Real Estate & Legal Consulting in the Greater Los Angeles Area
No matter who you are or what you age, it’s always good to think ahead for the legacy you leave your loved ones – and whether you’re looking to better manage your own assets or purchase trust real estate in the LA area, Mike Millea is here to help. As a professional real estate agent specializing in Los Angeles probate & trust real estate, Mike Millea can help you navigate the complexities of real estate law with ease, getting the best deal possible and creating the best situation for yourself and your loved ones. Working together, you can effectively acquire and manage real estate assets, growing your wealth sustainably over the long term and painting a brighter picture for your future.
The Difference Between Trust & Probate Real Estate
When someone passes away, their material assets pass on to beneficiaries – normally, family and closely appointed loved ones. The process of how those beneficiaries are determined and how the assets are distributed is a long and complex one known as probate. Probate law is incredibly complicated, and even if a person has a clearly-defined, well-established will, it can often take the court system well over six months to fully execute the will and distribute all assets. If a will doesn’t exist or contains ambiguities, the process can take even longer.
Establishing a trust is another way to determine the distribution of assets that has some advantages over probate. In a trust, the asset owner designated a trustee or a board of trustees, which is in charge of holding the assets for an assigned beneficiary. This beneficiary may be an individual (often family), a number of individuals, or a group or organization. While both trusts and probate are valid options for distributing assets, trusts carry a number of advantages over probate for the asset holder and the beneficiaries:
- Greater control over asset distribution
- Allows beneficiaries to access assets sooner
- Allows the asset holder to decide when the beneficiary gets the assets – for example, a trustee may hold the asset until the beneficiary turns a certain age
- Trusts carry fewer costs than probate
- Irrevocable trusts carry fewer taxes than probate
Writing a trust by yourself may not guarantee that your assets won’t go into probate. To do that, you need a trained legal professional. Mike Millea can help you establish a trust to put you and your loved ones in the best position possible.
Buying Trust Property in Torrance, the South Bay & Beyond
In addition to ensuring your assets are distributed the way you would want them to be, trusts can also provide an opportunity for purchasing investment property. Similar to buying probate real estate, buying trust real estate can be a complex legal process, so a well-trained lawyer & real estate agent is critical. Mike Millea has been helping real estate investors create high-value deals on both trust and probate real estate for years – and if you’re interested in buying trust property, we can counsel there as well.
Contact Your Trust South Bay Real Estate Lawyer Today
Correctly navigating the complexities of trust & probate real estate law requires an experienced, professional eye – and the only way to ensure you protect yourself and your loved ones is by working with an expert. Mike Millea has been overseeing trust and probate real estate deals in Torrance, the South Bay, and the greater Los Angeles area for years, and our team would be happy to consult.
Call us today at (310) 939-9356 if you have any questions about real estate trusts, and don’t be afraid to reach out to us at our contact page to further discuss your needs.