I have been practicing in the area of estate planning for many years in Marin County and the Bay Area, and there are a number of common questions asked by clients or people I meet regarding Living Trusts.
I would like to address some of the questions you may have or which may have occurred to you while
visiting this website:
Should everyone choose a Trust instead of a Will?
If you have a Will instead of a Trust, your estate may very well go through the probate process. This means that the court system will oversee the administration of your estate. This can be a time consuming, expensive and public process. When you set up a living trust instead of a Will, your estate can generally be settled more quickly and less expensively than with a Will going through probate. Since each situation is different, these are issues that we would discuss with you at an initial office conference.
Why is it called a Living Trust? Doesn't it take effect when I die?
own name as trustee of your trust. Even though your trust "owns" the assets, you still control the assets just as completely as you did before you had the trust.
If I retitle the deed to my house into a Trust, will the County reappraise the property and raise my property taxes?
Under normal circumstances, this retitling will have no effect on property taxes. Under California law, transferring your home from your own name individually into your name as trustee of your revocable trust is not considered a transaction which triggers reappraisal. Other kinds of transfers which generally fall into this exempt category are transfers between spouses and transfers between a parent and child.
What if I want to change the terms of the Trust?
That is why it is called a revocable trust. Just like a Will, you can change the terms of the trust anytime you want. For example, you can change the identity of the successor trustee, who is the person responsible for settling your estate after your death. You can also change the names of the heirs or family members who will inherit your trust assets.
Is it a complicated process to set up a Trust?
We take pride in listening to your concerns and clearly explaining how a living trust will accomplish your goals for your estate plan. When we prepare a trust for you, it is fully explained so that you understand how easily it works. Having a trust involves deciding who will inherit your estate and then retitling some of your assets into your own name as trustee of your own trust. We also help you with retitling assets, and we discuss other issues such as guardians for children, choice of successor trustee, powers of attorney, and advance health care directives.
Can you help me with issues other than Trusts?
In the area of estate planning, we also prepare Wills, powers of attorney, and other related documents. After a death, we assist family members and heirs in the probate of the Will or, in the case of a living trust, settlement of the estate and distribution of the assets. We also represent beneficiaries of Trusts or Wills to ensure that they have been treated fairly. In addition, I have been assisting clients all over the Bay Area with their real estate and business issues for many years. I can help you establish business entities such as corporations or LLCs. In real estate, you may have questions about how to hold title to your property or how to set up a joint venture between you and a business partner or family member in the ownership of rental property. Feel free to contact us about these or other business and real estate concerns.