Granite Bay Trust Lawyer
Should a Trust be a Part of Your Estate Plan?
Top two reasons you need a Trust:
- You own real estate in California and don’t want to suffer the costs and time loss of probate
- You have minor children and wish to avoid the tremendous expense, time and rigidity of guardianship
Trusts are legal arrangements that enable a third party to manage assets on behalf of a beneficiary. Trusts are sometimes referred to as a “living trust” because they are formed during life. The person who forms the trust is known as the “settlor” of the trust. The settlor can fund assets into the trust, and the trust can control those assets right away. A third party can act as a trustee if the settlor so chooses. That third party, known as the “trustee,” must manage and distribute the trust assets subject to its terms.
The person holding an equitable interest in the trust is known as the “beneficiary.”
Although trusts and wills are often used interchangeably, there are many differences between the two. The most notable distinction, aside from the formation of each document, is that a will only takes effect after death. A will is not officially recognized as a valid will until the court admits the will to probate, whereby a court issues an order finding the will valid. Trusts on the other hand, can be administered and distributed to the named beneficiary without the need to open probate. That distinction saves time and
money to the estate.
A California Trusts Lawyer You Can Count On
Our estate planning attorney, Drummond T. McCunn, can devise a plan which protects your loved ones in the event of your death or incapacity. For more information about our services, contact our firm online or call 916-773-6100 today.
Types of Trusts
There are many different types of trusts available in California. There are revocable living trusts, irrevocable trusts, qualified personal residence trusts, and spendthrift trusts to name a few.
Revocable living trusts transport ownership of assets upon the settlor’s passing. The settlor can control the assets held in the trust during their lifetime. They can also change or cancel the trust at any time.
Irrevocable trusts, on the other hand, cannot be canceled or changed at any time. The settlor of the irrevocable trust gives up control and ownership of the property within the trust. In limited circumstances including child support or alimony, creditors do not have access to the assets held in the trust because the settlor does not have direct access.
Deciphering which trust to form, if any, requires thoughtful attention and consideration.
Ensure Your Estate Goes Where You Want with a Well-Structured, Customized Plan
We all want to provide for our families and make sure our last wishes are carried out. We want our family to be able to care for us in an emergency and not be overwhelmed in managing our financial affairs. McCunn Law is a Granite Bay, California, law firm that protects families throughout California with customized wills, trusts, durable powers of attorney, advanced health care directives and other estate plan documents.
Legal Assistance
The best time to seek legal assistance is when disputes are still only minor agreements. This gives either party the time to re-evaluate their actions and determine the next move without breaking the law or acting unfairly. Consulting with an attorney can provide the information they need to steer them down the right path. In some instances, clients ask us to mediate a dispute between landlord and tenant, so both parties can come to an agreement without the need for battling it out in a courtroom.
If you are a landlord or a tenant who believes your rights have been breached or you have been accused and your business or reputation is on the line, turn to McCunn Law. We help our clients to navigate even the most complex legal issues to arrive at the best solutions possible. Contact us today at 916-827-3427.
“McCunn Law is a high-quality and highly knowledgeable legal team. I went into a consultation regarding child custody and was extremely happy with the plan and ultimately the results of my case. They create a plan with the client’s needs and wants in mind. Drummond is also great working with regarding what kind of budget a client would be able to afford. If I have any more legal needs in the future this is the office I will use every time.”
“McCunn Law is a high-quality and highly knowledgeable legal team. I went into a consultation regarding child custody and was extremely happy with the plan and ultimately the results of my case. They create a plan with the client’s needs and wants in mind. Drummond is also great working with regarding what kind of budget a client would be able to afford. If I have any more legal needs in the future this is the office I will use every time.”
“McCunn Law is a high-quality and highly knowledgeable legal team. I went into a consultation regarding child custody and was extremely happy with the plan and ultimately the results of my case. They create a plan with the client’s needs and wants in mind. Drummond is also great working with regarding what kind of budget a client would be able to afford. If I have any more legal needs in the future this is the office I will use every time.”