Why Choose McCunn Law?
Here at McCunn Law, our passion is estate planning. We understand how impactful this area of law can be, so we do everything in our power to help our clients achieve the estate plan that they want. For almost 50 years, we have been helping the residents of Roseville and the surrounding areas create strong, beneficial wills, trusts, and final wishes.
We are passionate about providing unique, personalized solutions for our clients, which makes us a top local firm for what we do. We fully understand that not every client is the same, and each situation must be approached with care. We collaborate with you to create an estate plan that works for your specific and unique needs so that you feel confident about your family’s future. We also operate on an honest pricing system, so you and your family won’t be subject to hidden fees or unexpected losses because of our firm.
What Is a Trust?
Many people come to us with a limited understanding of what a trust is and how it differs from a will or other similar documents. This is understandable. Unfortunately, the benefits of trusts are not often taught in schools and universities, making them a foreign concept to many.
At its core, a trust is a legal agreement where a third party, or a trustee, holds the beneficiaries’ assets until it is time for them to receive them. The trustee should be a fiduciary, meaning that they have a legal and ethical responsibility to act according to your wishes and in your best interest.
There are many types of trusts that are available. Your Roseville trust attorney will be able to talk you through your options and help you decide which is best for you and your assets. However, there are two main categories of trusts about which you should be aware. These include revocable and irrevocable.
A revocable trust is often called a living trust. This is a top-rated option, especially if you create your trust when you are relatively young and healthy. Revocable trusts avoid probate court, but you still have control over your assets during your lifetime. This means that if circumstances change or you have different assets to add or subtract from the trust, it is easy to do so. In addition, you can dissolve a revocable trust during your lifetime if you choose to.
It is important to note that, though revocable trusts do avoid probate, they do not avoid estate taxes. This means that you will pay taxes on the assets in your trust during your lifetime, just as if they were any other asset outside of a trust.
Irrevocable trusts are more rigid. Once you create an irrevocable trust, the assets move to your trustee, and you no longer have access to them. On the upside, this means that you are no longer responsible for taxes on the assets, nor are they subject to estate taxes. However, you cannot change your mind with an irrevocable trust. Therefore, though your beneficiaries may be responsible for some taxes once they receive their inheritances, significantly less money is owed during this process.
It is worth noting that all trusts become irrevocable trusts once the guarantor (you) passes away.
Trust law, therefore, is simply helping individuals and families navigate this system. No one choice is correct for everyone, and we help you make those decisions in an educated manner. What’s more, your attorney can act as your trustee if you so choose. This means that we are in charge of carrying out the distribution of assets once you pass. This is often preferable, as families can become stressed or argue about the distribution of assets.
Why Do I Need an Estate Planning Lawyer?
It is worth noting that, legally speaking, you do not need a trust attorney to help you. However, your trust attorney in Roseville can help you make crucial decisions about your assets and wealth. Many people who attempt to create a trust on their own find it difficult to do so, and some even miss fundamental laws and guidelines that put their entire estate into jeopardy. Therefore, an attorney is always recommended.
As mentioned, your attorney can also act as your trustee. This is a wonderful choice for many, as your trust attorney in Roseville is a reliable, trustworthy option for carrying out your wishes. You do not have to worry about your family making complicated post-mortem arrangements because your trust attorney can handle these for them.
How Much Does It Cost to Get a Trust Done in Roseville, CA?
Many people wonder if creating a trust will be worth the investment. This is a fair consideration, as the entire purpose of a trust for many people is to avoid probate court. Unfortunately, there is no single answer to this question. The cost depends on your Roseville trust attorney’s fee structure and what needs to be done.
Generally speaking, most trusts cost between $1,000 and $3,000 to make. This may seem like a significant sum, but it is essential to remember what you are saving by choosing to make a trust. Much more than that can easily be taken in probate court, so investing in a trust is usually a bargain.
It is also worth noting that your family will save a lot of time and stress if you leave a trust. Rather than suffering through probate court, which can take weeks, months, or even years, they will get their inheritances much faster. They will also have a set authority figure in the trustee, meaning that the burden of carrying out your wishes is not on their shoulders. This ease of process and peace of mind make trusts preferable for many people.