A trust allows you to bypass California probate in many cases. This can save you months of time and thousands in fees. Your trust can distribute your assets the way you really want, all without court supervision. It offers you flexibility during your lifetime and protects your assets after you are gone.
At Filippi Law Firm, P.C., our California estate planning attorneys are ready to help. Our team understands trust administration and how to make them work for you. We take pride in combining deep legal expertise with genuine passion for our clients. Let us help you.
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Types of Trusts in California
Estate planning requires the right tool that fits your unique needs. There is no one-size-fits-all way to handle your assets and life. Which trust best fits for you will depends on your family, your assets, and your goals. Our lawyers help you consider each option and build the plan that works best for you.
Revocable Living Trust
A revocable living trust gives you full control of your assets during your lifetime. It lets you make changes at any time. This provides great flexibility while also giving you the advantage of asset protection.
After you pass away, your estate transfers the trust assets privately. This does not require court supervision or involvement. This saves time and money, as well as the considerable frustration surviving family members have to deal with in probate court.
Irrevocable Trust
Irrevocable trusts, as the name suggests, are difficult to change once they are implemented. However, they provide much stronger benefits for:
- Tax planning
- Asset protection
- Charitable giving
This option can be ideal if you are looking to minimize estate taxes or shield your assets from liability.
Testamentary Trust
A testamentary trust is created by your will. It only becomes effective after your death. It helps to manage assets for beneficiaries who may need long-term financial oversight, such as minors or those with certain special needs. It can also be a very useful tool to accomplish many other goals as part of your estate plan.
Special Needs Trust
A special needs trust protects someone with disabilities by providing them ongoing financial support. The trust holds the assets in its name, preserving critical government program assistance for the person with special needs. You can ensure they continue to be cared for with dignity and stability throughout their life.
Why Have a Trust in California?
One of the primary reasons that Californians create a trust is to avoid probate after their passing. Probate is an administrative process that ties up the loose ends of your estate, if you do not plan around it. It helps to distribute assets to your beneficiaries, pay debtors, and more. This can be expensive and time-consuming however, costing thousands of dollars and taking many months.
A trust lets you bypass California probate. This means no court supervision, reducing the time it takes and the overall cost. It also greatly reduces the stress put on your already grieving loved ones. The trust also provides you with great flexibility to hold assets such as, but not limited to:
- Real estate
- Business interests
- Retirement accounts
- Funds for educational purposes
- Charitable funds
What’s Included in an Estate Planning Package?
After working with Filippi Law Firm, you will have a complete, attorney-prepared estate plan.
- Revocable Living Trust: The trust that protects your property during life and distributes it after your death.
- Personal Property Memorandum: A document that specifies who receives sentimental or smaller personal items, without changing the full trust.
- Assignment of Personal Property: This document transfers non-titled assets into your trust, helping to cover everything.
- Declaration of Trust: A document confirming the creation of the trust and identifying the trustee.
- Certification of Trust: A summary version used for financial institutions, while maintaining your privacy.
- Trust Transfer Grant Deed (If Needed): Transfers any real property into your trust, helping it pass directly to beneficiaries and avoiding probate.
Contact an Experienced Rocklin, CA Trust Administration Lawyer for Help
The right trust can make all the difference in your life. It gives you flexibility and peace of mind in your estate plan.Let the dedicated estate planning attorneys at Filippi Law Firm, P.C. review your case. Contact us today for a consultation.
