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Why should one opt for a Living Trust Attorney Los Angeles?

If you hate the idea of probate, then you would have probably thought of having a living trust. Living trusts do offer help in avoiding the probate process. However, there are several other reasons that make living trust a lucrative option. Consider the following reasons before hiring a Living trust attorney Los Angeles. 1. Protection of property for beneficiaries This is barely considered to be a reason for creation of living trusts. When people think of estate planning, they plan of passing the property to their wife or husband and as well as for children. In few cases, the beneficiaries cannot manage the process of inheritance. This is usually the case with minor children. Minor children are not allowed to own property while they are young. A guardian is appointed for them until they attain majority. This is because they may end up squandering money. A living trust can ensure that this is not the case. Creating a trust and naming a trustee until your child attains the age of majority can be of significant help. The trustee would take care of the financial needs of your child until they have completed their education. You can discuss this with a Living trust attorney Los Angeles. 2. Elimination of reduction of estate taxes Many people do not have the idea that a living trust can save on taxes. An exemption called ‘unified credit’ is applicable for individuals. Apart from this, no tax is levied on the estate when the property is passed to the surviving children or partner. The spouse can transfer the money required without having to bother about estate taxes. A Living trust attorney Los Angeles can shed more light on this aspect. 3. Property management when incapable People are bothered about property management during old age. There are chances that they need to hire a guardian when the children are not living in the same city as them. Instead of total strangers taking control over their life, it is better to create a revocable living trust. Whenever one is incapable of managing the property, the nominee takes over the management of the property and other finances. 4. Avoiding a contest over the will When there is a revocable living trust, a contest over the will can be avoided. This is because a will turns effective upon the death of a person. Living trusts become effective as soon as they are signed and continues even after the death for a certain span. It is nearly impossible to contests over a revocable trust. This requires proving that the grantor was under undue influence or was not competent when the papers were signed. When done carefully with a with a Living trust attorney Los Angeles, a living trust can prove out to be quite beneficial. 5. Privacy reasons Nobody fancies the idea of having a probate. This is because everything goes public and anybody can make claims in a probate court. Anybody can read the will and locate the beneficiaries or the relatives. People can look into the list of assets and creditors. It would not be hard to locate the addresses and contact numbers of the beneficiaries of the estate. Certain people look into these files for bothering the ones already under pressure. This can be prevented with revocable living trusts. These are private and are not filed in a probate court. Whatever the case is, make sure you hire a reputed with a Living trust attorney Los Angeles for helping you create a living trust in an appropriate manner. Call 818-347-5800 for a no-obligation free consultation at Leventhal Law Group, P.C. to know more about Living Trusts and how I can assist you in your situation.

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