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Don't Skip This Important Step for Your Living Trust

Posted by David Gibbs | Dec 02, 2020 | 0 Comments

Have you been meaning to talk to a California Estate Planning Attorney about using a trust? If you're still trying to determine whether a revocable or irrevocable trust is right for you, this is a good question for you California Estate Planning Law Firm. Many people enjoy the flexibility provided by a revocable trust, also known as a living trust. 

Putting together a living trust to ensure that your property is protected and passes on to the beneficiaries you intend, the idea behind setting up a living trust, is an important first step but is certainly not the final say in handling all of your assets with your estate. 

You need to ensure that you have all necessary paperwork for your assets and that ownership is formally transferred into the living trust in order for these assets to be considered owned by the trust. You will need to have all of the paperwork in advance and it is recommended that you have this on your person before you sit down to speak with your Living Trust Attorney. 

This can include stock certificates, life insurance policies, titles, and deeds. You will need to hand this over to your Estate Planning Attorney who will be preparing your living trust. This gives your attorney an overall understanding of the assets that you wish to be owned by the trust such that the trust documents can be drafted properly. Additionally, some assets cannot be devised through your trust. In that case, it's important to review beneficiary designations with your Estate Planning Attorney to ensure that your wishes are fulfilled.

Finally, information about your assets gives him or her the necessary information to understand what assets will need to be transferred into the trust immediately after setting it up. For more questions about the estate planning process, schedule a consultation with an attorney today. Our office can help you set up your California living trust. 

About the Author

David Gibbs

Attorney / Owner

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