Trust Attorney – Roseville, CA
If you want to put a plan in place to ensure an organized distribution of your assets in the event of your death, you should have an experienced trust attorney Roseville CA offers to guide you through the process. Yee Law Group, PC is well-versed in standard trust planning as well as those which could be considered complex or out-of-the-ordinary. Using our knowledge and skill we can develop a plan that meets your objectives in a clear manner.
A Roseville trust attorney offers several advantages that are not available through the sole drawing-up of a will. When you’re ready to protect your assets and estates, consider having Yee Law Group, PC on your side. Contact us now for a free consultation.
While many Americans have drafted a simple will at some point during their lives, few have a fully developed—and current—estate plan in place at any given time. Because the subject of estate planning is so rarely explored in American culture, many adults are understandably unaware that they need anything more than a simple will in place.
In truth, there are a myriad of estate planning tools available to American adults and each of them serves a different purpose. Speaking with a reputable Roseville, CA trust attorney at the Yee Law Group, PC will help you to clarify whether you’re currently taking advantage of all of the estate planning tools that you’ll need to ensure that your wishes are properly honored in the event of your incapacitation or death. Additionally, during a risk-free consultation session, you can also learn about estate planning tools that can be utilized during your lifetime to achieve certain gifting needs and/or minimization of your tax liability.
If you don’t yet know much about estate planning, you may be wondering why you need to draft more than a simple will to fulfill your estate planning needs. This is a legitimate concern. Not so long ago, most Americans drafted a will, updated it a few times over the course of their lives and called the estate planning process a day. However, the complexities of modern finance combined with the evolution of state and federal laws has made it such that a simple will alone simply doesn’t meet the estate planning needs of virtually anyone, anymore.
To have a complete estate plan in place—even a basic one—you’ll generally need a will or living trust, an advance healthcare directive, power of attorney designations, digital estate planning references, and (if applicable) guardians named for your minor children. Depending on your unique financial needs, your situation may require additional estate planning tools as well.
Table of Contents:
- An Introduction to Trusts – What They Do and What They Don’t Do
- Take Control of Your Monetary and Physical Assets
- Why You Need a Trust Attorney Roseville CA Respects
- What the Trust Will Accomplish
- Which Assets to Include
- Who Will be the Trustee
- What You Should Consider When Choosing a Trust Attorney
- Benefits of Yee Law Group, PC
- Trust Attorney Statistics
- QA About Types of Trusts
- Legal Assistance Is Available
- Scheduling a Consultation with Yee Law Group, PC
An Introduction to Trusts – What They Do and What They Don’t Do
A living trust—which can pass certain assets to your loved ones during your lifetime and can serve as a will after your death that will allow your loved ones to avoid probate—is primarily used as an alternative for a will. This document will not detail your wishes for medical care at the end of your life, nor will it grant the power of attorney authority to someone you trust so that your affairs can be managed according to your wishes in the event of incapacitation. A living trust can accomplish much, but not everything that someone needs in a basic estate plan.
Other kinds of trusts, including charitable trusts, educational trusts and special needs trusts, can accomplish various financial and practical aims while you’re living or after you’re gone. These resources can serve as great tools to pass along assets subject to conditions and can minimize your tax liability.
Take Control of Your Monetary and Physical Assets
Deciding what will happen to your assets, wealth, and possessions when you die or become incapacitated could be a difficult process. However, if you fail to do so, you risk having a court divide your total property as it sees fit after you pass. Rather than leaving these important personal decisions to the law, it’s advisable to get legal assistance. A trust attorney Roseville CA relies on can guide you through all steps of the process. Some services a trust attorney may provide include:
Living Trust Planning and Creation: Also called a revocable trust, a living trust is a legal document which places all of your assets into a trust for your benefit. Upon your death or incapacitation, the assets will be transferred to your designated beneficiaries of your choosing, also known as successor trustees. In general, if you have over $1 million in assets, you should have a trust attorney Roseville CA respects to help you with the planning and execution of this document.
Asset Protection: Most people are not aware of the importance of asset protection, especially when a large estate is a factor. A trust attorney in Roseville CA may help to protect your wealth and personal assets from a wide spectrum of legal structures including civil litigation, divorce, taxation, and bankruptcy. Learn how Yee Law Group, PC may protect you and your family by calling us today.
