living trust San Luis Obispo

What kind of information goes into a living trust?’ answers from San Luis Obispo’s We Help You Legal

-A living trust, also known as a revocable trust is a legal arrangement where the creator of the trust, or grantor, transfers assets into a trust to be distributed according to the grantor’s wishes upon their death. We Help You Legal, offers a service to help people organize the information needed to set up a living trust and also assists with completing the legal documentation.

Along with assurances that the grantor’s wishes regarding the disposition of their estate will be honored, a revocable trust:

  • Is an estate planning tool that allows individuals to avoid probate court, which can be a lengthy and expensive process.
  • Remains under the control of the grantor, who has the right to change or revoke the trust during their lifetime. Changes can include adding or removing assets, adding or removing beneficiaries, changing the terms of the trust, or even revoking the trust entirely.

Revocable trusts in California can be used to manage a wide range of assets, including real estate, bank accounts, stocks, and personal property. When the grantor passes away, the assets in the trust are distributed according to the terms of the trust. This allows the assets to pass to the beneficiaries without going through probate court, which can save time and money.

It is important to note that a revocable trust does not provide protection from creditors or estate taxes, and it may not be the best estate planning option for everyone.

Even for the simplest of estates, there can be some complexity to setting up the trust. To help people be sure they are covering all of the bases for their living trust, San Luis Obispo’s We Help You Legal provides assistance with completing the trust documents.

The first step is to gather all of the information and documentation needed for the trust, which includes:

  • A list of assets: This includes a comprehensive list of all assets that the grantor intends to transfer to the trust, such as real estate, bank accounts, investment accounts, and personal property.
  • Beneficiary information: The grantor will need to provide information on who will be the beneficiaries of the trust and any specific instructions for how the assets are to be distributed.
  • Trustee information: The grantor will need to name one or more trustees who will manage the trust assets and ensure they are distributed according to the trust terms.
  • Personal information: The grantor will need to provide their personal information, including their name, address, and date of birth.
  • Health care documents: The grantor may need to provide advance health care directives, which detail their wishes for medical care in the event they become unable to make their own decisions.
  • Financial documents: The grantor may need to provide financial documents, such as bank statements, investment account statements, and retirement account statements.
  • Estate planning documents: The grantor may need to provide any existing estate planning documents, such as wills, powers of attorney, or living wills.
  • Real estate documents: If the grantor intends to transfer real estate to the trust, they may need to provide deeds, property tax statements, and mortgage documents.
  • Business documents: If the grantor owns a business, they may need to provide business formation documents, such as articles of incorporation or partnership agreements.
  • Legal and tax documents: The grantor may need to provide legal and tax documents, such as divorce decrees, bankruptcy filings, and tax returns.

To assist with collecting all of this information We Help You Legal provides downloadable living trust packages in both English and Spanish. Available on the We Help You Legal San Luis Obispo living will web page, the package includes important information, a summary of the services provided and a form/checklist to help organize all of the necessary information.

We Help You Legal’s San Luis Obispo and Paso Robles offices specialize in Living Trust, Divorce, LLC/Corporation, and other legal document matters. With over 22 years of experience and professionalism, the We Help You Legal team customizes its support to each client’s individual needs and concerns.

We Help You Legal is a “self-help” legal document assistance company that provides document preparation without the high cost of an attorney. We Help You Legal, Inc. is not a law firm. We cannot represent you in court, advise you about your legal rights or the law, or select forms for you.

We Help You Legal
1338 Marsh Street
San Luis Obispo, CA 93401
(805) 250-5066