One of the best methods of protecting property is putting it in a trust and designating ownership to a trustee. There are several reasons anyone would want to take this legal step to protect their property, ranging from qualifying for Medicaid due to a nursing home need or just preparing an estate plan ahead of an inevitable passing. But, there are other reasons why California residents would want to take this step as well.
Avoiding probate
One of the major mistakes any individual with personal assets can make is not crafting an estate plan that avoids the probate process following their passing. A thorough plan will sidestep the process completely. Probate can be a long and expensive process, and the first people in line for the attachable property will be tax collectors and creditors making claims on the estate. Creditors of beneficiaries can even be included in some cases, all of which can be averted with a good plan that should include trusts both revocable and irrevocable.
What a California estate planning attorney can do
Having an experienced and knowledgeable estate planning attorney evaluating your asset inventory can mean that each and every item of worth can be assessed for protection, and especially a primary residence. Homes in California are the highest valued in the nation, and the state and local governments are the first entities knocking on the door when a homeowner passes. An estate planning professional can ensure that all paperwork associated with a portfolio and the establishment of valid trusts are processed according to California law.
Never leave your primary residence unprotected by not preparing a will and any pertinent trusts that would protect the property for your surviving family. Consult with a comprehensive estate planning legal professional who might be able to help ensure that protection.