Wills and Trust Attorney in South Pasadena
South Pasadena Wills and Trust Attorneys
Protecting your loved ones through the creation of a living will, trust or both is an act of love. Although it’s not fun to think about the end of life, a proactive approach to planning for your loved ones can reduce cost, time, and frustration for those who are grieving.
Every person should have at minimum a will, also known as a last will and testament. A will is a legal document that details how your property should be distributed after your death. Your will should contain:
- The person you select as the executor of your will, who will manage your estate after you die, through the completion of probate
- Your named guardian for any minor children
- Your selected beneficiaries, and what assets you wish to leave to each of them
A trust is a beneficial legal entity that goes beyond a last will and testament. You will place your assets in the trust, name a trustee to manage the assets (you can remain the trustee until your death), and name your beneficiaries in your trust. You can revoke the trust at any time, for any reason. After your death, the trust become irrevocable.
What is the Difference Between a Will and a Trust?
A trust keeps your estate out of probate. This can lead to thousands in savings for your beneficiaries. A trust also keeps your estate information private. By contrast, a will becomes public record. A trust is typically more expensive to create and maintain than a will. However, a trust offers enormous flexibility compared to a will.
A trust is generally administered quickly. The probate process for wills in South Pasadena can take 6 months or more to complete. A trust will avoid attorney fees and probate costs. A trust may also reduce tax liability for your beneficiaries. Reductions in gift taxes, estate taxes, and intergenerational wealth transfers are potential benefits of creating a trust.
Most individuals will benefit from having both a will and a trust. Trusts are not just for wealthy people. In fact, individuals of modest means and estates should always consider setting up a trust, as it can protect your loved ones from expensive probate costs and fees, which eat into their inheritance.
Cities We Serve
- Los Angeles
- Temple City
- West Covina
- San Gabriel
- Monterey Park
- South Pasadena
Law Offices Of Paul G. Yee
1401 Mission St Suite C1,
South Pasadena, CA 91030
Mon - Fri: 10am - 6pm
Sat & Sun: Closed