San Diego Trust Attorney

You’ve accumulated assets over the years, and you couldn’t be prouder. But now you’re wondering what will happen to these assets if something were to happen to you prematurely. Would they end up in your children’s hands?

To resolve this matter, you’ve decided to set up a trust. Good thinking. But, of course, this leads to more questions.

For instance, what if you prefer not to be the trustee of your own trust years down the road? Maybe you’d like a loved one take over for you. How do you go about this? (Hint: You’ll need to complete an affidavit of death of trustee in San Diego. More on this later.)

Estate planning, which includes setting up trusts, can quickly become complicated. However, ignoring estate planning for this reason can be downright detrimental, as without an estate plan, your assets may not be protected long term. Fortunately, a trust attorney in San Diego can help you to navigate this process confidently.

Here’s an overview on how a trust attorney in San Diego can help you to protect your and your family members’ or other beneficiaries’ best interests both now and in the future.

Setting up a Trust: What Are Your Options?

Trusts are legal tools used for holding, managing, and transferring property. These instruments come with a few important restrictions, but they also offer a number of advantages to asset owners.

A wide variety of trust options are available today for asset owners interested in protecting their property. Here are a few commonly used trusts:

San Diego Trust Attorney

  • Marital deduction trust
  • Charitable remainder trust
  • Life insurance trust
  • Credit shelter trust
  • Grantor-retained annuity/income trust
  • Disclaimer trust

An attorney can point you toward the most appropriate trust for your unique needs.

When you set up a trust, you can make it possible to remove yourself as trustee before you die and then replace yourself with another person while you’re still alive. A trust attorney in San Diego can discuss with you the circumstances where you feel that this would be a wise move for you.

For instance, perhaps it would behoove you to have your son take over for you if it is determined that you are no longer in a frame of mind to handle your affairs on your own. Before you make this decision, though, you might want all three if your adult kids to agree to this with a majority sibling vote.

Or, it might be good to have a doctor provide an affidavit prior to your son’s taking over for you as trustee. Maybe you’d just rather remain trustee until a court says you are no longer competent to be in this role. You can ultimately make the decision that is right for you with your attorney’s guidance.

When you do decide to transfer your assets to your successor trustee, an affidavit of death of trustee in San Diego will have to be prepared, then filed in the appropriate county’s real property department. Again, this is a step that a trust attorney in San Diego can help with.

Surviving Your Children: How a Trust Attorney in San Diego Can Help You to Tackle This Situation

Parents typically prefer not to think what will happen if their children pass away before the parents do. However, this is an important consideration during the estate planning process.

When you sit down with a trust attorney, you can discuss with the attorney what should happen to a deceased child’s assets. Should it go to his or her siblings, or should it go to his or her own children instead?

Also, let’s say that your son is supposed to be your successor trustee but he dies prematurely. Have you selected a second choice? And who will take over if your second choice ends up passing away.

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Start Working with a Trust Attorney in San Diego Today!

The reality is, the future is unknown. For this reason, it only makes sense to create a trust that will work for you and your family. I, attorney Michael C. MacNeil, can help you to organize your estate in a manner that will ensure that your assets are efficiently transferred at the appointed time based on your wishes. This includes helping you to prepare an affidavit of death of trustee in San Diego when necessary.

The amount of thought you give you estate planning now will ultimately determine how easy it will be for your loved ones to settle your affairs when you pass away. Get in touch with me today to learn how you can get your estate in order through well-thought-out estate planning.

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