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The following article was published in our article directory on July 11, 2015.
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Family Living Trusts Detailed

Article Category: Legal

Author Name: Santa Clarita Lawyer

Deciding whether to set up a family Trust or not-that is the question many persons ask today.

The question and answer to this problematic question, living Trust, a subject full of legal intricacies, must be interpreted and analyzed. This is an article that will try to view the subject matter in much the same way as a living Trust Lawyer would.

First, a Family Trust Lawyer, like any other specialist in their own field and like any other sane man would, first focus his attention meaning of a living Trust. Almost all legal dictionaries would define the term legal trust as a property right, held by one person for the benefit of another, that becomes effective during the lifetime of the originator and is, therefore, in existence upon his or her passing. By concentrating on this definition, the Attorney will note that: a family trust is a mode by which estates are being moved from one person to another, and second, that said mode of transfer takes effect even while the original owner is still alive.

Second, while still concentrating on the subject's definition, a Living Trust Lawyer will note that a Living trust similar to a last will and testament. The rudimentary similarity is that either one seek to regulate the transfer of properties to a specific individual or group of individuals upon a individual's death. Normally, after he notes the similarities of a last will and testament and a Living trust, the Attorney will try to distinguish the two modes of transfer. While a will takes effect after a individual's passing, a Living trust takes effect even while the original owner known as the trustor or setlor is still breathing.

Choosing a Family Trust Lawyer will then question himself, what happens to the old possessor once the family trust is made and takes place. The legal name to the property will then be transferred to the person known as the trustee, who will hold the property for the beneficiary, or those who will ultimately inherit the property.

Discovery of the answer, a Family Trust Lawyer will then come up with question after question, how does one ensure the hassle-free transfer of the family trust to the intended beneficiaries of the property sought to be put into a living trust. And how about the old owner, can he retain control over the belongings he sought to transfer.

To ensure the hassle-free transfer of a living trust to the envisioned beneficiaries of the property, a trust paper is created by the trustor himself, by which the powers and responsibilities of the trustee is laid; and by which document the trustor names the person he chooses to act as the trustee. This also answers the problem, how can the original owner known by law as the trustor retain control over his properties. The answer is a easy reconstruction of the answer already given, the trustor can designate himself as the trustee of the estate. In such way, he still has control over his property, and by the time of his death, same property can be delivered to his successors without undergoing the hassles of a probate.

Most importantly, a family Trust Lawyer will try to determine what is the number one benefit of a living trust compared to a will. A family trust, as can be gleaned from answers on the above questions, may mean less number of transfers after death. For example, Mr. A and Mrs. B are wedded and have a daughter, Ms. C. When Mrs. B died leaving a will, she gave half of her estate to her child and half to her husband, Mr. A. Upon Mrs. B's death, Estate tax will of course be settled based on the fair market value of the property. Later, Mr. A dies, and upon his death, his estate which includes the property he inherited from Mrs. B will then be again subjected to another set of Estate Tax. This tax condition can be avoided by creating a family trust naming one's self (as the trustee) and Ms. C as the planned beneficiary of the belongings.

Reading this is just an attempt to decoded a living trust, trying as hard as possible to analyze the subject in a fashion that is both logical and informative. For further inquiries regarding living trust, it is reasonable to get in touch with a Attorney in your local area.

Keywords: Santa Clarita California Tax Probate Trust Law Lawyer Attorney

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