Trusts
Trusts as Part of
an Estate Plan in California
Many different types of Trusts exist that can accommodate different needs. At Greensides Law, P.C., our Trust attorney in California helps you figure out which trust will work best for you and your needs and then guide you through the entire proces.
To learn more about Trusts, contact our office today either using the online form or calling us directly at (408) 660-8050 to schedule an appointment.
A Trust is a way for a property owner to pass their assets to someone else to protect the assets and to avoid the probate process. The Trustor, also referred to as the Settlor, is the owner of the property and transfers it to the Trustee, to hold and manage the property for the benefit of someone else, known as the beneficiary. The beneficiary is a person or entity whom the Trust was established.
Trusts can have multiple Settlors, Trustees, and beneficiaries. Typically, a different person or entity serves each of these unique roles. Sometimes, though, the Settlor can act as both the Settlor and Trustee. Likewise, in some situations, the Trustee can act as both the Trustee and the beneficiary.
As part of an estate plan, a Trust can be used to minimize estate taxes (for someone with high assets). Trusts offer other benefits, too. A trust can keep your assets private even when you die because a Trust does not need to go through probate, and probate is a matter of public record. Also, a tTust can protect assets from creditors or help beneficiaries who cannot manage money well.
Whatever your need is for a Trust, our estate planning attorney can help.
Types of Trusts in California
Specific types of Trusts that people can use to pass their property on to someone else come in different forms. However, all of these Trusts are either revocable or irrevocable.
Revocable trusts, also known as Living Trusts, allow the Settlor to amend the Trust, and can even revoke the Trust entirely. This gives the Settlor far more control over their property. The Settlor still has access to the property in the trust they created.
Irrevocable trusts, on the other hand, cannot be changed or revoked once created. The Settlor relinquishes control over the assets in the Trust. These may be established for specific purposes, such as a Special Needs Trust or to minimize tax consequences.
Examples of Different Types of Trusts
Just to give you an idea of what types of Trusts there are to address your specific needs, here's a list of some of the most common.
- Family Trust
- Charitable trust
- Special Needs Trust
- Spendthrift Trust
You can also create a trust specifically for your pets, farmland, and even your art.
Benefits of a Trust in California
As mentioned, Trusts are beneficial to avoid probate and may help to avoid taxes. By using a Trust (in addition to a Will), assets of a Trust pass to the Trust's beneficiary when the Settlor dies, and avoids the probate process.
A Trust also gives you the ability to create instructions and conditions for asset distribution upon your death–giving you control over your assets even when you are not here. So, if you have a beneficiary whom you want to finish college before disbursement of funds or if you want only a certain amount of funds disbursed at different times in the beneficiary's life, you get to decide those things. Further, you can identify a Successor Trustee––someone you know who can manage the trust according to the terms and conditions.
Contact a Trust Attorney
in California Today
Whether you have some or a lot of assets, a Trust may be just the thing you need to manage those assets and to decide what's done with them upon your death. Our Trust lawyer in Santa Clara County will consider what you want the Trust to do for you, review the assets you want to transfer to the Trust, and guide you through the entire process, providing legal advice as you need it or the situation demands it.
To learn more about trusts and how a specific one can benefit you, contact Greensides Law, P.C. either online or at (408) 660-8050 to schedule an appointment.