A trust or a living trust is a legal document that somehow acts as your will while you are living. It puts all your assets into a trust used later for your benefit until the time you die. It then transfers to your heirs or beneficiaries.
Assigning Someone as the Trustee
In a living trust, you can assign yourself as the trustee or someone else. It is a logical decision to assign someone else in case there will come a time when you will be unable to manage your assets.
Having a debilitating illness, for instance, is a situation where you may want to assign someone as a trustee. That person can proceed to manage your assets in the manner that you instructed if you become too ill to make decisions for yourself. In other words, a living trust is like a will. The difference is that it has an executor and management happens while you are alive, without going through the courts.
How Our Palm Springs Trust and Estate Lawyers Help You Prepare a Trust
Palm Springs trust and estate lawyers specialize in this type of legal procedure. They can suggest means to make a distribution or management of your assets easier and in lieu with the local laws. They will then prepare a written legal document that will state how you want your assets managed.
Our Palm Springs trust and estate lawyers gather all records and deeds of your properties. We then transfer them into the trust. This entails a lot of paperwork that only an expert will be able to finish easily, smoothly, and with accordance to the law.
Power of Attorney
We can also prepare a power of attorney in the unfortunate event you or a loved one becomes incapacitated. This assigns another person of your choosing to handle all your finances and to carry out your end-of-life wishes. Our Palm Springs trust and estate lawyers can then prepare your last will, which will assign an executor of your assets once you die.
Get a Trust if You have Significant Assets
Anyone with significant assets would be wise to have a trust. Trusts exist not only because someone is sick or old, but also because accidents and sudden illnesses may happen. It would be best to prepare for it.
If you have many assets of great value, putting them in a trust ensures that your assets will be handled as you wish them to be. It also gives you the power of choosing someone you trust to handle it for you. A trust can cut down on your taxes and protect your properties.
Contact Our Trust and Estate Lawyers for a Consultation
Our Palm Springs probate attorneys can handle putting together a trust for you. Contact us at 760-322-2275 to schedule a consultation.