Living Trust Lawyer Roseville, CA
As opposed to a will, a trust offers many advantages to the trustor as well as their heirs. In addition to allowing them to avoid going through the probate process, a trust enables them to inherit assets without paying taxes on them. Another important consideration when choosing whether or not to create a trust is the question of what happens to an individual’s assets and property should they become disabled or incapacitated. A living trust created with the help of a trust planning lawyer makes it possible to put plans into place in the event they are no longer able to make important life decisions. A living trust can protect their assets and property from unscrupulous persons who might seek to take advantage of their vulnerability. The sad truth of the matter is that this can happen to anyone. Talk to our trust planning lawyer to learn how we can help you and your heirs avoid this scenario.
When does a living trust go into effect?
As opposed to a will that goes into effect only after the person’s passing, a living trust goes into effect when it’s created by the trustor. In the scenario of the trustor becoming disabled or incapacitated, control of the trust will transfer to the trustee. If the trustor is the primary trustee, control will transfer to the secondary trustee. When you create the trust with the help of your trust planning lawyer you designate the trustee and a secondary trustee if you wish. You can change or update the trustees as needed.
How is it determined that I have become disabled or incapacitated?
In order to protect the trustor from getting taken advantage of by someone falsely accusing them of being disabled or incapacitated, your trust planning lawyer can put safeguards into place. For instance, you can specify two or three trustworthy physicians of your choice who must certify if you are indeed physically or mentally incompetent should you be accused as such. This also allows your specified trustee to avoid having to petition the Court to certify your incompetence. When the Court makes such a decision it becomes a public matter and your privacy will not be considered.
Are trusts taxed?
For as long as you are the trustee of your own trust, it will not be taxable. However, should you become disabled or incapacitated and your secondary trustee takes over control of the trust, they will be required to file an annual income tax return on behalf of the trust.
Learn More About Living Trusts and If They Are Right for You
A living trust lawyer Roseville, CA offers works with individuals and families to create the estate plans that reflect their wishes and goals for their legacy. We can make the process trouble-free and painless. Call us today to schedule an appointment with our skilled trust planning lawyer.
Contact Yee Law Group, P.C. for their insight into estate planning and how a living trust can be helpful.