As you work to establish a solid estate plan to ensure your assets are passed on according to your wishes, we know that you may not be ready to hand over control or give up the use of your assets just yet. Living trusts are created and implemented while you are alive, rather than as a testamentary trust that takes effect at the time of a person’s death. At the Law Offices of Andrew Cohen, our Santa Clarita living trusts attorneys are here to help ensure that you maintain control over all of your property while you are alive, giving you maximum flexibility with your own hard-earned assets.
Establishing a living trust needs to be done with the assistance of an attorney who has extensive estate planning experience. At the Law Offices of Andrew Cohen, you are getting help from a compassionate attorney that will take the time to get to know you and your needs.
It is advisable to work with an experienced attorney when you are designing and drafting a living trust in California, not a paralegal or an internet site that claims to do all the work for you. At the Law Offices of Andrew Cohen, we recognize that every person, every family, and every living trust is unique, and we will work to ensure that we meet your goals and needs.
There are two types of living trusts that we’ll mention here, and we invite you to contact us to talk more in-depth about your goals and needs.
With a revocable living trust, most of your assets would be transferred and titled into the trust while you are alive. Critically, you will retain control over these assets as the trustee of the revocable living trust. During your lifetime, you will be able to change or revoke the trust at any time. After you pass away, the assets in the trust will pass directly to your beneficiaries, or be held in trust on their behalf. And, the trust will avoid the probate court process.
Most people who establish living trusts establish them as revocable, maintain control over the assets during their lifetime, and make changes as they see fit.
An irrevocable trust is established when you want to permanently give away some of your assets during your lifetime. As the name suggests, this type of trust is irrevocable, meaning you cannot revoke it during your lifetime. After you give away your assets in the trust, you essentially relinquish all of your control over those assets.
As a result of an irrevocable trust, your assets will no longer be considered part of your estate and will not be subject to estate taxes. Irrevocable trusts can provide various protections of assets, particularly from creditors, depending on who is the trustee and who is the beneficiary of the trust.
When looking to develop an estate plan that meets all of your needs and the needs of your family, you should work with a skilled estate planning attorney. At the Law Offices of Andrew Cohen, we are available when you need a Santa Clarita living trusts attorney. Let our team review your estate and discuss your wishes and goals with you. We want to establish a comprehensive living trust, as well as other important estate documents, so you can maintain control over your assets while you are living and ensure that they are passed on according to your wishes after your death. When you need a Santa Clarita living trusts attorney, you can contact us for a free consultation of your case by clicking here or calling 661-481-0100.