Planning for the future is becoming more and more important as our society ages. You may be considering a last will and testament as a way to ensure that your assets are divided in accordance with your wishes. You may be concerned, however, that one may not be responsible enough to be given large sums of money or property. This is just one situation where it may be appropriate to develop a trust as part of your estate planning. This allows assets to be held for the benefit of someone else without giving that person complete control over them. Our Santa Ana attorneys assist with the creations of trusts, living trusts, as well as other aspects of estate planning. Contact our office today to speak with a lawyer. We also service Anaheim, Irvine, and the rest of Orange County.
Orange County lawyers creating trusts and living trusts for residents of Santa Ana, Anaheim, Irvine, and elsewhere
A trust is considered a separate legal entity and is used for holding assets. A trust may be used to hold property and distribute it after a specific period of time or after a specific condition has been met. An example of this would be leaving property for a child with instructions that they will not receive it until their twenty-first birthday. Such a vehicle can be used to protect against family members who may not yet be responsible enough to be handed wealth, to save money on estate taxes through “generation skipping,” and sometimes as a way to benefit charities.
The person who creates a trust is known as the “trustor” or the “settlor.” They create the trust by transferring property into it, with instructions on how the property will eventually pass to a “beneficiary.” This can be done through a “living trust” which is created while the trustor is still alive or a trust can be created upon death and funded through a last will and testament. Having an attorney to assist with this process is crucial as errors in the trust documents may lead to assets being distributed in an unintended way.
Our Orange County lawyers assist with the formation of trusts and living trusts. We will use your initial consultation to gain an understanding of your finances, your reasons for wanting to establish a trust, and to help you determine your best options. We will ensure that your documents are properly drafted, correctly executed, and that a copy is retained in our file in the event of future disputes. Our firm will do so while providing the highest level of service. We will promptly return phone calls, quickly respond to emails, and ensure that your questions are answered. Contact us today.
We service Aliso Viejo, Anaheim, Buena Park, Costa Mesa, Dana Point, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Ladera Ranch, Laguna Beach, Laguna Hills, Laguna Niguel, Lake Forest, Mission Viejo, Newport Beach, Orange, Placentia, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Santa Ana, Tustin, Westminster, and Yorba Linda.
Santa Ana attorneys creating trusts as part of broader estate planning
Trusts can be valuable for several reasons. One of these reasons is that they assist in broader estate planning. Our firm is able to help you in developing an overall plan for your future. In addition to drafting a will, which can be used to direct the funding of a trust, we can assist with preparing a medical power of attorney, a financial power of attorney, and more. Contact us today.