If you already have a will, you understand the importance of ensuring everything is for your family in case the unexpected happens. Over time, things change, the size of your family, your assets, your place of residence, and your employment status, for example. If you’ve experienced some major life changes or if it’s been a while, it’s time for an estate plan review. It may be time to learn how to amend a will, update it, and the rules for estate planning California.
Filippi Law Firm P.C. is here to help you with estate planning Rocklin, CA. Making an estate plan and changing or updating it is crucial to successfully execute your estate, lessening time, stress, and cost for your family following your death.
When Should You Update or Modify Your Will?
There are several circumstances when it is universally advisable to update your planning for your estate in California or otherwise.
- Birth or Adoption of a New Child: This is a huge change if you’ve had a new child or adopted a child into the family. Protect your child by ensuring they are named in your will.
Change in Marital Status: If you marry, you’ll want to ensure your spouse is protected in the event of your passing and that they have the necessary information and authority to serve as the executor of your will. If you divorce, you’ll likely want to cut your existing spouse out of the will or reduce the amount they get. - Major Financial Losses: Have you declared bankruptcy? Did you sell off some assets in your will to cover financial losses? If so, it’s time to learn how to amend a will.
- A Financial Windfall: Did you win the lottery or double your salary? Did you inherit a large amount of money from a deceased relative? If so, it’s time to consider a revision in planning for your estate.
- Deterioration of Health: If you’ve been diagnosed with cancer, have a heart condition, or have had major surgery, it’s crucial to consider your estate plan again. While many people don’t get to consider whether or how to update a will before a sudden medical event, if you have the chance, our estate lawyer Rocklin advises you to consider it. This includes patients suffering from chronic conditions as the result of long COVID.
- You’re a New Grandparent: Have you become a grandparent? Congratulations! You’ll want to ensure your grandchild is taken care of. Our estate attorney Rocklin advises you to consider a newly born or adopted grandchild in your estate plan.
- Change in Personal Relationships: Over time, families sometimes experience falling-out’s over major issues or how they treat one another. If you have a familial relationship that has improved or deteriorated and that person should or should not be involved in your estate plan, it’s time to think about planning for them in your estate.
- Change in Laws: State-specific laws over estate planning in California and elsewhere change over time. When this happens, it’s a good time to consider learning how to amend a will with Filippi Law Firm P.C.
- Moving to a New State: Are you new to California or another? Your state-based inheritance laws are likely different, meaning it’s time to revise your estate plan ASAP.
- Retirement: You’ll budget and get a new assessment of your finances as you retire. You’re likely also aging unless you’re lucky enough to retire early. This is an ideal time for an estate plan review.
How to Update or Modify Your Will
Most often, a codicil is involved in the modification of your will. A codicil is an additional document that clarifies certain situations. They are easier than creating a new will and less expensive to do — think of it like adding a clarifying amendment versus rewriting an entire constitution. However, sometimes, it may still be necessary to rewrite the will for proper estate planning.
If you’re unsure about how to update a will, contact an estate attorney Rocklin for clarification. Your family and beneficiaries cannot afford for you to make a mistake on this.
How Often Should You Update or Modify Your Will?
Filippi Law Firm P.C. recommends updating your will whenever a major life event occurs (see above list) or every 4-5 years. This removes ambiguity about your intentions in the event of your death.
How Much Does It Cost to Update or Modify a Will?
Estate planning can be expensive, but in most cases, updating a will could only cost a few hundred dollars. In the case of a complex estate plan, it could cost thousands. Most updates should be simple and standard if you have a middle-class income and a nuclear family with less than ten people in it.
If you have an upper-class income or have to make many changes as you haven’t updated your will in a long time, your estate plan review could cost a bit more. Your Rocklin estate planning service is happy to provide an estimate.
Filippi Law Firm P.C., an estate attorney Rocklin, can help you conduct an estate plan review and figure out how to amend a will or how to update a will. Filippi Law can provide the most advisable course of action regarding what is best for your family and estate.
If you’ve just moved to Rocklin, California, it’s been a few years since you’ve reviewed your estate plan, or if you need to create or amend your will due to a life change or circumstance, give Filippi Law Firm P.C. a call. Ensure your family’s needs are met no matter what unfortunate circumstances could befall you. Please don’t leave them without a plan; leave them with an updated plan.
Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Give us a call at (916) 333-7910 or fill out the contact form to get in touch with our office. Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin. Prepare for your future and work with the best estate planning attorneys today.
