A Will and Trust Attorney Can Help You Protect Your Loved Ones

My client was in an assisted living facility when he fell ill. He had several bank accounts and his name was on property deeds, and he needed to set up an irrevocable trust so that Medicaid eligibility would not be affected. He also had Power of Attorneys in place for his daughter and his wife.

Creating a last will and testament

Having a last will and testament is a great way to protect your loved ones and your estate. Without it, your family and friends could face stressful decisions that may end up causing stress and conflict. A will is an important document that gives your family the peace of mind that they need during this difficult time. You can also update your will as your life changes. An attorney can help you create your will and update it when necessary.

When creating a will, it is important to include specific provisions for your personal belongings. For example, if you have a large estate, a lawyer can clarify who will inherit certain items. You may also want to include provisions for pets or a durable power of attorney.

Creating an irrevocable trust

Creating an irrevocable trust can be a great way to protect your assets and the future of your loved ones. By transferring your assets into an irrevocable trust, you can avoid the complexities and pitfalls of probate. You can also protect your assets from creditors and Medicaid. While an irrevocable trust can protect your assets, it can also limit your freedom of action.

It’s important to note that an irrevocable trust cannot be amended once it has been created. However, you can change the beneficiary of the trust or the amount of money deposited into it. If you change your mind after establishing the trust, the court will have to approve it, which will delay the transfer of your property.

Creating a revocable trust

Creating a revocable trust involves writing and executing a trust instrument. The trust instrument can be executed by the grantor or by two witnesses in front of a notary public. In most jurisdictions, notarization is the preferred method of execution, especially when the trust involves real estate.

The first step is to decide upon a trustee for your trust. You should name yourself as the initial trustee, but you may also choose a successor trustee who will manage the trust after your death. If the first successor trustee is unable to serve, you can appoint additional successor trustees. Make sure the successor trustees are people you trust and who you can entrust with your money.

Setting up a charitable trust

Setting up a charitable trust is a great way to benefit the charity of your choice while saving tax money. This type of trust can have a lifelong term or a set duration. Whether it’s a lead trust that pays an income to the charity for life or a remainder trust where the trustee gives the remainder to the charity, these types of trusts can make a difference in how much tax you pay.

Setting up a charitable trust is easy when you hire a will and trust attorney. Most of them are familiar with the different types of trusts available. A charitable lead trust is a great way to make a life income gift to charity and still receive a tax deduction on your income tax. These types of trusts can even bypass the AGI limit for the charitable deduction. Anaheim Probate Attorney

Estate planning for same-sex couples

For same-sex couples, estate planning is especially important. The couple may not have been married in their state of origin, and it may not be easy for the other spouse to obtain their medical records. Thankfully, there are several options available. An estate planning attorney can help couples navigate the legal and financial nuances of planning for their future.

One option for same-sex couples is to create a trust. This will make it easier for the survivors to distribute the estate when they pass on. Most states require that trusts be signed before a notary, which reduces the risk of fraud.