Types of Trusts Handled By A Trust Lawyer
The help that a trust lawyer Sacramento, CA community members choose can be invaluable when planning your estate. It is common for people to have preconceived notions about trusts. For example, many people believe trusts are only for wealthy people who plan to leave large sums of money to their children or grandchildren. This is far from the truth. In fact a trust can be one of the most valuable tools for an individual who holds any amount of financial assets or property. A trust lawyer in Sacramento, CA from Yee Law Group can review your situation and provide guidance about planning your estate.
What is a Trust?
A trust is a type of legal arrangement in which one party holds and manages assets on behalf of another party. These assets can include financial wealth, property, and physical objects. You can create a trust with the help of a Sacramento trust lawyer. This person will authorize another individual, known as a trustee, to oversee and manage your estate on behalf of your beneficiaries. The benefits of establishing a trust include:
You can save on taxesYou may avoid probateYou can preserve disability benefitsSuccession can be avoidedInformation can be kept confidentialAssets can be managed and protectedThe distribution of assets can be controlled
To learn more about the benefits of a trust, call Yee Law Group to speak with a trust lawyer Sacramento, CA locals recommend.
The following are the most common types of trust. For an in depth explanation of these various trusts and their benefits, call Yee Law Group to learn more from a trust lawyer Sacramento, CA residents turn to for guidance.
Trusts for Minors
This is typically created for children or grandchildren who are under the age of 18 years. Often the money is meant to ensure the children get access to education, healthcare, and other support. Once the children turn a certain age (not necessarily 18) or achievement level (i.e graduate from college) they might be able to receive funds from the trust.
Special Needs Trusts
This kind of trust allows you to leave property to a person who has special needs. This trust may also protect your beneficiaries’ government benefits while ensuring they have extra money to secure the necessities in their life.
Sometimes a married couple will include a trust in their will for two reasons: the first being taxes and the second being the protection of property. Marital trusts can ensure any assets goes to the right person; for example if a wife has children from a previous marriage, she might choose her husband to use her property following her death. However, after he passes, the property will go to her children.
Revocable Living Trusts
These legal documents are separate from a will, but work together with a will. In general a revocable living trust is mainly used to avoid probate. It might also be used when you have property in multiple states or countries.
Irrevocable Life Insurance Trusts
These can be used to move life insurance proceeds outside of an estate. The reason for this trust is primarily for tax purposes. Talk to a trust lawyer Sacramento, CA families trust from Yee Law Group.
These are most commonly used to protect your assets from creditors. Spendthrift trusts can be complex and further explained by a trust lawyer.
A Trust Can Save You and Your Beneficiaries Money, Call Yee Law Group to Learn More
When you compare the costs of probate, court fees, or other expenses that could be incurred upon your death or incapacitation, the cost of a trust might be far more reasonable. If you would like to know how a trust can help you, call a trust lawyer Sacramento, CA offers from Yee Law Group at 916-927-9001.