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About
Trusts & Wills Attorney
Legal Production Service has been providing top-notch legal services in Simi Valley, CA, since 1989. We are here to help you better understand the importance of a living trust and proper estate planning. Our knowledge and experience have helped many individuals and families design a living trust tailored to their specific family needs. The services we provide assist you whether your family is facing an illness, an untimely death, or just planning for your future. As a licensed California attorney, Steve can also represent others who have come to him too late and may be involved in the probate process. Contact us today so that we can help!
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- Wheelchair accessible entranceAvailable
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- AHAnne HannickAug 25, 20255.0Really great experience getting our wills and family trusts done. The process was really easy, We were given a booklet to fill out, And then in our follow up appointment, we were able to review and sign everything. It’s so nice to have all of our legal documents in a nice binder, that will make it easy for our children to finalize our requests.
- JPJanice PhillipsAug 24, 20255.0Very friendly, helpful and knowledgeable. Very reasonably priced too!
- KSKurt SodergrenAug 3, 20255.0My experience getting a trust from LPS was exceptional. Very affordable and Steve and Ben were so good at explain everything I needed to know about my trust. I highly recommend them.
- DPDiane PlantJul 9, 20255.0i highly recommend Legal Production Service. i was so unfamiliar with the process of ‘getting our affairs in order,’ but they made it clear. now our grown children know what to do — and have the paperwork in one place — when we die.
- BBBenitaJul 6, 20255.0I needed to get my financial matters in order and was searching for someone to do my Trust. I was unsuccessful in finding someone that was responsive and that I felt comfortable with until I was referred to LPS. I was treated with respect and given adequate time to express my needs and concerns. I was not rushed or pressured. LPS took the time to get to know me and to gather the necessary information in order to complete my Trust and provided detailed information and clear instructions regarding the process and timeframe. There were no surprises and it was refreshing to be educated along the way. I was comfortable in asking questions and seeking clarification. I am confident and assured that my financial and medical matters will be taken care of for myself and my family. I have no hesitation in reaching out with questions or changing needs and I would recommend LPS to anyone that is in need of knowledgeable and competent estate planning services.
Frequently Asked Questions About Legal Production Service
What is a revocable living trust?
A trust is a contract whereby one person transfers property to another person for the benefit of a third person. If the creator of the arrangement sets it up during his lifetime, it is called a "living trust". If the creator retains the right to dissolve this trust, it is a "revocable living trust". A living trust also avoids probate. This is the most widely advertised advantage of a living trust. The revocable living trust avoids publicity. Estates which pass through probate are a matter of public record. Not only is the will available to anyone who wants to see it, but also the inventory of the decedent's assets. You can easily avoid this publicity and achieve privacy by transferring assets into a living trust. Property in the living trust will be kept private both as to its nature and as to who receives it.
Does a bank or trust company have to be involved?
No. The law does not require a corporate trustee even though your individual circumstances may suggest this is a good idea. If an individual or a couple is willing and able to assume the responsibilities of being their own trustee, they can do so. However, when an individual's death, incapacity, or lack of desire necessitates it, a successor trustee steps in. The successor trustee may be anyone you choose to nominate: a child (or children) over the age of 18, your minister, a good friend, a professional trust company or a bank.
If I set up a living trust, do I need a will?
A will is almost always used in conjunction with a living trust. It acts as a safety net, that collects any assets inadvertently left in an individual's name at death. The will used in conjunction with the trust is commonly called a "pour over will". A pour over will merely assigns an individual's assets to the trust.
Why is it important to transfer assets into trust?
To avoid the agony of probate. Probate is required to legally change title on assets that are held in the name of a person who is deceased. When assets are transferred to the trust, the trust becomes their legal owner. Only those assets held in trust will avoid probate, save time and money, and remain private.
Should I put personal property into the trust?
Depends. If your personal property is of nominal value, then it can be transferred free from probate. However, if you have valuable antiques, coins, etc., these assets should be held in the name of the trust.
