Category: Real Estate

Creating a Trust: Common Questions Answered

Sacramento Trust Lawyer

Are you considering whether a revocable trust is something you should incorporate into your estate plan? An attorney can help you by reviewing your situation and helping to determine the right type of trust to create. It’s only natural that clients come to a lawyer with a number of questions regarding the process of creating a trust. The following are frequent questions answered.

What is a revocable trust?

A revocable trust can be a component to any estate plan that provides instruction for how you would like your assets managed after you pass away. When assets are in a trust, they are able to smoothly be transferred to your heirs after your death. A revocable trust can be flexible in that it allows you to make changes or cancel the trust at any point during your lifespan. As the trust maker, you will likely oversee your trust until the times comes for it to be managed by the trustee you have appointed.

What should I look for in a successor trustee?

The trustee is responsible for administering the trust. Within your trust, you will appoint a trustee who will take on this role once you are no longer able to do so. When appointing a successor trustee you have a number of options. You may choose a professional such as an attorney or financial organization to act as fiduciary, or, you can choose a friend or loved one to take on this responsibility. When appointing someone to take on this role, you will want to make sure that you choose wisely. A potential trustee should be:

  • Responsible
  • Organized
  • Trustworthy
  • Willing
  • Fair

When does the trustee begin managing the trust I have created?

In most cases, a trustee does not take over the administration of the trust until you either are incapacitated or pass away. Once this occurs, the trustee should begin taking on their role by gathering all necessary documents and information pertaining to the trust.

Who can I develop a trust for?

You can create a trust for any beneficiary you would like. In most cases, you will be doing so for a family member. Lawyers will work with you to determine who you would like to create the trust for to help in determining the right type of trust for your situation.

Do living trusts and estate plans go hand in hand?

In many cases, yes. Just because you have taken the time to create a living trust doesn’t mean that you do not still need to create a will. Both of these documents can be key to any estate plan.

Creating a trust account can be most helpful with the help of a lawyer who has experience in this area of practice. With the assistance of a Sacramento trust lawyer, they may assist you by reviewing your financial information and helping you to incorporate assets into the trust you are creating. They can help to provide you the assurances and support you need to seamlessly create a trust.

Contact Yee Law Group for their insight into estate planning and common trust questions.