Maintaining and Growing Intergenerational Wealth
Numerous families appear to be maintaining and growing their wealth generation after generation. How do they do it? What legal strategies are they using? Are these strategies available to you too? The answer is yes.
When many people buy goods or real estate, they often hold title to the property under their own individual names. If a person wanted to sell their property, refinance their mortgage, get a second mortgage, or convey an interest in the property to someone else, generally, only the person under which the property is held would have the authority to do so. However, what happens if that person becomes incapacitated or dies? How would their loved ones be able to sell their property, for instance?
San Diego Probate Attorneys
The short answer is that their loved ones may need to go to court and initiate probate proceedings. Probate is a court supervised process for distributing property after someone passes away. People often ask how probate costs. Typically, if you own, a million dollar home in California, for instance, and you don’t own much else, the fees for probating your estate could be as high as $46,000. On average, probate proceedings in California take up to a year-and-a-half to resolve. During that time, no property will be distributed to any heirs until a judge orders it. If you own property out of state, another probate may need to be opened in that state, also.
San Diego Revocable Living Trust Attorney
Is there a way to avoid probate? What legal tools could you use whereby, if you were incapacitated or passed away suddenly, someone you trust could legally step into your shoes and take action without court involvement? In these situations, one of the most powerful legal tools is a San Diego Revocable Living Trust. A San Diego living trust will contain specific terms laying out how all your property is to be held, administered, and distributed throughout your lifetime. After you’ve passed away, a San Diego trust will also let you leave what you want, to whom you want, in the way you want without court involvement. In short, this is a tool available to you while you’re both alive and after you’ve passed, which is one reason why it is so powerful.
The wealthiest Americans utilize trusts all the time to maximize the generational transfer of wealth. After all, would you want your wealth going to expensive lawyers arguing in court, or going directly to the ones you love? By having a San Diego living trust, you avoid the need to involve the courts. If you own real estate, have children, have a life insurance policy, or have decently sized liquid or investment accounts, a conversation with a San Diego estate planning attorney is strongly recommended.
Schedule a No-Obligation Consultation with a San Diego Estate Planning Attorney
If you’re interested in setting up a trust to protect your assets and keep wealth with those you love, schedule a consultation with us by clicking this link.