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The pros and cons of a life estate vs. a living trust. Arcstone Law was established as a Foreclosure Defense Law Firm helping homeowners sue the banks after the mortgage meltdown of 2008. A TOD Deed allows named beneficiaries to assume ownership of your residential property without undergoing probate or trust administration. But beneficiary designations are easy to forget, which can mean accounts going to the wrong people after changes occur during your life. Attorney advertising. Trusts are widely used in both financial and estate planning. A post-1971 spousal or common-law partner trust includes both a testamentary trust created after 1971, and an inter vivos trust created after June 17, 1971. Again, this is faster and easier than setting up the proper estate planning documents, but again leads to a far inferior result. The Trust as an Alternative to Guardianship Joel S. Welber, Esq., Attorney at Law . Another big one is capital gains taxes. A living trust is a fully revocable trust that typically avoids the probate process. Our mission is to educate our clients regarding important issues in their lives that blend between the financial, the legal and the personal, and then advocate on their behalf. Odds are that if you have a close enough relationship with someone to leave them gifts (especially larger portions of your estate), you’re close enough to name them as an executor. Choosing an executor for your Last Will and Testament is an important part of your estate plan since they will be the person who administers your last wishes. Unlike some of the alternatives to living trusts, it can be easily changed or even revoked entirely if you wish to do so during your lifetime. Please call our office today to find out more. We are proud to offer our services to Covina, West Covina and the greater San Gabriel Valley. Main Address: 3055 Wilshire Blvd., Suite 550, Hello Select your address Holiday Deals Gift Cards Best Sellers Customer Service Find a Gift New Releases Whole Foods AmazonBasics Free Shipping Sell Registry Coupons Subscribe & Save #FoundItOnAmazon Shopper Toolkit Disability Customer Support If you pass away while co-owing your house, your co-owner(s) receive your interest by virtue of their survivorship rights. Sibling rivalry – If you have multiple children and you passed away, under the law your son gets to keep everything in the account. We provide a convenient way to execute your estate plan. Alternative beneficiaries is a person and/or association that is allotted a gift through a direct beneficiary should this person die before you or dies before a certain amount of time such as 30 to 45 days. A living trust … (To learn more about probate, read Nolo's articles Why Avoid Probate? Amazon Price New from Used from Hardcover "Please retry" CDN$ 76.32 — CDN$ 76.32: Paperback "Please retry" CDN$ 24.91 — … This article is informational only and should not be used as legal advice. For all others a $75 consultation fee may be required. Trusts also are commonly used as a device to shelter assets that are otherwise … The TOD deed has been in California since the beginning of 2016. You can make a backup plan by naming alternate beneficiaries for any of your gifts. A living trust falls under category 1, a contract. And you do not want your loved ones to end up in probate court. Divorce – If your son filed for divorce, his spouse could claim the joint assets as part of the marital estate. Arcstone has addressed your worries about the expense of complete and proper estate planning by offering a package deal to handle all the common scenarios while you’re alive as well as after you pass: a Living Trust, Pour-Over Will, Durable Power of Attorney and Advanced Health Care Directive. A living trust can’t appoint a guardian for your children. The attorney fees for the trust, however, are paid when the trust is created. Nothing on this site should be taken as legal advice for any individual case or situation. Just like a will, a living trust spells out exactly what your desires are with regard to your assets, your dependents, and your heirs. 1 What Are the Best Alternatives to a Living Trust? All living trusts are either revocable or irrevocable. Contrary to what you've probably heard, a will may not … Living trust a better alternative. Part of the reason for this is that, until the death or incapacity of the grantor, the trust could always be … Some people set up joint accounts with their kids not just for property ownership for bank accounts. In most cases, (and in most states), the successor trustees, alternate or otherwise, are not entitled to copies of the documents, when the trust grantor is still alive.
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