Southern California Trust Attorney
Many people living in California understand the primary importance of having a living trust — eliminating exorbitant probate costs and avoiding the months it takes to probate a will. However, a Southern California trust attorney knows the importance of keeping a trust updated is often overlooked. Through offices in Southern California and Pasadena, Joseph E. Deering Jr., Attorney at Law, works with clients to preserve assets and protect their interests by updating their trusts.
Why does your trust need to be updated?
If you acquire a new piece of property or change your brokerage firm, your trust does not automatically reflect these changes. For example, the Michael Jackson estate is currently tied up in probate, and one significant reason is because his trust was not kept current with the changes in his assets.
While few estates compare with the size of Michael Jackson’s estate, even smaller estates run into snags unless your trust receives a periodic tune-up. An experienced Southern California living trust attorney can provide the tune-up you need.
If a relative designated as a beneficiary dies, you need to make appropriate changes in the trust. Instead of liquidating an asset like real estate and paying proceeds to a beneficiary, you may change your mind and simply want to distribute the asset. Your trust must reflect this change in decision. New tax laws passed by Congress may affect how your trust holds assets and require you to restructure the trust.
What are the consequences of an outdated trust?
Quite simply, an outdated trust can land your estate in probate to resolve issues, leaving your family with unnecessary estate costs. Also, assets may not end up being distributed how you wanted. Taxes may cut into your estate, preserving fewer assets. The most damaging consequence is often pitting relatives against one another as they sort out the confusion and are left to make decisions you needed to make while still alive.
How we can help
We can thoroughly review your trust and decide whether you need a few amendments or an overhaul. We revise all necessary documents, such as:
- Deeds to real estate
- Insurance policies
- Bank accounts
- Investment accounts
- Retirement accounts
- Trust documentation
Our Southern California lawyers also review your trust for soundness based on legal changes and ensure the trust still meets your objectives for minimizing taxation and preserving assets.
Contact a Southern California trust lawyer
We offer a no-obligation, free initial consultation. Call 866.214.7267 or contact Southern California living trust lawyer Joseph E. Deering, Jr., Attorney at Law, online.