A trust is a legal arrangement in which a person called a grantor transfers property to a person named a trustee for the benefit of a beneficiary. While seemingly complex, trusts can provide better communication and clarity with the estate planning process. They also provide for periodic transfers of wealth during the grantor’s lifetime.
There are many benefits of setting up a trust. A California trust and estate attorney from Business, Estate, and Tax Attorneys PC can recommend which type of trust is best for your particular situation. We can carefully craft your trust in a way that communicates your wishes. We understand that legal matters can often be intimidating, but our goal is to provide down-to-earth advice that is tailored to your unique situation. Contact us online or give us a call for a confidential consultation.
Benefits of a Trust
Some of the most valuable benefits of a trust include:
- Avoidance of probate – A trust can transfer property out of your individual name so at the time of your passing, the property is not subject to the probate process, which is often time-consuming and expensive.
- Private administration – Wills are probated in a public manner while trusts can be privately administered by an individual or corporate trustee. Our trust administration lawyers also work with trustees to ensure that they carry out the wishes of the grantor.
- Continuation plan – A trust can help provide a plan in case of incapacitation so that you do not become subject to invasive conservatorship proceedings. This valuable aspect of trusts does more than a will, which only goes into effect after your death.
- Greater control over assets – A trust provides greater control over your assets. A trust allows you to control who will receive distributions, when, and on what terms. This allows you to safeguard against wasted assets due to irresponsible spending, divorce, bankruptcy, addiction, or other issues.
Types of Trusts
There are many different types of trusts. Our knowledgeable Orinda trust attorneys can explain if one or more of the following types of trust structures is best for you:
- Revocable trusts
- Irrevocable trusts
- Medicaid asset protection trusts
- Charitable trusts
- Life insurance trusts
- Marital trusts
- Special needs trusts
How Do You Set Up a Trust?
The first step to set up a trust is to work with a trust lawyer to create a trust document. Your trust document will provide guidelines to the trustee about how to manage the trust property. Next, you will want to fund your trust, meaning that you legally transfer your property to the trust. This may be accomplished by signing deeds or titles over to the trust, depositing funds in a bank account you set up in the name of the trust, or simply declaring the property to be part of your trust. Our Orinda trust attorneys can walk you through this process to ensure that your trust is properly funded and can carry out the objectives you plan for it.
How Our Orinda Trust Attorneys Can Help
At Business, Estate, and Tax Attorneys PC, our focus is on helping you achieve peace of mind. We will provide you with practical advice to guide you in how to structure your will.
Our Orinda trust litigation lawyers will discuss how to minimize the possibility of conflict and how to respond if conflict does arise.
We will work closely with you to draft an estate planning document that communicates your wishes and includes the terms that are important to you. We will help you plan for the future while taking into account your financial interests.
If you would like to take advantage of the benefits of a trust, contact us online or give us a call to receive a confidential consultation.
Disclaimer: The information in this article is for general purposes only, and it is not intended as a substitute for legal advice.
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