What is an estate plan? No matter how much we prepare mentally, most of us are never truly ready to pass away. There are many things to consider regarding how your family will carry on after you’re gone, including finances.
Nearly 70 percent of Americans don’t have a plan set up for after they pass away, leaving their families in the dark financially. Because of this, it’s essential to have an estate plan ready.
What is estate planning, though, and how can the highly rated estate planning attorneys at Filippi Law Firm P.C. in Rocklin get your estate set up? Let’s take a look at the details.
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An Estate Plan
While people tend to think of only those with tremendous wealth when hearing the word “estate,” however, it’s something that everybody has. An estate is all of your possessions, from cash in the bank to the pieces of furniture in your home.
You’ve likely seen an estate sale, which is operated similarly to a garage sale. These occur when a person who has passed away has many tangible assets liquidated for various reasons, including paying off debts or simply because the family of the deceased are not interested in keeping material items.
Ultimately, estate planning is getting all of your monetary affairs in order after you pass away. Most people think of a will and an estate as the same thing. Still, an estate plan is the culmination of a will and several other post-life estate planning documents, including powers of appointment, trusts, gifts, and property ownership.
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Estate Planning
Without estate planning, California probate law determines the distribution of all your money and property upon passing, except for joint accounts, which are then transferred fully into your co-owner’s name. You don’t want the distribution of all your valuables to be left to state law to determine, which can lead to frustration. The highly-rated California estate planning attorneys of Filippi Law Firm P.C. will ensure you have everything you need for your estate plan.
Estate planning doesn’t always mean planning for death, either. It can also be used in the event of a long-term illness or injury that can leave you incapacitated and unable to make decisions. This is why our Rocklin estate lawyers suggests it’s better to start estate planning at a young age rather than wait until later in life. Often, families are left to fight in courts to determine how assets are divided, which can tear these families apart.
Without an estate plan, the court will ultimately decide how much your loved ones get, and if you have children, decide who their guardian will be. We make estate planning painless, and the post-life process can be reserved for remembering and celebrating your life rather than being saddled with a financial burden and lengthy court process. Financial peace of mind can make the grieving process a little bit easier.
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Estate Plan Checklist
Planning for an estate can be much easier than you think, especially when following a simple checklist. You’ll want to get several documents in order, and the highly rated California estate planning attorneys at Filippi Law Firm, P.C. can do just that. There are 10 essential documents you will need during estate planning. Here’s what is needed and what these documents entail:
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Identity Documents
Includes your birth certificate, social security card, and any marriage or divorce certificates you may have.
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Final Will and Testament
If you have children under 18, you’ll want to name a legal guardian. Also, an executor will be named that will carry out the will and ensure that all the personal belongings listed will get what you have left for them.
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Beneficiaries
Many people have long-term benefits, including pensions, life insurance, and an IRA. Those will pay out following your death, so it’s important to designate who will receive those benefits.
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Revocable Living Trust
A revocable living trust is typically set up by those who are estate planning at a young age. With this trust, you can control your estate while still living, make any changes you want, or revoke it entirely.
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Power of Attorney
Important financial decisions may need to be made when people are incapable of making decisions themselves. Because of this, a power of attorney is needed to make these important decisions for the estate’s benefit. A power of attorney can also be designated for your health, making important medical decisions based on your wishes, including being on or off life support late in life.
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Titles and Deeds
Most people make large purchases, especially with real estate and vehicles. You don’t want these to be in limbo, so it’s vital to ensure that all titles and deeds are in order and in your name. You can decide who will be the owner of these titles upon passing.
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Financial Documents
While estate planning, one of the most important things to do is take inventory of your financial accounts. This includes bank accounts, credit cards, all insurance policies, mortgages, and personal loans. This gives an idea of how much money is owed and designates how much your beneficiaries receive.
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Funeral Instructions
It’s estimated that less than 20 percent of Americans have their funeral wishes designated in their estate plan. To save your family a lot of time, energy and money, ensure that your post-life wishes are fulfilled. Whether you want thousands of dollars designated for a large burial or simply have your ashes scattered locally, you’ll want to be very clear with the directions.
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Passwords
Take note of your financial accounts and passwords’ login information and keep them safe. This is something that people more than 30 years ago didn’t have to worry about. Still, with most finances being handled virtually, someone should be designated to have the account information upon passing. Start Planning for Estate with Filippi Law Firm, P.C.
