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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, and San Francisco.

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.

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