The last thing anybody wants to worry about is drafting their will. However, it’s important to draft a will and trust. Why? Because if you die without a will and trust, your assets will be distributed under default rules to each of your relatives. This can cause much stress within the family – especially if anyone is arguing about who gets what assets.
In addition, your relatives will have to hire a probate attorney to represent your estate, which is very expensive. Not only is it costly, but your relatives will have to fight over the assets that you left behind.
Save your family time and money by hiring a lawyer for wills and trusts in the Los Angeles and Ventura County area, including Los Angeles, Westlake Village, Thousand Oaks, Camarillo, Burbank, and Newbury Park.
At the Law Offices of Michael C. Murphy, we prioritize careful planning to ensure your estate planning satisfies all beneficiaries. We’ve helped hundreds of families in Los Angeles and Ventura County clear up the will and trust disputes by drafting legally binding will and living trust agreements.
By preparing a will or trust, we can help your relatives and, specifically, your designated beneficiaries, avoid having to go to the probate court in order to inherit what you left for them. Instead, a trustee will handle everything, which helps avoid fights and costly litigation among your heirs.
What’s the Difference Between a Trust and a Will?
At the Law Offices of Michael C. Murphy, our team of estate lawyers handles both wills and trusts. The primary difference between a will and trust is the time that both take effect. A trust takes effect as soon as it is signed, as opposed to a will, which takes effect after death. A trust agreement is typically comprised of a trustee and a beneficiary.
The trustee holds title to the property in question, while the beneficiary either receives compensation from the trustee while alive or claim to their property title after death. A trustee could comprise of anything from your local bank, an attorney, a family friend, or your brother/sister. On the other hand, a will is a written document entrusting property to a beneficiary under a person’s name, which is transferred after death. Wills do not cover any joint property held in a trust or mutual venture. If no instructions are left after a person’s death, their property is typically transferred to a spouse or the next living heir.
What to Know About a Revocable Trust
A revocable trust or living trust is comprised of multiple parties and components:
- A trustee (the creator of the trust)
- A beneficiary (the receiver of the trust)
- An estate administrator (party responsible for caring for the trust in the meantime)
Creating a revocable trust is easy with the help of the attorneys at the Law Offices of Michael C. Murphy. We can help you with complex estate planning that involves multiple parties. We can help cut down on potential claims to trust and any legal issues surrounding it, including trusts that last multiple generations, involve millions in insurance payouts, and comprise multiple estates.
Will & Estate Planning Services
Without leaving a living will or trust to your heirs, you could leave them vulnerable to legal disputes and added stress. Our firm can provide the following estate planning services:
- Wills
- Revocable Trusts
- Irrevocable Trusts
- Charitable Trusts
- Pour-Over Wills
- Durable Powers of Attorney for Health
- Durable Powers of Attorney for Finance
- Trust Transfer Deeds
- Schedule of Assets
- Amendments to Wills & Trusts
- Trust Litigation
While it’s uncomfortable to think about drafting a will, it can also provide you with the peace of mind that your heirs and loved ones are properly cared for in the event of an untimely accident.
You can also help protect your living relatives and heirs by creating a living trust that goes into effect after signing. Trust the Law Offices at Michael C. Murphy to help you draft a will or trust that protects your beneficiaries and holds up in court. Find out how we can help you by calling our Los Angeles office at 818-558-3718 or our Ventura office at 805-494-8929. Or, sign up for a free consultation online or contact us online at our Los Angeles or Ventura offices.