A clear and comprehensive estate plan is essential for protecting one’s present and future. Historically, this meant having a will that clearly expresses your wishes after death.
However, trusts—a modern estate planning option— allow individuals to transfer property at any time and avoid tax-specific liabilities. Additionally, these documents can ensure the transfer of assets to other people, enable a person to remain in their home under someone else’s name, and even provide payments to charities.
An Anaheim trusts lawyer could answer your questions concerning the importance of trusts in estate planning. With the help of our skilled trusts and estates attorneys, you develop a plan to secure your present and future.
Trust Requirements in Anaheim
Generally, trusts are similar to wills in that courts are not interested in the purpose of these documents. For example, a person can transfer property, schedule payments, or donate to a charity in any way they wish.
However, the law states that a valid trust must contain several key elements. According to California Probate Code § 15200, the simplest way to create a trust is to act with the intent to do so. It is also necessary to appoint a trustee. Putting these wishes in writing and signing the document can be sufficient to create a trust. A trusts lawyer in Anaheim could provide more information as to how to create a valid and enforceable trust.
A trustee has the power to hold property until it must be transferred. When that time arrives, the trustee has a duty to distribute the property appropriately. A knowledgeable attorney could assist a person in creating a trust and ensure their documents meet necessary legal requirements.
What Role Does a Trust Play in Estate Planning?
Simply put, trusts function as a way for people to transfer control over their property to another individual. For example, Mr. A might place $10,000 in a trust with instructions to transfer the money to Mr. B when Mr. B graduates from college.
However, trusts can be much more flexible. People often create trusts to retain control, financial stability and avoid tax complications. Additionally, trusts commonly provide funds to a charity without experiencing the frustrations of the probate process.
Generally, a trust can function as a straightforward way to transfer property or assets while avoiding entanglement in probate court. Using the guidance of an experienced Anaheim trusts attorney in the area, a person could identify their goals for their property and create a trust that describes their wishes.
Speak With an Anaheim Trusts Attorney Today
Trusts are versatile tools that allow for the transfer of money and property without the problems that may arise during probate. These conflicts often include significant delays, challenges to the authenticity of wills, or the payment of taxes.
A trust can function as a simple, direct transfer of property. However, it can also allow a person to continue living on their property, provide payments to charity, or ensure assets go to an heir in the future. An Anaheim trusts lawyer could provide more information about trusts’ role in effective estate planning. Contact our team today to discuss trusts and their role in securing your present and future.