Probate: If you’re experiencing a feud over a will, a trust attorney Roseville CA depends on may assist in defending your right to any legal distribution and keeping potential aggressors in check. By having an attorney on your side, you may be able to speed up the process and ensure your loved one’s wishes are fulfilled in a timely manner.
Trust Administration: After the loss of a loved one you may have questions or concerns about a trust, will, or being a beneficiary. Oftentimes, there may be confusing paperwork and a lot of signatures to give. By working alongside a trust attorney Roseville CA residents can count on, a detailed, accurate roadmap may be developed to smoothen the procedure and let you focus on the grieving process.
Why You Need a Trust Attorney Roseville CA Respects
A trust attorney Roseville CA families rely on will be there for you to help you plan out some of the most important legal documents. Although there are software programs and downloadable forms that allow you to create a trust on your own, they are very basic. Should you choose to take this route you could risk causing future problems for your beneficiaries. One word in the wrong place could allow a court to misinterpret your wishes. It might also leave a legal loophole for arguments between beneficiaries to ensue. The reality is that even if you are sure about creating your own trust, you should at the minimum have a trust attorney in Roseville CA review it to ensure it is legally binding in the very way you wish it to be. If you are considering a Roseville trust attorney, please read over the following to get a better understanding of why you should opt for their professional guidance:
- An attorney can help to identify what issues might impact your estate and what needs to be included to address and protect your interests;
- A trust attorney Roseville CA offers can discuss and consider the marital deduction rule;
- A last will and testament can be drafted for the distribution of your assets; and
- A guardian can be appointed to someone who is a minor or incapacitated.
A living will, using a power of attorney, can also be created. This can ensure you have control over any future medical expenses and decisions made on your behalf should you become incapacitated. This could happen in a car accident, after a stroke, or other illness that you develop.
There are different types of trusts and not all will be appropriate for your situation. For example, you may need a special needs trust that protects a disabled child. This is very important and can ensure his or her government benefits are not at risk; furthermore, it can protect a child from squandering their inheritance. A trust attorney Roseville CA has to offer can explain the different options and let you know what is best suited to your needs.
The last thing you likely want is to be partially responsible for problems and disagreements in your family after you have passed away. The stress, anger, and confusion that often arises in tense situations because of a lack of having a proper trust can be avoided. Regardless of how simple or complex your estate might be, trust administration is very important.
What to Consider Before Creating a Trust
A trust is a great way to plan your estate. With a single document, a trust attorney in Roseville, CA of the Yee Law Group can safeguard your assets and dictate how and to whom they are distributed once you are no longer able to do so yourself. That said, a trust is a complex estate planning tool. It deserves a lot of forethought. These are a few factors you should consider as you prepare for a consultation with your trust attorney.
What the Trust Will Accomplish
Ask yourself why exactly do you need a trust. Are you interested in ensuring that your assets don’t have to go through probate? Are you hoping to leave an inheritance for a loved one who may also need to rely on government benefits when you are gone? Do you have a large estate that is better off managed by a trust for tax and complexity reasons?
All of the above questions make a difference in how your trust attorney in Roseville, CA drafts and arranges your trust. For instance, if you want to safeguard your assets to ensure that a loved one can still access much-needed government benefits due to a lifelong disability, you will want to invest in a special needs trust. If you want a trust that you can change later in life, but with which you are hoping to avoid probate, you may be interested in consulting the Yee Law Group about a revocable living trust.
Which Assets to Include
Once you establish what type of trust you want your trust attorney in Roseville, CA to draw up, you have to decide which assets to include. Do you want your real estate property to be entered into the trust? Perhaps you want a substantial savings account to be included in the trust.
Which ever property you decide to include, be sure that you think your decisions through carefully. In most cases, people who are interested in using the services of the Yee Law Group to create a living trust want all of their property included. However, if you have other beneficiaries in mind for some of your minor property, you may be interested in leaving them out of the binding document altogether.
Who Will be the Trustee
One of the most important decisions you will have to make before your trust attorney in Roseville, CA drafts your legal trust is determining who should be the administrator. A lot of the time, people choose close family members to serve as trustees. In this case, you must be confident that your chosen trustee will perform his fiduciary responsibilities to your chosen beneficiaries.
What You Should Consider When Choosing a Trust Attorney
The first question you should ask your prospective trust attorney in Roseville CA is how long he or she has practiced law. Then, you need to discuss how long the firm, e.g., the Yee Law Group, has specialized in trust law, and what percentage of its work involves trusts. You should find a firm that has been in this field for at least five years. Your attorney should understand the ins and outs of creating wills, powers of attorneys and different types of trusts because these documents work together to ensure that your desires are upheld after your death.
