California Trust Attorney
You probably already know that you need an estate plan. Whether you’re reading this because you’re starting from scratch to create your foundational plan for the very first time or need to review and revise your existing documentation, a California trust attorney can help you make sure you’re setting up your future plans with a thorough approach.
What Is a Trust?
To put it simply, a trust is a kind of legal relationship in which one party (known as the trustor or grantor) gives legal ownership over an asset (property, money, etc.) to another party (known as the trustee). The trustee uses these rights to manage the asset on the behalf of a third party (known as a beneficiary).
A trust allows you to keep your assets in a safe space until the conditions under which you’d like them to be used come into existence.
Reasons for a Trust
There are lots of reasons that your estate planning should include a trust as one of the tools you use to ensure that your assets are managed in the way you wish after you have passed. The following are some of the most common reasons:
- Protecting and competently managing assets for an underage beneficiary until they are old enough to do so themselves
- Keeping assets safe from probate
- Maintaining privacy for family assets and how they are distributed
- Ensuring a clear and efficient line of succession for business-related assets
- Managing asset distribution in a way that allows a spouse or dependent access to needs-based, means-tested public programs
- Creating a clear plan for long-term stability for a disabled dependent during special needs planning
Benefits of Trust-Based Estate Planning
When you have entered into an agreement for trust administration, you can rest assured that your assets will be managed to your specifications. Trust-based estate planning takes the guesswork out of what will happen upon your incapacitation or death, giving you peace of mind and clarity. Through a carefully managed trust, your assets can even grow, giving your beneficiaries an increased benefit in the future.
Above all, the benefit of trust-based estate planning is clear control that eliminates many of the frustrations and confusions that can happen when a person dies without a clear plan for their estate.
What Does a California Trust Attorney Do?
You may be wondering if you need an estate planning lawyer in order to set up a trust. For a simple trust, you do not necessarily need a lawyer, but many people find the process of setting up a trust on their own to be confusing and overwhelming. There are many different kinds of trusts, and each one comes with its own set of pros and cons that may or may not be right for your specific situation.
If you do use an attorney for trust-based estate planning, you’ll get the added security of knowing that you’ve carefully considered each potential arrangement and chosen the one that best fits your intentions and goals. You can also make sure that any unusual details or complexities of your particular estate are accurately accounted for in the plan.
When Should You Contact a California Trust Attorney?
It’s never too soon to start estate planning. Unfortunately, the future is never completely predictable, and those who die or become incapacitated before creating an estate plan will have little say over how their assets are managed. Some worry that an estate plan they make now might not be sufficient in the future, but the plans you put into place now can be amended and adjusted for any future changes to your estate.
Get in touch with a California trust attorney as soon as you are considering setting up a trust for your estate plans. This will give you the most time to ask questions and get the answers you need to make informed decisions. You can ask any questions you have now by calling for a free consultation.
How Can a Trust Attorney Help You?
A trust attorney can make the process of setting up a trust, considering who should manage it, and ultimately getting your estate plan in order easier, more efficient, and less time-consuming.
Frequently Asked Questions
Does everyone need a trust?
No. A trust will not be the best estate planning tool for every situation, but it’s not always easy to tell if you need a trust or not until you’ve had a thorough assessment of your individual situation. The misconception that trusts are only for the very wealthy can keep those who would benefit from using a trust from considering this tool, and speaking with a trust attorney about your specific situation can offer clarity.
Who determines how to invest assets in a trust?
The person you have named as the trustee will determine how to manage the assets in the trust, including future investment decisions. However, many trustors set up a professional investment manager to work alongside the trustee in order to ensure prudent asset management.
Does the trustee have to be someone I know?
Many people will name a family member as the trustee of their account, but it is not necessary. There are professional trust companies that are designed specifically to fill this role. If naming a particular family member is likely to cause emotional distress and arguments or if there are no good candidates for the task, choosing a professional to fill the role can be the best decision.
We are here to help you
Do you need assistance getting your Trust completed? We know it can be confusing and intimidating to start, don’t stress. We can help you get a plan in place and make sure your wishes are legally documented and that your family is protected, giving you peace-of-mind. To get started, call our office at (805) 518-9633, click below to schedule an appointment, or complete the form below and one of our team members will be in contact with you. We will help you determine whether a trust makes sense for your situation. You do not have to make these decisions alone.
Please complete this form and one of our team members will get in touch with you
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Ventura, CA 93003
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Pasadena, CA 91106
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Calabasas, CA 91302
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