The Filippi Law Firm P.C. has the compassionate estate planning attorneys you need for your estate planning documents to ensure your family’s best future.
We’re a team of dedicated estate planning attorneys. We offer a comprehensive estate plan review so that you and your family aren’t left without direction in the event of a tragedy. Our estate planning services help you to minimize expenses, save time, and cut down on taxes.
If you’re ready to start your estate planning, give us a call on our 24-hour line at (916) 333-7910.
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Is it too early to start thinking about an estate plan? Perhaps you are too young to worry about such a need. However, tragedy can strike in a blink of an eye.
Devastating accidents don’t only happen to older people. Younger people should also consider the benefits of estate planning.
But where does one even begin to start?
Let’s discuss the benefits of estate planning, what to look for in an estate planning attorney, and why Filippi Law Firm P.C. is a great choice to help with this important aspect of life.
Who Needs an Estate Plan?
Do you need estate planning earlier in life or later? Most people would agree that having your estate plan handled earlier in life is the more responsible way to go.
Even if you have little to no financial assets, it’s important to have an estate plan in place. Your final wishes can be spelled out and addressed for those you leave behind to follow.
It can get pretty ugly without something official in place, should family or friends want different things for you once you have passed away. Funeral arrangements and final goodbyes deserve the attention of an estate lawyer in Rocklin.
You should talk to an estate planning lawyer if you own a business, numerous businesses, or children. People often think they have much more time to plan these things out, and sometimes they do. But life also brings a number of things that can affect the timing and preparedness of any future plan. You don’t want to be caught off guard and have your family’s well-being affected if the worst should unexpectedly happen.
When planning for estate issues, it’s important to know who to turn to. A reputable estate planning lawyer is essential in this equation.
Benefits of an Estate Plan
When your estate planning is completed, there is no guesswork should the worst happen. If you were to pass suddenly, your wishes regarding your estate would be clear and well-defined. Estate planning rules in California can be tricky and need to be navigated by a professional.
The benefits of estate planning in the Rocklin area are numerous. Once you reach the age of 18 years old, your parents no longer have the right to make financial, medical, or educational choices for you. You may need a living trust to protect your rights should the worst happen.
It’s also advisable to have an estate attorney in Rocklin handy to protect your family from scammers and con artists should you pass and someone tries to steal your identity. Solid, responsible estate planning can help keep these despicable people away from your family should something devastating happen to you.
How Much Does an Estate Plan Cost?
One of the main concerns about estate planning for many folks is the cost of putting together something official. Putting together a basic last will and testament can run as little as $350 to $650. However, the more complex estate planning you do, the more it can cost.
When you factor in businesses and companies that you may own or be a part of, it can take many more hours and documents needed to complete. Another aspect has a husband, wife, and children. Guardianship can be a complex aspect of estate planning and needs to be given the proper attention it needs.
How To Create an Estate Plan?
You can create your estate plan with a do-it-yourself will. There are many options for those who only want or need to participate in basic estate planning—some research on the internet to find options with downloadable forms to fill out. There are instructional how-to videos people can watch to do their estate planning.
For some, planning every aspect of an estate plan can be confusing and uncertain. If you do not have a background in law and are nervous about attempting such an undertaking all by yourself, it’s advisable to talk to an estate planning attorney. Using the services of a detail-oriented estate planning lawyer is money well spent.
Most people do not know estate law to attempt to create a living will or a last will and testament. They are more comfortable paying an estate lawyer to do the job correctly. An estate planning attorney has the training and know-how to cover all aspects of your estate planning in a detailed, professional way.
Most will offer you an initial consultation so you can sit down together and discuss your exact situation, simple or complex. Once you’ve discussed your wants and needs, a plan can be put together to ensure this happens. You’ll have peace of mind once this is in place.
Create Your Estate Plan With Our Estate Planning Lawyer
If you decide not to attempt to make a living will or another variant of something similar on your own, you can enlist the help of a reputable attorney, Filippi Law Firm P.C. Our attorneys have the knowledge and know-how to create a comprehensive, practical plan so that you and your loved ones will never be caught off guard, should the worst happen.
Our years of experience and knowledge as estate planning lawyers can help you develop a plan that will cover your family’s business, retirement, and estate planning needs, with these and other variables factored into the equation.
Contact us today to schedule a consultation. You’ll have the peace of mind you want when you utilize the resources and knowledge that their attorneys bring to the table.
