One must not confuse the term ‘trust attorney’ with a legal advisor one can count upon. However, a ‘trust attorney’ is also someone that can be trusted, but there is more to it. This is someone who assists you with your estate planning. A Trust Attorney San Diego can help you with an estate planning package at $2000 for an individual. For married couples, the charges are around $2500.
Many people like to handle their wills and trusts on their own. Considering the complexity of the legal documents, it may not be an excellent idea. Nothing can beat having the expertise of a trusted attorney by your side.
Types of Trusts
Revocable
It is created during the life of the grantor. The name suggests that the terms of the document can be altered during the grantor’s life. The primary goal of this trust is to bypass probate after death for the transfer of assets.
Irrevocable
Once it is created, you cannot alter it. The purpose of this arrangement is to transfer assets from their taxable estate. This trust is designed to fulfill specific goals. It is often done to shield assets from creditors.
Living
It is created while you are alive. It is solely done to ensure a peaceful transfer of the assets to the beneficiaries. It helps in preventing probate and saving both time and money. Simultaneously, it will reduce estate taxes.
Minor
This arrangement is used explicitly for asset distribution in the case of minors. It instructs how the assets will be under the trust until the minor reaches maturity. It will assure financial security a little in case a parent or guardian dies.
Reasons Why You Need a Trust Attorney
A lawyer in San Diego charges between $164 and $422 per hour. Probate may take 9 to 18 months in San Diego. Having a trust attorney in San Diego could help prevent the same or reduce the period of legal proceedings.
- Estate planning has no fixed solution. The solutions depend on the size of the estate, purpose, etc. Whether you are looking for a will, trust, power of attorney, or a combination, a legal expert can give you the best advice.
- Trust is way more complex than drafting a simplistic will. A lawyer will ensure setting up the same legally and offer you the best strategies to minimize your tax burden. It is not something you would like to do independently.
- Creating a living trust will require nominating a trustee. You may not be able to provide the best judgment at times. A lawyer can help you explain the roles and responsibilities of a trustee and make a better decision.
- A lawyer can explain the different legal documents associated with estate planning. They will offer adequate guidance if it is best to have a power of attorney.
- You might create legal documents and forget about them in a while. A lawyer will ensure your files are up-to-date and comply with the latest regulations. They will review your plan from time to time.
Final Thoughts
If you plan to file a probate in San Diego, it must be filed in California Court. A lawyer will ensure you have customized legal documents as per your needs. They will draft the estate planning documents that represent your wants.
There are several legal firms in the business. However, select the one by reviewing their records only if they align with your interests. Having an attorney for your legal matters can make all the difference you have been looking for.
