A California revocable trust, also known as a living trust, is an effective tool for protecting your assets, keeping full control of them during your lifetime, and guaranteeing they are distributed according to your wishes after death. A trust can often be established with the assistance of San Luis Obispo’s Legal Document Assistants (LDA) from We Help You Legal. LDAs help people complete all of the legal documents that are required for a revocable trust and avoid the expense of an attorney and some of the pitfalls of DIY trusts that can be downloaded from the internet.
I don’t have much, why do I need a trust?
In California, any assets above $208,550 are subject to probate if they are not funded to a living trust. In today’s economy, many of us who think we don’t have much find out we exceed that threshold when we start checking.
If you own a home, regardless of how much you paid, its value may exceed the threshold. Add up the value of your home, vehicles, bank accounts, and personal property such as jewelry, art, and furnishings, any retirement accounts, and insurance policies. You may be surprised by the combined value.
But, I have a will
A will alone isn’t enough to guarantee your assets will be distributed as you wish. Even though you trust your executor to follow your wishes, a will is first subjected to the probate court. Debts and taxes are paid first. If cash to pay these claims isn’t available, the court may order assets sold to cover debts. Anyone who has a claim to your estate can contest the will, and the probate court may not rule in the manner you wish.
A living trust is not public information, but a will is. A living trust legally bypasses probate court and protects your assets.
We Help You Legal also assists with a pour-over will, which is the document that transfers any assets not already included at the time of your death to your trust. Reach out for more information about living trusts at the San Luis Obispo or Paso Robles offices.
What if I want to change something?
When you transfer property into a trust, the property belongs to the trust, but with a revocable trust, you are the trustee and still have the ability to buy, sell, refinance, or give assets away. As long as you are alive, you can add assets to the trust, remove them from the trust, and add or remove beneficiaries.
Think of a revocable trust as a set of instructions for your successor trustee to follow after you pass away. Upon death, the trust becomes irrevocable, and the trustee is legally obligated to follow your wishes. The trust lets you:
- Decide who receives which assets and when, such as immediately or upon reaching a certain age.
- Hold assets in trust for vulnerable beneficiaries, helping provide long-term financial stability.
- Choose someone you trust to handle your estate without court interference.
- Avoid court fees, additional taxes, and lengthy court processes.
Your trust and estate plan
Along with assisting you with the legal documents needed for your living trust from either the San Luis Obispo or Paso Robles office, We Help You Legal also assists with estate planning, including:
- Power of Attorney for Healthcare Management, which establishes your wishes for medical care and end-of-life decisions, appoints someone you trust to act as your agent to carry out your healthcare decisions.
- Power of Attorney for Financial Management for appointing you agent to manage your finances and property on your behalf if you become unable to do so.
- Final arrangements that establish your wishes for your final rites, where you would like to be laid to rest, or your wishes for your ashes.
Local, experienced services
We Help You Legal has been assisting California’s Central Coast with legal documents since 2001. With offices in San Luis Obispo and Paso Robles, the team of expert LDAs is ready to assist with living trusts, estate plans, and:
- Divorce.
- Adoptions.
- Guardianships
- Custody matters.
- Probate.
- Powers of attorney.
- Corporations and LLCs.
- And much more.
We Help You Legal is a “self-help” legal document assistance company that provides document preparation without the high cost of an attorney. We Help You Legal, Inc. is not a law firm. We cannot represent you in court, advise you about your legal rights or the law, or select forms for you.
