element of any estate plan. By choosing to hire the Best Probate Attorney Los Angeles and creating a living trust, you would be transferring your property’s ownership to the trust. By doing so, your assets can easily be passed to the chosen beneficiaries.
Mentioned below are a few benefits of hiring Sherman Oaks probate attorneys and why you should consider creating a living trust.
You can avoid probate
Probate is the process wherein the title on the assets changes in case someone passes away. Assets, which the deceased owned and have no beneficiary would no longer be accessible by anyone. In order to gain access, family members have to file a petition in the probate court and then wait for the court to approve.
This is a long process which is why creating a living trust is a better option. The trust gets the ownership of the assets in its name. The designated successor then can immediately take it over. The best probate attorney Los Angeles would help you with this.
Reduce estate tax
The Los Angeles probate lawyers would tell you that a living trust is one of the best ways to reduce estate tax. Often married couples create wills, which entitle the surviving spouse of all the assets upon the other’s death. However, an estate valuing over $1,000,000 means that a hefty amount would go towards paying an estate tax at the time of the surviving spouse’s death.
You would often want the assets to pass over to the family members and reduce the estate taxes. Hiring a probate attorney Thousand Oaks and creating a living trust would be the best solution in any such case.
Continued control over assets
By creating a living trust and hiring Sherman Oaks Probate Attorneys, you can choose to be the primary trustee. This means that you still would have substantial control over the transferred assets and could end or modify the trust if you want to. With a living trust, you won’t have to give up controlling your wealth if you don’t wish to.
Safeguards assets if you become incapacitated
In case you become incapacitated, someone has to manage your assets that you are no longer in control of it. If you do not have any incapacity plan, guardianship proceedings might be essential to figure out who would manage the assets. However, when you create a living trust under the supervision of best probate attorney Los Angeles, your assets would automatically be transferred to the trust.
You would be designating a successor trustee who can immediately begin controlling your assets in case something happens to you.Hiring a probate attorney Thousand Oaks is one of the best ways to safeguard your assets from mismanagement and any potential financial loss.
Summary: Creating a living trust is rather easy way and by hiring the services of a probate attorney Los Angeles you would be able to have a clear idea of what it really is. It ensures numerous advantages but it is better to have a clear understanding before you choose to create one.
