Posted On: Feb 25, 2016, Posted By: Velasco Law Group
Full Definition of “legacy”
Would you like to be able to see what happens to your legacy after you pass away? Would you rather see your savings go to your children or to the state or tax man? The truth is you can control what happens to your legacy after you pass away. That is the beauty of having a “LIVING TRUST”. While you are alive you get to decide not only who your assets get passed on to but how they will be distributed.
You Get What You Pay For
Some families and individuals feel that creating a living trust online is ok and relatively affordable compared to sitting down with an estate planning attorney. The truth is you can! However, beware that the online estate planning services do not have the personal human touch nor an understanding of your personal situation. Would you classify the structure of your family wealth the same as your neighbor or your friends down the road? Online templates are notorious for ignoring the finer details of your very own family legacy structures. The reality is there are different dynamics in all families, some may focus on the purchase of multiple properties both domestically and internationally, some may see saving for college funds a real waste of time!.
Assuming your intent is to leave behind your wealth and assets for your children. There are some with children who cannot handle money responsibly. There are also some family members who are simply unable to make good decisions about money let alone wealth from an inheritance. To top this all off, what about your son or daughter in-law whom you simply do not like! All these situations can be addressed by a Estate Planning Attorney who knows the laws and will protect your hard earned legacy.
Compassionate and caring is what we strive for at Velasco Law Group. We take your legacy very seriously and will customize an estate plan for the benefit of your family. Some questions we will be asking of which you seriously need to think about before meeting with us is:
What will happen to your family if something happens to you?
Who do you feel closes to that you can trust to administer your living trust?
Who are you most grateful for that you want to share your legacy (inheritance) with?
What does your heart tell you?
Who will make medical decisions for you if you were in an irreversible coma?
How are you feeling right now about these decisions?
Our recommendations are to:
Avoid the uncertainty of what will happen to your family. Drive the actions that you want your loved ones to take by creating a “Living Trust” that will reflect your personal legacy.
Avoid Probate. Probate means the State of California will decide who your beneficiaries are. The probate code determines the cost for the Attorney and the Executor which is an equal amount. A costly exercise and a quick way to see your legacy diminish.
Avoid time delay in settling your estate. Probate can take up to one year. With a “Living Trust” you can settle your estate in approximately four months.
Avoid conservatorship. If you are married and your significant other becomes incapacitated, you would have to petition the courts for a conservatorship which is very expensive.
Avoid muddying waters, family feuds or arguments.
Avoid the wrong person from assuming control of your assets when you’re gone.
Take your LEGACY into your own hands with a trustworthy attorney who can translate what your heart says on paper through a “Living Trust”.
Our founding and managing attorney, Paul D. Velasco is certified as a specialist in estate planning, trust and probate law by the state Bar of California Board of Legal Specialization. –a distinction held by less than one percent of all attorneys in California. Make an appointment with Velasco Law Group, protect your legacy today. Our team speaks both English and Spanish.
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