Read our blog post ‘What Is an Estate Plan?‘ to learn more.
What is a small estate affidavit? If you have been a reader of our blog for any period of time, you have likely learned that you want to take the steps necessary to avoid probate. Not just for the excessive cost and time, it takes to proceed through that process, but because of the hassle, it causes your family (see https://filippilaw.com/what-is-probate). However, you may be surprised to learn there are some little-known situations when your estate won’t need to go through this probate process.
First, we must mention that the best solution, and one we often suggest to our clients, is to have a revocable living trust created. If done and maintained properly, this all but guarantees your estate will avoid probate.
Absent you putting a revocable living trust in place, there are still a couple of situations when probate may not be necessary. The most obvious being that if your estate does not have any descendible assets (property able to be inherited) for your heirs. This can happen if you have done extensive estate planning, or if you have simply lived your best life during retirement and enjoyed every cent you saved.
There is also another time when probate may not be necessary. California has a little-known law that allows for the passing of estate assets without the supervision of the court in the probate process. California Probate Code Section 13100 allows for assets in an estate to transfer through the drafting and executing of a small estate affidavit. However, only some estates will qualify.
The most significant qualification to proceed under a small estate affidavit is that the total assets in the estate do not exceed $166,250. This amount is modified by the California Judicial Council every three years in proportion to fluctuations in the Consumer Price Index (CPI), an economic reading that identifies the rate of inflation in our economy.
The next question that needs to be answered is what is included in the sum of a person’s estate. California Probate Code Section 13050(a)(1) answers this question for us. It excludes property that was held in joint tenancy with another, was terminable at death, passed to a surviving spouse under certain circumstances, or was held in a revocable living trust. If you don’t know what any of this means, it’s okay, just give us a call and we can help!
So, if you have followed our advice, and have most of your assets in a revocable living trust, but forget to place a particular asset in the trust, a small estate affidavit is one potential solution to correcting this mistake. That is of course, as long as the total assets left out of the trust are less than $166,250 (or the subsequently adjusted amount) and all the other requirements of the small estate affidavit process are satisfied.
Some of those other qualifications include a requirement that the death has occurred at least 40 days prior, no probate proceeding has been or is being conducted, and of course, that the affiant (the person signing the affidavit) is the proper person to receive the property.
There are other requirements, including having proper identification and attaching a certified copy of the death certificate, but the biggest concern is ensuring you are properly proceeding under this small estate affidavit statute. By signing the affidavit, you are subjecting yourself to personal liability.
It is for this reason that we suggest you consult with a licensed probate attorney to assist you with this small estate affidavit process. While you can always go it alone, the nominal fee you pay to a probate attorney will be a small price for the peace of mind in knowing it was done properly and your risk of liability is reduced.
We can assist you with the small estate affidavit process, so give us a call today and let us take that stress off your shoulders.
Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Give us a call at (916) 333-7910 or fill out the contact form to get in touch with our office. Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin. Prepare for your future and work with the best estate planning attorneys today.
No matter our financial status, we all need to consider estate planning. If for nothing, a properly planned and executed estate could save our family’s prolonged litigations after our death.
It can also provide families with some financial security and peace of mind. The sad thing is that most people don’t consider this for reasons unknown. Currently, around 30 percent of US citizens have an estate plan, but the other 70 percent will leave their loved ones scrambling.
What Is An Estate?
An estate is the assets and capital we wish to leave behind for the family or whomever in simple financial terms. It includes insurance policies, real estate, bank accounts, lands, bonds, and other investments.
Estate Planning
To ensure our estate goes to the right people, we need to plan it. How do you want your properties distributed or shared after your death? Estate planning is therefore designating your assets to particular individuals.
It stipulates what goes to members of the family, other persons, or organization. This is very important because whoever inherits this is supposed to continue the legacy. It is also a way to cut down the income tax, estate tax, and other taxes on the beneficiaries.
Importance of Estate Planning
Prevents Family Disputes
There are several instances of family clashes after the demise of a benefactor. When a wealthy person dies, the probability of the family being at each other’s neck is very high, especially if there is no clear estate plan.
The result ends in long, drawn-out court battles and family members arguing for extended periods of time of your assets. You can prevent such feuds by planning your estate today.
Secures Beneficiaries
Planning our estate protects the beneficiaries from misunderstandings and unexpected takeovers. Whomever you designate your assets to with the help of a competent law firm like Filippi Law, P.C., means your heirs are protected.
