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Review and Update a San Diego Trust

There are many sound reasons to review and update a San Diego trust every three years or so.  Laws change, lives change, people change, businesses change, the needs of spouses and families change.  The estate planning and trust attorneys at Allen Barron have extensive experience in revocable and irrevocable trusts including, but not limited to:

Here in San Diego the median value of home is more than $500,000.  Without a trust, a house must pass through probate after it’s owners passing.  The probate process takes more than a year, and can cost more than $27,000 for a $500,000 home.  The cost of probate is not based upon the equity in the home, but the appraised value regardless of the encumbrance.  Placing your house in a trust allows you to save all of that money and pass the home quickly to the desired heirs or beneficiaries.

Trusts provide specific control over how the funds and assets are to be disbursed.  Your trust documents may ensure that a spendthrift child receives money over a longer period of time in a managed way.  You can provide for milestones such as birthdays, college educations or marriage.  Allen Barron’s experienced trust attorneys will help to draft or update the trust documents to ensure any changes in your life are reflected in the wishes contained within the trust itself.

Trusts are also an excellent strategy for blended families.  For example, if each spouse has children separate of one another it may be important to set aside a percentage of the separate property to benefit those children and ensure they receive the inheritance you intend prior to entering your next marriage.  Business succession planning provides a smooth transition for your business should you become ill, incapacitated or pass unexpectedly.  This ensures your company continues to operate smoothly until your heirs are ready to assume control, or until the company can be properly structure for sale.

Take advantage of the tax, legal and estate planning integrated services of Allen Barron.  It’s important to review and update a San Diego trust regularly to protect your wishes and the assets you’ve taken a lifetime to build.