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What is a Living Trust? – Atlantis Law, LLP Attorneys
A living trust is a written legal document that partly replaces a will. The way it works is you put your assets such as your house, stocks, or a checking account, are put into your trust for your life time, and afterwards moved to your beneficiaries when you pass away.
What you would do is call yourself the trustee in charge of handling your trust’s assets. This method, although your assets have actually been put into the trust, make you in control of your assets throughout your lifetime. If you prefer, you can assign a successor trustee, usually an organization or individual) who will manage your trust’s assets if you feel you cannot manage them well or perhaps you would like more free time for other activities. For affordable San Jose living trusts lawyers call Atlantis Law, LLP today.
What are Estate Plans?
Many people do not realize that everybody has an estate of some sort. Your estate consists of everything you own– your vehicle, house, boats, checking accounts as well as savings accounts, furnishings, life insurance, financial investments, individual possessions, and other properties. Regardless of how big or how small, you own an estate of some kind.
When you die, you want to give your estate (everything we mentioned above) to the people you feel deserve them most. You can give out portions of your estate to individuals or companies. To make certain your estate goes to the right people or organizations, you need to supply special instructions via estate plans. In your estate plan, you will specify whom you want to allot your assets, the exact things you want to give, and the timing of when they are allowed to received them. The lawyers and attorneys at Atlantis Law, LLP can help you create your living trust or estate plan in Santa Clara County or San Jose without having to pay large tax sums or pay large court or legal fees.
What is a Will?
It’s interesting that there are many people who don’t know how a will works, but they will admit they think they need one. Atlantis Law, LLP’s will law firm wants to shed some light on the subject so you can be the most prepared for your future!
The professional term for a will is the “last will and testament”, which basically is just a statement of your last requests. Your county’s court representative will publicly read your will after you die, and the court will make sure that your last desires come to fruition.
What does a Will entail?
Most people utilize a will to leave directions about exactly what ought to take place to their assets after they pass away. Nevertheless, you can also have your will do the following for you:
- Have specific guardians for kids and their property.
- Name an executor.
- Provide things for beloved animals.
- Choose how financial obligations and taxes will be paid off.
- Function as a good backup for your trust.
It’s not the best use of your will to try to carry out actions like:
- Having ultimatums on what you offer such as: “I will let Mary have my car if she completes her medical school.”
- Leaving actual property for your animal.
- Leaving instructions for final funeral plans.
- Allotting your cash or property to loved ones that should be allotted in a different form.
For more info on revocable living trusts, wills, or estate plans, visit www.calbar.ca.gov.
Regardless of your needs, Atlantis Law, LLP would like to get to know you and your custom needs today. Call for a FREE consultation for estate planning, wills, and living trusts in the San Jose or Santa Clara County areas.
Atlantis Law, LLP
1190 South Bascom Avenue #243
San Jose, CA 95128
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