Santa Clarita Trust Lawyers
Secure Your Estate for Your Loved Ones
Trusts can be created in addition to a
will when planning out your estate. Trusts allow you to put your assets into
a secure location that will be managed by the trustee. Many people create
living trusts and name themselves as the trustee, enabling them to manage
their assets and stipulate a secondary trustee in case they are rendered
unable to handle their finances.
While the concept is simple, setting one up can be very complicated. Putting
your assets into a manageable account takes a lot of work, and the law
will not allow another person to simply take over unless the trust was
set up properly.
Our Los Angeles estate planning lawyers create trusts throughout California.
We have office locations in
Valencia, Los Angeles,
Orange County, San Diego.
Should I Create a Trust?
Whether or not you should create a trust is entirely up to your specific
financial and personal situation. If you have a lot of assets and want
to have a safety net for them, a trust can be extremely beneficial. There
are several kinds of trusts that can be created, each one designed with
for a specific purpose.
- Some of the different type of trusts you can create include:
Living trusts: These are one of the most common trusts people create. A living trust
goes into effect immediately, placing your assets in a secure location
that can be freely administered. If you were to become disabled at any
point, your secondary trustee can manage your trust on your behalf. It
also allows you to pass assets to heirs without going through probate.
Spendthrift trusts: If you have long-term plans for the money you want to leave to a beneficiary,
a spendthrift trust may be perfect for your needs. These trusts distributes
assets through periodic allowances you set up ahead of time to ensure
that the money is not spent all at once. For instance, if you wanted to
leave money to an heir when they turned 18, and then another sum when
they turned 30, this trust would make that possible.
Special needs trusts: These trusts supply disabled individuals who are unable to work with
necessary assets. Many people stipulate that the money from these trusts
cannot be used on food or shelter so as not to interfere with social service benefits.
Qualified Terminal Interest Property (QTIP) trust: If you believe your spouse will remarry after you pass, these trusts
protect your assets for your children or other beneficiaries. This trust
will supply your spouse with money during their lifetime, but cease to
function after their death. At this point, the remaining trust assets
are given to the other beneficiaries you specified. This safeguards your
assets from being left to your spouse’s new partner.
We Can Answer All Your Questions About Trusts
The trusts listed above are just a few of the possible options. If you
have a large estate and have very specific plans for how you want it distributed,
a trust could be a great option for you. Our Santa Clarita trust attorneys
offer free consultations and can tell you more about whether or not a
trust is a good idea.
Ready to discuss creating a trust for your estate? Want to learn more about
your options? Call (855) 997-7522 today.