Fullerton Trusts Lawyer

Fullerton Trusts Attorney

Trusts allow Fullerton, CA, residents to preserve assets and pass on wealth to their loved ones easily, making them a crucial aspect of estate planning. To protect your assets generationally, it’s critical to have a trust plan that works for you. A simple and straightforward way to achieve this is to work with a Fullerton trusts lawyer.

The Importance of Trusts in Estate Planning

Protecting your assets with a trust offers peace of mind and financial security for both you and your loved ones. A well-crafted trust can help you manage assets, minimize tax liabilities, and distribute your wealth in an efficient manner.

Given California’s high property values and cost of living, it’s even more important to have a comprehensive estate plan that protects your assets. With a good trust, you can avoid potential legal disputes down the road and ensure your family’s needs are met. Plus, you can also avoid California’s probate process, which is notoriously drawn out and costly.

Working With a Fullerton Trusts Law Firm

Trust lawyers are trained to help people plan for the future by ensuring their assets are safe for generations. Since these attorneys are skilled in handling the creation, management, and administration of trusts, it’s wise to have their knowledge on your side.

You can also work with a general estate planning lawyer, who handles a broad scope of estate planning services, including trusts, wills, power of attorney, and health care directives. While this can be helpful for handling your estate as a whole, it can be prudent to work with a Fullerton trusts lawyer specifically for the most comprehensive care pertaining to trusts.

Avoiding Probate in California

Probate is a legal process that essentially determines the validity of a will by assessing the value of the grantor’s properties, identifying heirs or beneficiaries, and assessing the value of any property. Typically, the process can be time-consuming, costly, and public, making it an undesirable process for many people. A trust, on the other hand, can allow assets to be distributed immediately.

By establishing a trust, it’s possible to bypass the probate process and have assets distributed directly to your beneficiaries. Consider working with a Fullerton trusts lawyer to streamline the process and ensure your peace of mind.

There are other ways to avoid the probate process in California, but establishing a trust provides you with more control and flexibility when it comes to managing and distributing your assets.

Administering a Trust

The process of administering a trust after the death of a grantor is an important process that must be handled properly. The trust administration process can be time-consuming and involve a lot of emotions, so it’s pertinent to choose a reliable trustee who takes the responsibility seriously.

In addition to helping the grantor set up your trust, a Fullerton trusts lawyer can work with your trustee through the process and ensure they fulfill the grantor’s wishes as well as any legal obligations.

A trustee is responsible for tasks such as:

• Complying with applicable laws
• Distributing assets
• Following trust agreement
• Maintaining accurate records
• Managing investments
• Paying taxes

Average Cost of a Trust in California

Creating a trust in California can look different for every individual, which means costs can vary, too. The average cost of creating a trust can depend on factors such as the type of trust, the complexity, and your attorney’s fees.

It’s not legally required to have a lawyer to establish a trust, but it is recommended. Settling a trust involves a wide range of tasks, and it can be difficult to handle everything on your own. To ensure you’re getting the most out of your investment in your trust, consult with a Fullerton trusts lawyer.

Common Types of Trusts

Different trusts exist to achieve distinct goals, so it’s important to understand your goals for your assets before choosing how to protect them. Most types of trust will call into two or more of the following four categories:

• Living trusts. Inter vivos trusts, or living trusts, are created and active while the grantor is still alive. These types of trusts allow a person (trustee) to hold another person’s (grantor’s) property for someone else (beneficiary). Usually, the grantor establishing the trust will also be the trustee and beneficiary to maintain control of their assets until they pass away or become incapacitated.
• Testamentary trusts. These types of trusts are created after the death of the grantor through their will. Testamentary trusts allow the grantor to maintain some control over assets during their lifetime and can help to protect them against creditors down the road.
• Revocable trusts. These trusts can be changed or revoked by the grantor at any time. Typically, the grantor will serve as the initial trustee for the trust so they can transfer and remove properties and other assets during their lifetime. These trusts become irrevocable once the grantor passes away.
• Irrevocable trusts. These types of trusts cannot be changed or revoked once they are implemented, even if the grantor is still alive. A trustee – typically a financial professional – will manage the trust for the grantor once they set it up.

Within these categories, there are many different types of trusts you can set up. Some of the most common include:

• Charitable trusts
• Generation-skipping trusts
• Joint marital trusts
• Separate marital trusts
• Special needs trusts
• Spendthrift trusts

Each of these trusts functions in specific ways, so it’s critical that you understand the nuances of each before establishing one for your assets. Working with a Fullerton trusts lawyer can facilitate this process and give you peace of mind knowing your assets are covered properly.

Partner With a Fullerton Trusts Lawyer You Can Trust

If you are considering setting up a trust, let the experienced Fullerton trust lawyers at Kevin Rice, Attorneys at Law, assist with every aspect of forming, administering, and settling a trust in California.

Our accomplished legal team offers personalized legal assistance and advice to ensure you and your assets are in good hands. Contact us to set up a consultation with our trust attorneys today.