Like any other Californian city, San Diego is home to a thriving real estate market. But not everyone can manage their assets well, especially if the estate is a vast one.
There are several things to consider – such as the interests of the current and possible future beneficiaries, the size and value of the estate, and the owner’s health – before one can decide how it should be distributed.
A trust attorney San Diego can help you do that with incredible ease. They are armed with extensive knowledge, experience, and resources to help people manage estates of all sizes.
Here are some significant benefits you can reap when you hire law firms that specialize in estate planning.
Reduce Estate Taxes and Avoid Probate
Statistics confirm that the total volume of closed sales in the Greater San Diego area increased by over forty percent from 2019 to 2021. This clearly indicates that an increasing number of people here are investing in property in various parts of the city.
You can consult an estate lawyer and start a trust to keep you from paying hefty, unreasonable amounts in estate taxes. There are a variety of trusts to choose from, and you can finalize any one of them, depending on features and aspects that suit your needs the best.
Also, one of the biggest pros of having trust is that you can avoid the whole process of probate in court. It can save your loved ones from the trouble of constant court visits during an already difficult and challenging time.
Maintain Control Over Assets
Unlike wills, trusts allow you to maintain a significant amount of control over your assets. The trust structure enables you to decide how and when you want your estate and assets to be distributed. Also, if you have young children or ones with special needs, trust is a great way to keep them safe and provided for. You can draft the trust in a way that allows your children to get reasonable amounts of money over a time period, instead of a lump sum amount which they cannot handle well.
Under California law, you can also transfer your property to someone else during your lifetime by making them a trustee. Furthermore, state laws permit the formation of a trust for any purpose, provided it is not illegal or against public policy.
Therefore, you can create a trust for an indefinite or general purpose, and it will not be invalid. However, it must be established with reasonable certainty that there is a particular use of the trust that comes with the purpose.
Effective Planning for Worst-Case Scenarios
A reliable trust attorney in San Diego can help you be prepared for worst-case scenarios. For instance, suppose you are suffering from an illness you cannot recover from. Due to the illness, there will invariably come a time when you will not be fit to make any estate-related decisions. In such cases, trusts can ensure your family members are taken care of if you become incapacitated.
A trust can also help divide all your San Diego property and assets in an even manner between all beneficiaries. Moreover, it is an excellent way to ensure your property remains with your loved ones even after you are gone. That’s because it is relatively easy to transfer assets in California via trusts.