Some areas do not have law firms or attorneys that specialize in estate planning and trusts. First, search for an attorney who is licensed in your state, but don’t be afraid to look outside your local community. Therefore, you may look for a trust attorney in Roseville CA, such as the Yee Law Group. However, if you are outside this community, you may still use these attorneys because they are licensed in California. Geography should not be your only consideration when choosing your trust attorney.
You absolutely want a reputable trust attorney in Roseville CA. Therefore, do some research on your prospective firms. For example, you may search through online reviews, but you should also ask other legal professionals for referrals. In addition, you can discuss your prospects with your coworkers, family and friends if they have worked with any of the firms. Ask for and check the firm’s references.
Find out whether your prospects carry malpractice insurance as well. This suggests that these attorneys believe in accountability and care about their clients. In addition, some practices are required by the State of California to carry malpractice insurance. Learn whether your firm selections fall under this requirement.
Pursuit of Education
Find out what law school your prospective attorneys attended. Then, discuss their pursuit of additional education. For example, trust and estate planning laws change, and you need to be sure your attorney remains updated about current laws.
You should also discuss any professional organizations the firm or attorney belongs to. This may not suggest reputation, but it will suggest how dedicated these individuals are to their field. Professional organizations also provide extensive education opportunities for their members.
Your prospects may also have published books or articles on estate planning and trusts. Search out these publications and consider reading them. They should give you some insight into their authors.
Is Having a Trust Necessary?
Planning what happens to your possessions, money, real estate, and assets after you are gone is something that is often put off. Either it’s too confusing, time-consuming, or just thinking about it makes you uncomfortable. Do you need a will? Do you need a trust if you have a will? Do you have to have both? Do you need to hire a Roseville CA trust attorney to create these document? Is it expensive?
Everyone should have a will. It clears up any questions about which family members get what possessions. If you are married, in most states, including California, everything you have, such as real estate, investments, money in bank accounts, will all pass to the surviving spouse or whoever is named as a beneficiary. If you purchased a home with your spouse, it is likely titled jointly with right of survivorship, meaning if one of the named persons on the title passes away, ownership automatically falls to the surviving spouse. All this seems pretty straight-forward. Is a trust necessary? Maybe, maybe not.
Living Trust Advantages
One advantage to a living trust is that you can select an alternate beneficiary to inherit your assets in the event the beneficiary listed on your accounts passes away ahead of you. You cannot do that for property held in a joint tenancy with right of survivorship or payable upon death bank accounts.
As a trust attorney in Roseville CA can explain, living trusts will also permit you to transfer assets without going through the probate process. If your assets all have legal beneficiaries and you do not want to list an alternative beneficiary, you probably would not benefit from a living trust.
A living trust is most advantageous for wealthier people with large estates or for someone who believes they will be deceased within the next decade or so. When trying to decide whether or not to have a living trust, take into consideration the following:
Your Current Age
The idea of having a living trust to avoid probate is that the probate system has been evolving and changing a lot in the last decade to the extent that it is becoming rarer and rarer to have to even use the probate process to distribute assets. That is because investment accounts, insurance policies, and bank accounts all require you to name a beneficiary or a person to whom the account is payable upon the owner’s death, thus eliminating the need for the assets to pass through probate before being distributed. There are also other reasons why a family would want to avoid probate and a trust attorney can provide you with those details.
A living trust is of no benefit to you while you are alive, and with the probate process changing, having a legal will is a sufficient means of distributing your belongings to those you love should you unexpectedly die.
The Benefits of Yee Law Group, PC
Yee Law Group, PC is the kind of trust attorney Roseville CA families count on for dependable legal counsel. We have built a strong reputation and continue to work hard to maintain it. Some reasons clients turn to us for advice and services include:
- We maintain constant communication;
- We are honest and transparent;
- We offer our services in different languages;
- We value our clients;
- We provide emotional support to anyone who may need it; and
- We can arrange to meet you if you are unable to come to us.
If you would like to know more about Yee Law Group, PC, all you need to do is pick up the phone and call for a free consultation.
Trust Attorney Statistics
According to a 2021 Gallup poll, less than half of Americans have a will. If you are worth a lot of money and all the wealth cannot be transferred without going through probate, you probably want to create a trust — be it a living or irrevocable trust. If you own a business or have other assets that you do not want to be held up in probate, a trust may be the right path for you to take to protect your wealth. Your Roseville CA trust attorney can evaluate your particular situation and determine which type of trust is best for your family.
