Living Trust Lawyer in Folsom, CA

Living Trust Lawyer in Folsom, CAAre you planning out future of your estate and do not want it to go through probate? Are you interested in reaping the financial benefits associated with protecting your assets in certain ways during your lifetime? Have you been thinking about gifting money, property or other assets to your loved ones with certain conditions attached? Please consider connecting with a Folsom, CA living trust lawyer to discuss your legal options. A host of estate planning tools designed for use during an individual’s lifetime and for use by beneficiaries after an individual’s death may help you to maximize the value and use of your property.

The Basics of Forming a Trust

Many people choose to use a legally enforceable will as their primary estate planning tool. However, wills only serve to address property distribution after death and do not benefit either the estate holder or beneficiaries during an individual’s lifetime. For this reason, more and more Americans are turning to trust agreements, in lieu of, or in addition to their traditional wills. Creating trusts is a complex business, partially because there are several kinds of trusts an individual can choose from. Consulting with an experienced living trust lawyer in Folsom, CA can help you to weigh any options appropriate to your unique needs and priorities.  

A trust is a document in which assets are held by a named party for the benefit of another. If you were to create a trust, you would be responsible for naming a “trustee” who would be granted the duty of holding and managing the assets for all of the beneficiaries named in the trust.

It is important to select a responsible person to serve as your trustee, regardless of whether you choose to draft a living trust or a trust that will go into effect after death. An experienced living trust lawyer in Folsom, CA can help you to select an appropriate trustee. In addition to planning out a general distribution of assets, a Folsom, CA living trust lawyer can help you to select the kind(s) of trust that will best suit your needs. Certain trusts work better for the purposes of:

  • Incapacity planning
  • Protection of assets
  • Future planning of a pet
  • Charitable gifting
  • Medicaid planning
  • Special needs planning

Living Trust vs. Testamentary Trust

In general, trusts can be divided into two different categories: testamentary trusts and living trusts.

Testamentary Trust – A trust that activates only after the trust creator dies. A testamentary trust can be generally be revoked until that individual’s death. At this time, the trust becomes irrevocable.

Living Trust – Living trusts may be set up to benefit a trust creator and/or the trust creator’s beneficiaries during that individual’s lifetime. There are numerous financial benefits to managing property, income and other assets in this way. Please consider speaking with a Folsom, CA living trust attorney about your options. When considering a living trust, please note that these financial tools can be separated into revocable and irrevocable trusts.

  • Revocable – A revocable trust can be modified, amended, or revoked anytime by the trust creator, and for whatever reason.
  • Irrevocable – The trust cannot be modified, amended, or revoked at any time.

Reasons to Retain a Folsom, CA Living Trust Lawyer

At the minimum, a will, trust, or any other estate planning document should be reviewed by a lawyer to ensure it is legally binding and therefore enforceable. Many people will decide to draw up a living will on their own; however, drawing up a trust without an attorney’s guidance can be a big mistake. The following are a few reasons on why you may need a trust lawyer:

  • You are unsure about what type of trust you need.
  • You are creating a living trust and want to ensure it will succeed.
  • You were appointed to be the trustee of a living trust.
  • You are administering a trust.
  • You would like to challenge a living trust.

As you can see, trust planning can be complex and very detailed. If you would like to learn more about estate planning generally or trusts in particular, please consider scheduling a consultation with Yee Law Group, PC. We look forward to speaking with you.