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 Ventura trust attorney can help you make sure you’re setting up your future plans with a thorough approach.
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.
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:
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.
Here are a few reasons to set up a trust.
By avoiding probate using trusts, you could save your heirs time and hassle after you’re gone. By using trusts, you are protecting assets as they are directed to your named beneficiaries without going through the court in the probate process.
Using a trust can avoid making your financial affairs public record in probate court. Trusts are a private way to ensure your beneficiaries get the assets you intend for them while avoiding the scrutiny of probate.
Medicaid is often used later in life for long-term care solutions like assisted living or nursing home fees. Your assets need to be under a certain threshold to qualify for Medicaid care. A qualified elder lawyer can help you set up your assets in a trust to get the Medicaid assistance you need later in life.
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.
Our Ventura trust attorneys will give you the added security of knowing that you’ve carefully considered each potential arrangement and chosen the legal services and estate planning tools that best fit your intentions and goals. You can also ensure that any unusual details or complexities of your particular estate are accurately accounted for in the plan.
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 one of our Ventura trust attorneys 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.
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.
No two families are the same, so no two estate plans will be.
To discuss your custom California estate plan strategy, contact us. Let’s chat. We assure you that you will be able to communicate openly with us in a no-cost consultation, whether in English, Spanish, or Korean.
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Crista and her team are amazing. Rick and I had our Family Trust done. We had been talking about doing it for a couple years and it seemed daunting. Crista really helped by taking the time to explain everything instead of just saying…do this. We really appreciated her process. One big thing for us was how the appointments were laid out, so as not to waste time, yet spend the time needed to answer questions and get things done. Thank you to Crista and her team for making the process easy and for making us feel special for finally getting it completed!
We worked with Jun Shim. He’s fantastic. Helped us step by step figure out everything we need to feel good about how we leave things for those we care about. Love how Hermance Law offers great digital options too. Highly recommend!!
THE BEST! Crista Hermance and the Hermance Law team are simply great at what they do. As a fellow estate planning attorney, I have very high standards for others in my field- Crista and Hermance Law is one of the few firms I refer my clients and their families to without hesitation-if you need a knowledgeable, professional, caring advisor to guide you through the estate planning process, look no further – HIGHLY RECOMMEND!
Such a great firm! My husband and I got our family trust done and are so happy with the service and professionalism we received. They offer so many options for all your needs and budget. We feel very secure and protected now that we have this completed. Not only the attention to detail throughout the process make them great, but the follow up and constant contact make them amazing. While they specialize in families with small children, Hermance Law can assist with all your trust needs. I have already referred them to multiple families of all ages with rave reviews. Worth a consultation, worth following them on social media and the piece of mind you get is priceless!!
Attorney Jennifer Romero from Hermance Law walked us throughout the entire estate planning process answering our questions and providing guidance on the options we have available. Her support made it easier to understand California’s law regarding estate planning and minor children. I highly recommend this service to anyone who needs support with documentation of your wishes. Thank you Jennifer!
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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.
The person you have named as the trustee will determine how to manage the assets in the trust, including future investment decisions.
Many trustors, which are the creators of their trust, have themselves act as the trustee of their own trust while they are alive and well and can seek advice from professionals for investments.
Some trustors set up a professional investment manager to work alongside the trustee in order to ensure prudent asset management.
You can transfer financial assets to a trust by contacting the financial institution that holds those assets. In most cases, you must provide them with the Certificate of Trust document. For other assets like real or personal property, you should consult our trusts lawyers for guidance.
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.
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