Without a comprehensive estate plan that meets the California estate laws, the court would decide who gets what from your estate regardless of your wishes.
Prevents Beneficiaries From Paying Unnecessary Taxes
Estate taxes can scare many people and causes a lot of unnecessary stress among families. However, having an estate plan in place can help reduce the tax burdens on your beneficiaries and ensure the process goes smoothly.
It can save them from paying your high taxes to the Internal Revenue Service. The US lifetime tax exemption on inheritance is currently set at $12.06 million. However, this can change along with other federal and state estate taxes.
What Are Estate Taxes?
An estate tax is an amount levied on the properties of a deceased. In short, the government is taxing you for transferring your properties to other people. However, there can be exemptions.
The estate’s value must exceed the exclusion list set by your state to attract taxes. The tax component is based on the estate’s fair market value at a particular time. Therefore, if you own land, a house, or any other property in Sacramento, you should include them in your estate plan.
Note: The tax component would be based on the property’s current value and not how much you acquired it.
California Estate Tax
Residents in California attest to the fact that they are one of the most heavily taxed people in the country. However, the good news is that California does not have its own estate tax regime. But you may still have to pay some taxes on your inheritance depending on its value as set by federal laws.
Besides the state laws, the Federal Government has an estate tax. The difference is that federal taxes are levied on huge inheritance and apply everywhere. This means that any inheritance in California that exceeds certain thresholds may be subject to federal laws.
How California Estate Tax Works
For now, California has no estate or gift tax, but you may have to pay federal taxes on those gifts or inheritances. Currently, $16,000 is the annual federal gift tax exclusion per recipient.
It is refreshing to know that the federal death tax is for assets valued at $12.06 million and above for each person. Couples can maximize this tax exemption with proper estate planning.
Estates above the mentioned exemption amount attract 18% to 40% in taxes, meaning you’ll have no tax burden when the estate is below the set value.
Here is how the taxing system works in California:
- Some portions of estates held in a trust may be taxed after the death of the trust creators if the trust brings income. If the trust is a retail business that generates income, that income may be taxable.
- Even though California residents enjoy a tax-free inheritance, transactions on such assets and other components attract taxes. For example, estates like pension and retirement accounts are taxable.
- Unlike what happens in other states, you enjoy tax-free Social Security benefits in California.
- The state’s property tax is around 1.25%, which is quite manageable compared to other states.
- Trust property you sell may be subject to capital gains tax.
In California, estate planning can help you escape the huge taxes even if your inheritance exceeds the 2022 tax exemptions. You need to understand the laws very well to take advantage of them.
As mentioned, California State has no estate tax. This is because the state’s death tax was repealed in 1982. However, portions of the inheritance may be subject to taxes so please consult with an attorney or CPA to ensure you are properly prepared.
Filippi Law Firm, P.C. can assist with all your California estate planning needs and share tips to avoid burdensome taxes. Hiring an attorney can help you take advantage of the various loopholes and benefits within the tax system.
Conclusion
Having an estate plan in place at the time of your death can allow your loved ones and other beneficiaries to move on with their lives without the stress of dealing with probate courts.
Contact us today to see how we can help you with your estate planning.
Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Give us a call at (916) 333-7910 or fill out the contact form to get in touch with our office. Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin. Prepare for your future and work with the best estate planning attorneys today.
Regardless of the estate value, it’s imperative to have a plan that clearly defines what happens to your property or assets when you pass. This is where a living trust comes in.
When done correctly, it can assure a quick distribution of assets, make your wishes remain private, and help your loved ones avoid unnecessary tax burdens.
Most people who set up a trust in California do so with the hopes of avoiding probate. In addition, a living trust can be used to allow someone to have complete control of the property, handle property management for a beneficiary under 18, and name all the other heirs.
Living Trusts
A living trust is a critical document when an estate is involved. So, before you try to write one yourself, you must be prepared and gather the necessary information. Below are four things you need to consider before creating a living trust:
- Make a comprehensive list of your assets that includes everything you own
- Proper paperwork, including life insurance policies, stock certificates, titles, deeds, etc.
- Choose a trustee and beneficiaries
- If you have minor children, you will have to choose a guardian too
Steps for Setting Up a Living Trust
Many older couples and even singles in Sacramento create a living trust themselves. This probate-avoidance technique helps them keep their assets out of probate. However, you need to hire an estate planning attorney to ensure it’s done correctly for the best results.