QA About Types of Trusts
What Is a Trust?
A trust is an estate planning document that appoints a trustee to hold property for the benefit of others. The document is intended to legally protect the trustor’s assets, ensure the assets are distributed to the appropriate people and save time.
What Are the Benefits of Having a Trust?
There are several benefits to using a trust rather than a well. The main positive that comes from establishing a trust is avoiding probate. Probate is a legal process in which a will is reviewed to determine if it is valid or not. The process can be costly and take a lot of time. Other benefits of a trust include privacy, reduced taxes and flexibility. It is more costly to establish a trust than a will, but the benefits may be worth it.
What Is a Living Trust?
A living trust is a trust that is set up during a person’s lifetime. They are the trustor, the person who transfers assets into the trust. They may also be the trustee, in charge of managing the trust’s assets and payouts. They may be the beneficiary as well, receiving income from the trust. A trust attorney in Roseville, CA, such as Yee Law Group may be able to help you determine if this is a good option for you.
What Is a Testamentary Trust?
A testamentary trust is set up in a person’s will and goes into effect when that person dies. They are still the trustor, whose assets go into the trust, but now someone else must serve as the trustee. A trust attorney in Roseville, CA, can help you set up a testamentary trust in your will.
What Is a Revocable Trust?
A revocable trust is one where changes may be made, assets removed or the trust dissolved at any time. You control the trust and what happens within it.
What Is an Irrevocable trust?
An irrevocable trust is one where the assets no longer belong to the trustor, and all changes have to be done with the beneficiary’s permission.
What Is a Special Needs Trust?
A special needs trust is one that is set up for the benefit of a child or grandchild with special health needs. It protects the beneficiary from losing any government benefits they may receive as a result of their health condition. You need to enlist a trust attorney in Roseville, CA, to help you set up this type of trust.
What Is a Tax Bypass Trust?
A tax bypass trust is one that allows one spouse to transfer assets to the other while minimizing the amount of estate tax that would have to be paid on the death of the second spouse. This could save their children tens of thousands of dollars in estate taxes. A trust attorney in Roseville, CA, such as Yee Law Group can help you minimize this tax burden.
What Is a Charitable Trust?
A charitable trust is one that is set up for the benefit of a charity of the trustor’s choosing. They are typically set up to minimize the tax burden of the estate.
What Is a Totten Trust?
A Totten trust, also known as a poor man’s trust or a pay-on-death trust, includes financial accounts like checking or savings accounts and CDs. It is a safer, faster method to pay out to beneficiaries than joint accounts.
What Is the Difference Between a Revocable and Irrevocable Trust?
A revocable trust can be changed at any time. An irrevocable trust, on the other hand, can’t be altered once it has been created. Both trusts come with their own positive and negatives. If you are having trouble deciding between the two, you may want to get advice from a trust attorney in Roseville, CA.
Do I Need to Hire an Attorney?
Yes, it is in your best interest to work with an experienced trust attorney. Although there is DIY estate planning software, it is easy to make mistakes if you do not have a legal background. If you do not follow certain procedures, your trust may be considered invalid. An attorney will make sure that your trust states what you want it to state and follow state laws.
Do I Have to Be Wealthy to Benefit from a Trust?
Many years ago, trusts were mostly used by wealthy families to control their fortune. This is not the case today. You do not have to be a millionaire anymore to benefit from a trust. People of modest means can benefit from the versatility of trusts.
Legal Assistance Is Available
To learn more about trusts and other estate planning tools, schedule a risk-free consultation with the experienced California team at Yee Law Group, PC today. We look forward to speaking with you.
Scheduling a Consultation with Yee Law Group, PC
Regardless of what you may need for your trust planning, creation, or execution, Yee Law Group, PC could make sure your wishes are carried out to their fullest. For a free consultation with a trust attorney Roseville CA families trust, please call 916-927-9001 today.
“I recently visited the main office of Yee Law Group in Land Park, Sacramento. The lawyers and their support staff were all so friendly and inviting. The office space is recently remodeled with a clean, bright, modern look. Michael was timely for our meeting and made me feel welcome, valued and safe. I would definitely recommend this office for your estate planning and probate matters. It is so priceless to have a strong, kind legal team with you to navigate trust and estate documents. A+ to Michael and his team!”