Protect Your Assets With A Trust
Trusts are sensible tools used in estate planning to protect hard-earned assets. Trusts can help safeguard the legacy that you would like to pass onto your beneficiaries. As their most basic benefit, trusts can shield California residents from probate. At The Probate House L.C. we have decades of experience assisting clients with asset protection through trusts.
Avoid Probate With A Trust
It is possible to avoid the lengthy probate process with a revocable living trust. A revocable living trust is similar to a will in that it transfers your estate to your designated beneficiaries. Some Californian residents prefer living trusts over wills because such a trust allows for you to transfer assets without the probate process. In addition, many prefer the higher level of privacy of information that is not possible during the probate process through the courts where many documents are public records.
A revocable living trust will have a trustee who will manage the assets. You can be named the trustee until you become incapacitated, giving you control over the assets. The trust can also list how assets will be administered after death. You may even provide for personal assets to be distributed during your incapacity or prior to your death. Our lawyers are experienced in revocable living trusts and can guide you through the process.
Meeting Your Goals And Desires
Each person and family has a unique idea of how they wish their assets to be distributed upon their passing. In addition, each person has their own views on how they wish to be cared for in the event they are no longer able to care for themselves. Some may desire to preserve the family home for their children. For example, you may wish to provide that a child, or children, can live in your home in the event it becomes necessary that you are placed in a nursing home or skilled nursing facility during your incapacity.
There are many different types of trusts to accomplish different goals. For example, you may need a Single Settlor Trust, a Disclaimer Trust, a Continuing Trust, an A/B or A/B/C Trust, a Remainder Trust, an Exemption Trust (to name a few). There are also various specialized trusts to hold and/or control the use of the funds after distribution. For example, pet trusts are designed to provide the care and support needed during the incapacity or death of an owner. In addition, trusts can be revocable or irrevocable, depending on the type of trust you want. Each type of trust is unique in its benefits. For this reason, it is vital in estate planning to make informed decisions on the type of trust that best suits your particular situation. At The Probate House L.C. an attorney will discuss with you what your goals are, what type of assets you own, and provide clear guidance on the best type of trust that will meet your specific needs and desires.
You may also wish to establish trusts for family members to preserve large sums of money for their future. You might choose to deposit funds into your grandchild’s college fund, or establish a special needs trust for a vulnerable family member. There are many other types of trusts which you can discuss with our experienced attorneys. The correct type of trust will depend upon your unique circumstances.
Discuss Your Trust Options With One Of Our Attorneys
Our attorneys are familiar with the numerous trust methods used for wealth preservation and probate avoidance. Schedule a consultation today to find out which type of trust is best for your goals. Call us at 424-452-2375 for an appointment in Torrance, California. You may also fill out our online contact form.