Many people have the wrong notion that estate only refers to properties. The fact is that it also refers to anything that is under your name; it could be a car, home, stocks, furniture, and other things.
It is up to you to decide who gets the assets you own after you pass away. Often people prefer to dictate the terms of dispersion of these assets amongst family members and other heirs to prevent any tussle and ease the process of claims for the family members.
If you live in any city in California, such as San Diego, then it makes it more important that you hire an attorney for the dispersion of your estate. In such cities, you have to follow a long probate process wherein the family has to prove the will’s legitimacy to acquire the estate. The probate process in California can last up to two years, which means your family will have to survive without their inheritance in the meantime. Besides, the probate process of properties in San Diego can cost roughly about eight to ten percent of the property. While the cost of setting up a trust varies and is based on the specific case, the cost in San Diego starts at two thousand dollars.
An attorney can help you avoid the probate process, which is why you must hire a trust attorney San Diego. With the assistance of an experienced attorney your family members would not have any trouble acquiring the assets due to be handed over to them.
Here are reasons you must hire a trust attorney to help you with your estate planning.
- Helps in Avoiding Probate
If you live in San Diego, then your estate will be under the scrutiny of the Californian court, wherein the probate is a six-step process that can take up to eighteen months and even longer in some worse cases. This means that it can take more than a year for the court to approve the dispersion of funds.
Forming a trust avoids the whole process of probate, which makes it the primary reason people make trusts.
By hiring a trust attorney in San Diego you can make use of their legal advice to efficiently mitigate the process of estate dispersion. You may be advised to make a living trust and skip the probate process.
By skipping the probate process, your family will get their inheritance promptly.
- Ensures Enforceability
While you can make your trust, if there are any loopholes in the paperwork or the trust structure, then the conditions mentioned in the trust will not be enforceable by law. On the other hand, hiring an attorney ensures that trust is a watertight agreement with no room for loopholes or legal maneuvers.
- They will Guide you Through the Intricate System
An attorney has the knowledge to guide you through the system and the laws ensuring that you make all the right decisions. They will help you decide what documents to include in the trust and will enforce the right verbiage to make the trust enforceable. Moreover, an attorney can help you choose the best way of dispersion, whether through a will, power of attorney, or other such legal maneuvers.
- You will pay less taxes
A living trust mentions the market value of all the estate, but the family members do not have to pay any taxes unless they are selling the property. An attorney will inform you about the best practices and things you can do to avoid paying a higher tax on the whole estate.
These are some reasons you should hire a trust attorney to make a living trust.