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Revocable Living Trust
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If you are over 50 and own real property, a
Living Trust may be more beneficial than a Will. The
main advantage to a Living Trust is the ability to
transfer your estate to your beneficiaries upon your death
without the necessity of probate and all its associated costs.
A Living Trust is a legal document
establishing a separate entity to hold title to your property
while it is still under your complete ownership and control.
The Living Trust is set up naming you as both the “Trustor” and
the “Trustee.” |
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You are able to revoke or amend your trust.
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You can add or remove any type of property to your
trust.
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You can also spend or consume any of the
trust property. |
In your Living Trust, you also designate a “Successor
Trustee.” This is usually a spouse, relative or friend. Upon
your demise, or if you should become incapacitated, your
“Successor Trustee” will manage your estate as directed by
you in your Living Trust.
Your “Successor Trustee” is responsible for carrying out
your final wishes.
There are numerous advantages to the Living Trust as opposed to a Will. Here are just a few of
these advantages: |
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Avoid probate and its associated costs, attorney’s
fees and executor’s commissions.
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There is no Court/Judge supervision of your
estate.
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Under Proposition 13, there is no reassessment of
property taxes with your Living Trust.
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Your Living Trust is a confidential
document, as opposed to a Will which is filed in court
with probate proceedings. |
Advanced Health Care Directive
| If you are ever in a position where you are
unable to make health care decisions, with an Advanced Health
Care Directive, you are able to appoint a relative or friend
to make these decisions on your behalf. This document allows
you to appoint a relative or friend to make these decisions on
your behalf. This document allows you to specify whether you
desire to have life-prolonging care and treatment. With this
document completed, your wishes will be carried out by your
doctors. |
Your
Complete Living Trust Package Includes
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The Living Trust
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Last Will and Testament (Pour-Over Will)
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Advanced Health Care Directive
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Transferring One Property into the Living Trust
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Instructions to Successor Trustee |
Will
and Probate Costs
If you decided not to prepare a Living
Trust or you do not own real property, you should at least have
a Will. Like a Living Trust, a Will allows you to specify who
will inherit your estate, be guardian to your children and
appoint an Executor to wind up your affairs. However, with the
use of a Will, probate is involved when your estate has assets
in excess of $100,000.
With probate, the court controls your
estate and supervises the Executor in the payment of taxes,
probate fees and any distribution of assets which comes directly
from your estate. The following is an example of the costs of
probate:
|
Your Estate Value |
Combined Probate Fees |
| $100,000 |
$ 7,000 |
| $250,000 |
$13,100 |
| $300,000 |
$15,100 |
Remember, these fees are avoided if your property is in a
Living Trust.
A
little preparation today is the best gift you can give to your
heirs for tomorrow.
In
addition to Living Trusts and Wills, my office is also
experienced in
Probate.
Please feel free to contact my office for a
free consultation.
Home appointments are available, if
necessary.
Law Office of Karen A. Stevenson
13122 Stern Avenue
La
Mirada, California 90630
Office: 562-947-8997
Fax: 562-947-1137
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