The Importance of Consulting with a Trust Attorney
If you would like to speak with a trust attorney Sacramento, CA offers, contact us at the Yee Law Group. When it comes to estate planning, you have several options, including various types of trusts. It can be confusing for people who are unfamiliar with the many options. Our experienced trust attorneys may provide you with the knowledge you need in order to make an informed decision.
A respected Sacramento trust attorney from Yee Law Group may review your case at no charge. With a recommendation on how to proceed, you can be confident about whether or not establishing a trust is right for you.
The Value of Establishing a Trust
Without a trust, your wishes for the distribution of your estate might not be followed. A trust attorney in Sacramento, CA from Yee Law Group may work with you to protect your legacy. With a trust, you may reap the benefits of knowing:
- Your beneficiaries may gain access to your assets faster than if they are transferred to them through a will.
- Most trusts avoid probate, which not only saves time but also court fees.
- If you choose to create an irrevocable trust, less taxes may be owed after your passing.
- Without a trust or will, your property will likely go to your spouse or closest heirs. If that is not your wish, you can designate who should receive your assets.
- A trust ensures that the state will not be able to choose on your behalf who should be the legal guardian of your minor children. A trust attorney in Sacramento, CA parents choose in similar circumstances may specify in your trust exactly who should be responsible to care for your children in the event you pass away.
- If you become incapacitated in such a way that you are unable to care for your children, a trust may legally specify who should care for them until, or unless, you are eventually able to resume that responsibility.
- If you become incapacitated in such a way that you are unable to make major financial decisions, a trust could legally specify how your assets should be handled and who can take charge of them.
- When you choose a trust attorney Sacramento, CA residents recommend from the Yee Law Group, you may specify if your assets should be portioned out over time and in what amounts to your heirs.
- A trust attorney Sacramento, CA community members turn to for help with important estate planning services and can advise you on how to maximize tax savings for your distribution of assets.
We Offer a Free Consultation
To find out more about how we may help you, contact us to schedule a free consultation. One of our trust attorneys can review your case and may offer guidance on how you may wish to move forward with establishing a trust. Contact the Yee Law Group at 916-927-9001 when you need a respected trust attorney Sacramento, CA can provide.
Common Types of Trust Litigation
While it would be ideal for the distribution of an estate plan to always run smoothly, our Sacramento, CA trust attorneys will tell you it doesn’t always happen that way. Sometimes relatives aren’t happy with what’s in the trust and may try to challenge it in court. In some cases, working with the Yee Law Group can help to mitigate issues that may arise. Here are some of the most common types of trust litigation:
Parents can choose to disinherit their children from their estate plan for a number of reasons. Maybe they believe one child is well off enough and doesn’t need an inheritance. Or maybe they had a falling out with their child years ago and no longer speak to them. Our Sacramento, CA trust attorneys have seen children who get disinherited feel as though they are being treated unjustly and try to challenge the trust in court.
In order for a trust to be valid in court, the person who creates it must be of sound mind. If it’s determined that the trustee was mentally incapacitated, the trust could be challenged in court.
A trust can also go through litigation if it’s discovered that the creator was coerced by another person to make changes to their trust. A Sacramento, CA trust attorney shares that undue influence is more common among the elderly population. Seniors may be more vulnerable to suggestions from their relatives and other people they trust. For example, if an elderly person gave their entire estate to their caretaker, but had great relationships with his or her children and grandchildren, there may be a red flag.
If a trustee has unpaid debts after he or she dies, the debts must be paid before beneficiaries receive anything. If the estate is distributed before paying off creditors, they have a right to file a claim in court to get their money.
A Sacramento, CA trust attorney will tell you that trust can also go through litigation if it’s believed that there was some kind of fraud involved. For example, if beneficiaries believe that the signature in the trust was forged, they can challenge the document in court.
Breach of Fiduciary Duty
The trustee of a trust has to follow certain fiduciary duties. If this person fails to follow these duties, the beneficiaries may challenge the descendant’s estate.
Avoiding Trust Litigation
There are many types of litigation that our Sacramento, CA trust attorneys have experienced. You don’t want your heirs to deal with that kind of frustration. That’s why it’s a good idea to consult with an experienced Sacramento, California trust attorney. He or she can look over your trust and check for errors.
At the Yee Law Group, we know how complex trusts can be. We have helped many people establish valid trusts and are here to assist you. Contact our Sacramento, CA trust attorney today for a free consultation.