Here are the essential steps that should be taken when setting up a living trust:
1. Choose Between an Individual and Shared Trust: Decide on Which One is Right for You
Domestic partners and married couples can choose either an individual or a shared living trust. The latter could be the right choice for you if your partner/spouse and you own most of the property or assets together.
2. Consider What to Put in Your Living Trust
When creating a living trust, you should list the most valuable and vital property items. This way, you will prevent them from going through probate. Listed below are things to consider putting in your trust:
- Real estate (your house, condo, or land)
- Small business interests – this includes but is not limited to closely held corporations, partnerships, and limited liability companies
- Retirement accounts
- Bank accounts
- Cars and other vehicles
- A life insurance policy
- Securities
- Cash
3. Name All the Beneficiaries in Your Trust
When naming beneficiaries, you should have a clear idea of the individuals who will inherit your property. These are usually family members and relatives. Some people also choose charities or friends to inherit their trust property. In addition to making first choices, you should also pick alternate beneficiaries.
4. Select a Successor Trustee
You need to choose someone who will be serving as a trustee. That person will be responsible for distributing your property and assets to the beneficiaries after your death. When selecting a trustee, most people pick their grown daughter or son.
However, it isn’t uncommon for people to select close friends or relatives to serve as trustees.
Also, it is not uncommon for beneficiaries to serve as successor trustees in Sacramento, Rocklin, Roseville, and other cities in California, and it is perfectly legal. Once you’ve decided on the trustee(s), you should discuss this with them before finalizing your trust.
You should also know whether or not that person will take their responsibility as a trustee seriously.
5. Pick Someone Who Will Be Managing the Property/Assets for Young Inheritors
This involves choosing someone who will manage the trust property before young heirs turn of legal age. It is crucial to have the right person in place if some young adults or children inherit your property or assets.
Whatever they are entitled to, such as a house, life insurance policy, or retirement account— there must be an adult who will manage it for them.
Giving authority to that person over the youngster’s property can be done in a few ways in the State of California. In most cases, the truster makes them either trustee or property guardians.
That person can also become a property custodian and thus be able to manage the property for young beneficiaries. This can be done through the UTMA (Uniform Transfers to Minors Act) account.
6. Start Preparing Your Trust Documents
If you have previous experience and good information, you can write a Declaration of Trust, i.e., a living trust document on your own. Different online tools and programs can help you create a will, living trust, customized estate plan, and the like.
However, it’s best to hire an attorney to establish your trust for you to help your loved ones avoid any legal battles once you are gone.
Aside from offering background information, an estate planning lawyer can complete instructions for you and gather all the trust forms required. Depending on your situation and where you live, these forms may include:
- Basic Shared Living Trust
- Basic Living Trust for Single Person
- Certification of California Living Trust
- Revocation of Living Trust
- Affidavit of Successor Trustee, etc.
- Assignment of proper
A lawyer can also help draw up a living trust that meets any specific needs. Additionally, an estate planning lawyer can help you create property management, transfer assets to your living trust, decide what arrangement is most suitable for your family, and so on.
7. Sign Your Living Trust Document
Once you have created your trust document, you need to get it notarized by a notary in Sacramento, Rocklin, or Roseville. The same is true for your spouse or domestic partner’s signature if you set up a living trust together. This involves signing a trust document in the presence of a commissioned notary.
8. Transfer Trust Property Title to Trustee
If you want a living trust to take effect, you need to transfer the property title first. Remember that you will be required to sign a deed that transfers the trust property/assets. This allows the trustee to start holding real estate or trust assets in their name. Despite being a vital step, some people do not take it for some reason.
9. Keep Your Living Trust Document in a Safe Place
It is not necessary to file this paper with a government agency or court in California. Just store it safely and ensure the trustee will have access when needed.
Conclusion
Setting up a living trust can be challenging, and this is why you need to hire an attorney to ensure your living trust meets your own needs. Contact the Filippi Law Firm, P.C. for a free consultation and find out how we can help you prepare you for the future.
Filippi Law Firm, P.C., provides legal services in estate planning, probate, trust administration, trust litigation, and personal bankruptcy in the greater Sacramento area, with a focus in Rocklin, Roseville, Lincoln, and Granite Bay. Give us a call at (916) 333-7910 or fill out the contact form to get in touch with our office. Consultations are free, and they can be done over the phone, via Zoom, or in person at our office in Rocklin. Prepare for your future and work with the best estate planning attorneys today.
