Trusts: The Foundation Of Robust Estate Planning
A trust is a legal vehicle used to avoid probate. It’s a document, not registered anywhere in the state of California. While some states require registration of wills and trusts, California considers these private documents. The only item typically registered is the deed to your house, often through a trust transfer deed, which serves as evidence that you may have a trust in place. All other estate planning documents are also regarded as private.
In California, there are various types of trusts available, including revocable trusts, irrevocable trusts, special needs trusts, and Medicaid Asset Protection Trust (MAPT). While there are many options, the majority of people opt for a revocable living trust. This type of trust allows you to retain control over your assets and make changes to your estate plan whenever you choose.
The Role Of A Trustee
In California, the trustee is typically the grantor while they are alive. However, upon the grantor’s passing, the trustee is someone else designated by the grantor. The trustee is someone you trust with your finances when you are no longer here. Financial savvy is important for a trustee, but if they lack the necessary acumen associated with being a trustee, they can hire third-party professionals, such as attorneys, trust administrators, CPAs, or other specialists, to assist with the process.
Deciding Which Trust Is Right For You
An estate planning attorney can help you decide which trust is right for you by starting with a consultation. During this meeting, the attorney will ask about your finances, immigration status, ultimate goals, and the level of flexibility you desire. Based on this information, the attorney can guide you toward the type of trust that best suits your needs.
Still Have Questions? Ready To Get Started?
For more information on Trusts, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (510) 916-2100 today.
Ranvir Sandhu of Insight Legal in California is a highly experienced estate planning attorney who has helped Californians establish trusts that secure their legacies and avoid the complexities of probate. His deep understanding of California trust law allows him to tailor estate plans that align perfectly with each client's unique financial and personal circumstances. With a commitment to providing clear guidance and peace of mind, Ranvir has successfully navigated clients through the intricacies of selecting and managing the right trust.
Ready to protect your future? Contact Insight Legal today to start your estate planning.
