Wills and trusts are means to ensure your wishes are followed when you are incapacitated to speak for yourself or when you are no longer here. You may think that a lawyer serves only to draft and manage legal documents, appear in court and navigate legal procedures, etc. In fact, a trust lawyer San Diego has a very important job on top of all that – to educate their clients and guide them through the variety of options that can be applied to their needs and situations.

Here is a summary of what trusts and wills are and how you can leverage them to carry out your wishes for when you are gone. We would love to give you personalized information and guidance face-to-face. You should just schedule your free, no-obligation 30-minute consultation with the Law Offices of Irina Sherbak at 858-208-8900.

Trust lawyer San Diego: Wills Give Instructions

A will lists instructions for what you want to happen when you die. Even if you have a will made, that still doesn’t mean that you’ll preserve your estate from being chipped away by bureaucracy. In the state of California, if you leave a will and your estate is over $150,000, your estate will go through a probate.

Given the fact that living trusts are now much more affordable than they used to be and considering that the probate has become a very convoluted, complex and expensive process, in most cases the most sensible thing is to have a will and at least one trust.

Wills do serve a purpose. You can name guardians for your children in a will. Or if your spouse is disabled, you can make provisions for his or her care after you are gone. These are just examples. A lawyer will advise you on how to approach a will in your situation.

Trust lawyer San Diego: Trusts Shield from Probate

Trusts protect your estate from the probate process and help you dictate how your estate will be handled after your death. For example, lump sum inheritances without any restrictions can make heirs spoiled and unmotivated to work hard and strive to succeed. Trusts can be set up so that they provide financial support, but under certain conditions, as specified by the trustee.

Trusts are legal entities and contracts combined in one. It is very important to fund the trust correctly, because trusts only protect the assets that are within them. If you transfer all your estate into a trust, in a way you “co-own” the estate with the trust. When you pass away or when you are incapacitated, the estate goes into the hands of the trust and through it, to the hands of one or more of your heirs (who you appointed as trustees after your incapacitation or death).

During your lifetime, revocable trusts are not a taxed entity. Anything you earn or lose, should be listed on your tax return. It’s important to understand that having a trust doesn’t mean you own your assets any less or owe your taxes any less. Your income is still your income, as are your losses.

There are many ways in which trusts can be established. With many options to consider, it’s difficult and risky to make the choices on your own. It’s best that you seek help from a reputable and trusted lawyer in San Diego.

Want to consult a reputed and understanding trust lawyer San Diego

The Law Offices of Irina Sherbak are here for you when you need help making financial provisions for your family and loved ones for after your die. We have a vast and varied experience in the whole estate planning, including wills and trusts. Don’t hesitate to book your free, no-pressure 30-minute consult with an estate planning attorney you can rely on. Call us right away at 858-208-8900!