Will property taxes be increased by transferring my real estate into my trust?
No. A special exemption allows property to be transferred into an individuals living trust without being reappraised.
Revocable or Irrevocable?
A living trust may be either revocable or irrevocable. Revocable means you can cancel or alter its terms. Irrevocable means that its terms can not be changed.
Can a living trust save estate taxes?
Yes. If your estate is above the estate tax exclusion, any amount over that exclusion can be taxed at a rate of approximately 50%.
Do I need a special number for my trust?
No. If you are alone, or you and your spouse together, are receiving all the income from the trust, then no special tax identification number is required. Your social security number can be used as the tax identification number for your trust.
Must special income tax returns be filed?
No. Fiduciary income tax returns are required as long as you and your spouse, or you alone, are receiving all the income from your trust.
Does a living trust make sense for a single person?
Yes. Living trusts are just as important for single people to avoid probate as they are for married couples. The trust can also act as an effective prenuptial agreement. Anyone with an estate worth $150,000 or more is subject to probate.
Does a living trust restrict my rights to borrow on my assets in the trust?
No. Although lenders may want to see a copy of the trust, the trust does not restrict your rights to borrow on assets in the trust.
Does a living trust protect me against my creditors?
No. A living trust does not act as a protection against creditors because it is revocable. However, the trust may contain a "spendthrift" clause that acts as a legal barrier for funds that continue to be held in the trust for the benefit of the children.
What rights does the surviving spouse have in the trust assets?
In a standard trust where the surviving spouse is also the surviving trustee, he or she has the right to buy, sell and transfer any of the assets. The surviving spouse is usually the beneficiary of the trust assets, and therefore has the right to use all income and principal. Trusts can be written so that part of the estate can be set aside in an irrevocable portion upon the death of one of the individuals establishing the trust. The irrevocable portion can then be safeguarded for specific beneficiaries of the deceased.
Does my will avoid probate?
No. Your will does not avoid probate. Probate is a title clearing process. It is expensive, time consuming, and public. Most people can avoid probate by making a living trust.
Who are the parties to the trust?
1. The creator of the trust is referred to as the "trustor".
2. The manager of the trust is referred to as the "trustee".
3. The beneficiary of the trust is the person for whom the trust is established. All three hats can be worn by the same person or couple in an irrevocable trust. You or you and your spouse can be the creator(s), the manager(s) and the beneficiary/beneficiaries of your own trust.
Does a living trust avoid probate on out-of-state realty?
Yes. You can avoid probate on out-of-state realty by transferring those properties into your living trust. For example, if you live in California and you own land in Arizona and Utah, you can avoid probate in Arizona and Utah by transferring those out of state assets into your California trust
What services does Legal Production Service provide?
Legal Production Service offers estate planning, living trusts, and probate services.
What are the business hours of Legal Production Service?
They are open Monday through Friday from 8:30 AM to 6:00 PM and closed on weekends.
How can I contact Legal Production Service?
You can call them at +1 805-521-9190 or email lpstrust@gmail.com.
Where is Legal Production Service located?
It is located at 1985 Yosemite Ave, Suite 125, Simi Valley, CA 93063, USA.
Does Legal Production Service offer services in languages other than English?
Yes, they provide services in both English and Spanish.
What payment options are accepted by Legal Production Service?
They accept cash and check payments.
Is Legal Production Service accessible for individuals with disabilities?
Yes, it has a wheelchair accessible entrance.
How can nearby Legal Production Service clients use Ohana Family Counseling?
Clients seeking emotional or family counseling services can visit Ohana Family Counseling nearby for support alongside their legal planning needs.
What should I know about nearby Perpetual Care Hospice when visiting Legal Production Service?
Perpetual Care Hospice offers home health care and hospice services, which may be relevant for clients planning end-of-life wishes or care through Legal Production Service.
Are there dining options near Legal Production Service?
Yes, there are several nearby restaurants such as Imperial Chinese Restaurant, Jack in the Box, and Carl's Jr. where clients can dine before or after their appointment.