The task of managing your assets and property can be difficult, whether you have a large estate or only own a few assets. You want to make sure the people you care about are taken care of and that your wishes for your assets are fulfilled once you are gone. Creating a trust is a significant part of estate planning for many. To avoid challenges to the trust’s validity, working with a Temecula trust lawyer is crucial.
Hillary Goebel is a skilled Temecula trust lawyer who can provide you with all of the necessary information and assistance needed to create your trust. Hillary is experienced in estate planning and has a complete understanding of the many facets involved. She can ensure your affairs are in order so that your loved ones will always be taken care of.
A trust is an agreement between you, the trustor, and a trustee. In the agreement, you arrange for your assets to be managed by the trustee and then distributed to the beneficiary when the time comes. The assets in a trust can be distributed when certain conditions are met, such as when a child turns 18 or when the trustor passes away.
The beneficiary is the person or people who will benefit from your trust. A beneficiary can be a family member, a friend, an organization, or a charity. The trustee should make sure that your assets are managed and administered in the way you outlined in your trust in Temecula, CA.
A trust can serve many different purposes for a trustor. There are six types of trusts to choose from, some of which can be set up in conjunction. The type of trust you select depends strictly on your needs and wants.
When trusts are created, they can be revocable or irrevocable. While trustors can change or revoke a revocable trust at any time, they cannot change or revoke an irrevocable trust once it is established.
A person creates a living trust while they are alive, and it takes effect after being established. Trusts can take effect after death as well. For instance, testamentary trusts are created to go into effect after one dies. Often, a testamentary trust and a will are created together. For those who’d like to contribute to charity, charitable trusts can be created to give your assets to a charity or non-profit once you die.
Special needs trusts are created to allow people with disabilities to receive assets while still receiving government benefits like Medicaid. A special needs trust can be created with yourself as the beneficiary (first party) or someone else as the beneficiary (third party).
You may find yourself wondering if it is better to create a will or a trust. Although there are benefits to creating a trust that a will lacks, you should consult with an attorney to discuss both options. It is possible to create both a will and trust, and both can benefit you differently. Here are a few main differences between a trust and a will:
California law explicitly states that a power of attorney must grant the authority to create, change, or revoke a trust to an attorney-in-fact, which is a person who has authorization to perform an act in place of someone else.
If the power of attorney does not grant the authority to create a trust, the attorney-in-fact cannot legally perform the action. If you would like to give someone the power to create, revoke, or change your trust on your behalf through a power of attorney, consult with a lawyer.
If you decide to set up a trust with an attorney, it could cost somewhere between $1,000 and $4,000. The price is dependent on factors like how complicated the trust may be and the kind of assets you want to place in the trust. For a clear estimation of fees and costs, speak with a trusted estate attorney like Hillary Goebel.
Setting up a trust can be a complex process on your own, especially if you have significant property and assets. You’ll want a Temecula asset attorney to assist you in outlining everything clearly in the trust so there is no confusion about the distribution of assets to beneficiaries. If there is any unclear language in a trust document, you risk having matters handled in probate court.
If you are searching for a Temecula estate planning attorney to help you create your trust, look no further than Hillary Goebel. She serves each client with confidence and aims to help you create the most comprehensive trust for your family. Creating a trust is the most effective way to make your last wishes known to your family. Contact Hillary Goebel now to begin the process.