General Trust Law Firm Roseville CA
When it comes to estate planning in California, many people have heard of wills and the probate process. A will is a legal document where a person stipulates who should get their assets and property when they die. Probate is the process that a will must go through before those assets are distributed. Generally, probate takes about one year to complete. But there is another estate planning tool many people use that helps avoid the probate process completely. That tool is referred to as a living trust. The following is a brief overview of what a living trust is. For more detailed information, contact the Roseville CA general trust law firm of Yee Law Group, PC.
A trust is a legal device set up by an attorney from a Roseville CA general trust law firm that allows a person to own assets or property for the benefit of someone else. A trust allows a person to stop being the owner of those assets but still maintain control over them. In order to create a trust, the trustee agrees to manage the assets for the benefit of another party, referred to as the beneficiary, who may eventually get the assets, depending on how the trust is set up.
A living trust provides many benefits to a person’s estate plan. The owner of the assets can transfer their assets and/or property to themselves, but now as the trustee. The types of assets that can be placed in a living trust include money, real estate, stock, bonds, and vehicles. This allows the person to still control those assets and keep all the benefits of those assets. When the trustee dies, the contents of the trust are distributed to the beneficiary of the trust. However, unlike with a will, there is no probate process with a living trust and the beneficiaries obtain control over the assets in the trust immediately.
As a trust attorney Roseville CA families trust can explain, there are situations where the beneficiaries will not get control over the assets right away (or at all) if the person who set up the trust chooses to appoint a successor trustee who will oversee how those assets are dispersed. For example, if the beneficiaries of the trust are minor children, then there would be a successor trustee until the children reach whatever age of majority specified in the trust. Another example is if the beneficiary is an adult child who has a substance abuse issue. The parent setting up the trust may decide that the adult child should not have control over the assets because of their addiction, so there will be a successor trustee named to disperse funds to the adult child based on the terms of the trust.
Call a General Trust Law Firm in Roseville CA
If you would like to learn more about living trusts and how it can help with your estate planning, contact the general trust law firm Roseville CA clients recommend. Call Yee Law Group, PC today.