Top Trust Attorney Serving Sierra Madre

Benefits of Creating a Trust

A living trust gives you greater control over the distribution of your assets after your death. It also protects your loved ones from the often stressful, time consuming and expensive probate process in Sierra Madre. A trust goes beyond a last will and testament and serves a crucial role in a comprehensive estate plan.

Living trusts, also known as revocable living trusts, keeps you in control of all your assets until your passing. The trust can be revoked at any time. However, once you pass away, the living trust becomes irrevocable, so that your wishes for allocation of your assets cannot be modified. Revocable trusts also offer additional benefits that make them a popular estate planning strategy. These benefits may include:

  • Reduction in tax liability for beneficiaries/heirs
  • Privacy (unlike a will which becomes a public record, trusts offer privacy)
  • Allows loved ones to avoid fees and drawn-out probate
  • Allows you to set specific conditions (age limits, educational requirements etc., for beneficiaries)

Living trusts must adhere to state and federal laws that govern them. For this reason, it’s smart to work with an experienced trust attorney. 

It should be noted that a living trust is not an estate planning tool for wealthy individuals only. On the contrary, a trust often benefits moderate-earning individuals, as it ensures that your beneficiaries will not spend their inheritance on probate and court costs. Those who have a modest estate benefit from a living trust just as incredibly wealthy individuals benefit from this incredible estate planning tool.

What Can You Put in a Living Trust in Sierra Madre?

Most, though not all your assets can be placed in a trust. Individual retirement accounts (IRAs) and 401k accounts will not be placed in the trust that you create. This is because they have named beneficiaries on each account. Cars and trucks, unless they are vintage, or collectors’ items are also not placed in a living trust. You will not put a Health Savings Account into a trust either.

Types of assets that can and often should be placed in your living trust include:

  • Annuities
  • Savings Bonds
  • Certificates of Deposits (CDs)
  • Checking & Savings Accounts
  • Life Insurance
  • LLCs
  • Money Market Accounts
  • Mutual Funds
  • Non-Retirement Brokerage Accounts
  • Partnership Businesses
  • Real Estate
  • Safe Deposit Boxes
  • Sole Proprietorship Businesses
  • Stock Certificates
  • Valuable Personal Property (Art, Jewelry, Furniture, Collectibles)
  • Collectible Cars

What to Expect When Setting Up a Trust in Sierra Madre

To set up a living, revocable trust in Sierra Madre, call the top-rated trust attorney in Sierra Madre. During your initial consultation with the Law Offices of Paul Yee, he will talk with you about your overall estate plan. He will ask about your goals, your plans, and how you wish to have your assets distributed upon your death. A living trust is a terrific way to ensure you’re your instructions and wishes are honored, though in some cases a different type of estate planning tool may be a better option. At the Law Offices of Paul Yee, our attorney does not adhere to a one-size-fits all strategy for estate planning. In many cases a living trust will be a smart addition to your estate plan. In other cases, it may be more beneficial or in keeping with your wishes to set up an irrevocable trust.

You will need to provide a variety of documents to transfer your assets into a living trust. Our attorney will walk you through the process step by step and notify you of all documentation needed. He will also structure the living will so that your assets are distributed exactly how you want them to be upon your death.

Once all documentation and the allocation of asset distribution have been confirmed, attorney Paul Yee will create your trust document, which you’ll review thoroughly before signing. Once the living trust is finalized, our law firm will file the deed of trust with the county.

Schedule an Appointment with a Top-Rated Trust Attorney Serving Sierra Madre

To learn more about or to create a living trust in Sierra Madres, contact the Law Offices of Paul Yee today. Our law practice provides estate planning services including wills, power of attorney, advanced health care directives, living trusts, and more. Call 626-799-4900 or send a message to schedule a consultation.

Cities We Serve

  • Arcadia
  • Alhambra
  • Pasadena
  • Whittier
  • Los Angeles
  • Temple City
  • West Covina
  • San Gabriel
  • Monterey Park
  • South Pasadena

Contact Info

Law Offices Of Paul G. Yee
1401 Mission St Suite C1,
South Pasadena, CA 91030

Working Hours

Mon - Fri: 10am - 6pm
Sat & Sun: Closed