Setting up a Trust in California
A recent poll suggests that an astonishing 56% of Americans do not have a will. While this figure is unsettling, it is important to recognize that individuals who have a last will and testament are not necessarily in the clear, either. Depending on the age of your will and who put the document together, there may be some issues that can potentially leave your loved ones in a bad situation after your passing. One of the best ways to ensure that your affairs are in order is to have an experienced California estate planning attorney help you establish a trust as part of your estate planning. Your assets will be held in the trust and they will be secured until your beneficiaries are eligible to receive their allotment of your assets.
A trust is a good way to add an extra level of protection to your assets. With a trust in place, your assets will not belong to the grantor of your will once the assets have been transferred over to the trust. With the help of a trust you can choose exactly who receives what assets and when those funds are distributed. This is a good way to ensure that the recipients of your assets are protected against frivolous spending or receiving funds before they are mature enough to be responsible for them.
Additional Benefits of Trusts
Trusts provide an element of control that little else can. They also provide certain levels of
privacy that would otherwise not be afforded to your estate after your death. A trust enables your heirs to enjoy certain tax breaks and the peace of mind of knowing that they will not need to go through probate upon your death. Depending on your specific set of circumstances, your California estate planning attorney can help you decide what trust is the best fit for you.
Common Forms of Trusts
- Revocable Trust: You retain control of your assets during your lifetime, and your estate can be distributed outside of probate. This type of trust can be dissolved at any time regardless of reasoning. Once you die, this trust will become irrevocable.
- Irrevocable Trust: The purpose of an irrevocable trust is that it cannot be altered once it has been executed. This potentially puts your assets outside the reach of probate and estate taxes. Once the trust is established, you no longer have control of your assets.
- Charitable Trust: This allows a certain portion of your assets to go to the charities of
- Marital Trust: This is designed to pass your assets to your spouse when you pass away
Do You Need Help?
There is a great value and peace of mind associated with establishing a trust. A properly drafted trust will allow you to avoid the probate process and have your wishes carried out seamlessly. Prior to establishing a trust, you should determine your goals and exactly what you would like your trust to achieve. When you are ready to establish your trust, contact the experienced and skilled attorneys at the Law Office of Kris Mukherji. We will guide through the estate planning process so that you can enjoy the peace of mind of knowing your loved ones will be provided for upon your passing.