A trust is an instrument to which you transfer ownership of your property for the main purpose of streamlining the distribution of your estate and avoiding probate. In the event of your death, a will simply states where your assets are to go; however, it can take months to process a will and for your directions to take effect. With a trust, your assets are quickly and simply transferred to the beneficiaries of the trust.
There are other advantages of a trust, such as protecting your privacy, segregating assets, and minimizing estate taxes. A trust may be used by individuals, couples, families, and domestic partners.
David will review your situation and draw up the appropriate document to address your wishes.
Contact us at (925) 472-8000 for more information or if you questions.
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- Phone: (925) 472-8000
- Fax: (925) 472-5925
- David@AriettaLaw.com
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We can help you prepare a living trust. A trust is a legal instrument that identifies who created the trust, the assets that will be held in trust, the person responsible for managing and administering the trust assets, the purpose of the trust and the manner and conditions under which distribution of the trust assets may be made.
The main purpose of a trust is to streamline the distribution of your estate and avoid probate. In the event of your death, a will simply states where your assets are to go; however, it can take months to probate a will, to sell your property and for your directions to take effect. With a trust, your assets are quickly and simply transferred to the beneficiaries of the trust while avoiding the costs of probate.
When you establish a trust you retain control and flexibility over how the assets in the trust are managed and distributed. It provides instructions on what will happen to your assets when you die plus provisions which control what will happen in the event that you become physically or mentally incapacitated. There are other advantages of a trust, such as protecting your privacy, minimizing estate taxes, and making a proper plan to deal with minor children.
For instance, you may have a trust set up upon your death to provide for the educational needs of your minor children and terminate on a certain age (age 25 or 30 for example). You can select a trustee who would manage their share of the estate and give them the necessary financial support without allowing them to squander their inheritance.
There different types of trusts. They may be revocable or irrevocable. A revocable living trust means that the settlor retains ownership and control of the assets placed into the trust during his or her lifetime. The settlor has the right to withdraw or distribute the money at any time. The settlor also has the right to amend or terminate the trust at any time. As such, the settlor or maker of the trust takes on several roles all at the same time: being the trustee of the trust who controls and administers the trust assets and the current beneficiary who receives distributions from the trust. The trust can then provide for a successor trustee to manage and make distributions from the trust in the event the settlor dies or becomes incapacitated. An irrevocable trust means that the settlor has voluntarily forfeited control or ownership of the assets held in trust. These trusts are often set up for estate and gift tax reasons.
Trusts are an integral part of today’s estate plans and may be used by individuals, couples, families, and domestic partners. We have particular expertise in dealing with the issues facing today’s same sex couples.