A probate is a process where a will is recognized as the last testament of the deceased personnel and distribute the assets accordingly. Living trusts, on the other hand, helps you to avoid probate and the expenses associated with such a process, it might be nominal. A trust is where a person becomes a nominal owner of assets and properties, to eventually pass on to one or more beneficiaries.
PROBATE AND TRUST
What is probate and trust?
Who needs probate and trust?
Probate and trust is required by everyone who wants to get their affairs in order before their death and who wants to plan for the future after they pass away. It is also done to avoid probate proceedings which can be quite hassling at times. Probates can be avoided if you establish a living trust and create a declaration of trust.
Creating a trust ensures that the property passes out efficiently and quickly to the beneficiaries name. A probate process is long where the judge deliberates upon the legality of a document and appoints the executor which takes a lot of time.
Why should you come to Attorney Michael T. Walsh for probate and trust in California?
Probate is an intricate process and requires a lot of attention to every detail. Therefore, this establishment, in one sense or the other helps to avoid the process of probate altogether. Thus, it is necessary to hire an attorney for this and there could be no better option that the law office of attorney Michael T. Walsh who specializes in estate planning and trusts. This allows them to handle your case in a much better way.
The law office mainly specializes in estate planning and any issues related to it. They understand your problems and draws up agreements and probates in accordance to your wish. If you want to avoid the hassling process of the probate court, they help you to draw up the documents for the declaration of the trust and thereby, you can assess the value of your property and successfully divide it. They provide a personalized solution to all estate problems and you can even contact them for consultation in such purposes.
Tips about probate and trust in Orange County:
While you might want to avoid probate, there are risks of opting for living trust as well. It is imperative that you opt for a revocable living trust, so that you can revoke it at any time when you are the trustee. Listed below are some other tips that you might look into.
- It is imperative that you create a back-up will even though you have made a living trust already. This ensures that the property or assets that you do not want to give to the trust will be inherited by the people you want to.
- While creating the trust, it is essential that you review the properties that you want to assign and inherit to them.
- It is advisable that you invest in a law firm and hire one so that they can handle the complexities of a will.
- Always read the documents well before signing them. Also, note down the changes that you want the lawyers should avoid doing mistakes in the will.
- Keep daily records of the taxes after the creation of the trust to avoid transfer of property by the state authority.