Common Myths About Trusts
There are many benefits to establishing a trust, including avoiding probate, maintaining privacy and allowing you to have control of your finances during your lifetime. However, many myths still exist about trusts, including:
- Trusts Are Only for Rich People: This is one of the most common misconceptions about trusts. However, as a trust attorney in Sacramento, CA can confirm, trusts are not intended just for the wealthy. Although it’s common for wealthy people to establish trusts, many people with average incomes create trusts and experience many advantages from them.
- Trusts Just Benefit Beneficiaries, Not Grantors: It is true that many people establish trusts to ensure their assets go to the right people after they die. However, trusts can also benefit the grantor when they’re still alive. For example, if you can state who you want to handle your financial and legal affairs should you become mentally or physically incapacitated at some point.
- Trusts Are Too Expensive to Set Up: Although a trust does require more upfront fees than a traditional will, it can help you save more money in the long run. The document can help your family members avoid the probate process after you are gone, helping them save thousands of dollars in attorney and court fees. You do not have to worry about your assets getting depleted with a trust.
- A Will Can Do Everything a Trust Can: A trust can do several things that will simply can’t. For instance, a trust can provide protection for beneficiaries who are not mature enough to handle large sums of money in the beginning. The document can specify that your chosen trustee can make distributions to support a beneficiary. If you have young kids, a trust can dictate how they should receive the funds, when and for what purpose. This can give you more control of how your children will be provided for.
- It Is Always Best to Name a Family Member as a Trustee: At first, it may seem like a good idea to name one of your relatives as an executor of your trust. However, this may not always be beneficial. Some people may not be responsible enough to take on this kind of case. If you can’t find anyone who can fulfill this role, it may be better to appoint an independent third party to act as the trustee.
Trusts Handled By Yee Law Group
As you may now understand, there are a number of preconceived notions, albeit myths, about trusts. In truth, trust can be one of the most valuable estate planning tools for an individual or couple who has assets or property. A leading Sacramento, CA trust attorney can review your personal situation and provide you with guidance about what tools are suited to your needs.
There are many benefits to a trust; yet, not all trusts will have the same benefits. Some are appropriate for large sums of money; whereas others are ideal for antique or gun collections. A lawyer from our firm can sit down with you to determine what kind of trust would be best for your estate plan.
The Most Common Types of Trusts
The following are the most common trusts utilized by a trust attorney Sacramento, CA residents know and prefer.
Trusts for Minors
When the trust is to be used for a minor, or person under the age of 18, a lawyer might recommend drafting a special trust for minors. Usually these trusts are meant to ensure the child will have access to education, healthcare, extracurricular activities, and other important forms of support. Once the child turns a certain age, not necessarily 18, or reaches a specific level of achievement, they may be granted access to funds or other elements of the trust.
Special Needs Trusts
When there is a person with a special need, or who has a disability, a special needs trust may be necessary. These are particularly beneficial in that they protect your beneficiaries’ government benefits.
A married couple might elect to draft a trust for two primary reasons: the first being related to taxes and the second regarding the protection of property. A marital trust can ensure all assets go to the right person. For example, if either spouse has been married before, and has children from that marriage, a trust might be an ideal tool to ensure all parties receive the desired assets.
Revocable Living Trusts
A revocable living trust is separate from a will but works with it in the estate plan. Usually, these trusts are incorporated into a plan so the beneficiaries can avoid probate. Some lawyers will recommend them when there is a property in multiple states or countries.
Irrevocable Life Insurance Trusts
Irrevocable life insurance trusts are beneficial when insurance proceeds need to be moved. These trusts are exclusively beneficial for tax reasons. If you are interested in this tool, be sure to talk with a trust attorney in Sacramento, California.
When you are trying to protect your assets from creditors, a spendthrift trust might be recommended. These are complicated trusts and will almost certainly need to be further explained by a trust attorney from Yee Law Group.
You Can Save Money With a Trust
The probate process is very time consuming and costly. Many people can actually save money by incorporating a trust into their estate plan. If you are interested in knowing more about whether a trust is right for you, please call a trust attorney in Sacramento, CA.
“I highly recommend the Yee Law Group. They are very professional and knowledgeable and I have always had a good experience working with their attorneys and staff. They have earned my trust and confidence for my future needs as well. Great job guys!”