San Jose Trusts Attorney

Assisting Clients with Personalized Estate Planning Strategies to Help Them Build a Comprehensive Estate Plan

Have you begun the estate planning process by drafting a simple will with the assistance of legal professionals well-versed in estate law? While wills can have a significant impact in ensuring that our children and other beneficiaries receive their intended inheritances after our death, there may be other documents worth considering for your comprehensive estate plan. A trust document is one of the estate planning documents that our law offices recommend, particularly for those with larger estates or more assets.

Unless you take specific steps to protect your hard-earned assets and secure a future for your legacy and your family members, disputes may arise, and your wishes may come into question. By consulting lawyers with extensive knowledge in wills and trusts, it is possible to explore legal options that minimize taxes, provide some level of asset protection, and secure your wealth for your surviving loved ones if the worst should ever happen.

We represent clients throughout California in estate planning matters, including drafting, revising, funding, and disputing trust documents. Our firm serves clients in San Jose, Santa Clara, San Francisco, and beyond. If you have questions or concerns about trustees, trust administration, probate matters, or other challenging circumstances, please contact our law office to schedule your case evaluation with our legal team today.

Do Trust Assets Avoid Probate?

When an individual dies in California, their estate typically enters probate court, where the legal process of settling debts, distributing assets to beneficiaries, and closing the estate commences. The probate process can be long, costly, and challenging, especially if disputes arise between beneficiaries over inherited property. Limiting probate or avoiding probate court altogether is often preferable. By putting money and certain other assets into various types of trusts, trust assets can avoid probate court.

If trust assets are not part of the probate process or subject to probate law, they can be distributed to beneficiaries in a more streamlined and efficient legal process. Additionally, the distribution of estate assets through a trust is a private legal matter, whereas probate is not.

If avoiding probate would benefit your interests, contact our California law firm to discuss your unique situation today.

What Are the Different Types of Trusts Available for California Estate Plans?

There are several different types of trusts that you can create in California, some of which provide more control to the trustee or trust administrator. In contrast, others offer more asset protection at the cost of flexibility. Depending on your estate planning needs, different types of trusts may be recommended for your unique situation. To ensure that you are creating the right trust that serves your interest, don’t hesitate to contact our law office to speak with the attorney and his legal staff.

Different types of trusts in CA include the following:

A charitable trust is created to distribute trust assets to a nonprofit organization or other philanthropic organization upon the death of the trust’s creator. Charitable trusts help preserve your legacy for years to come
A dynasty trust is a long-term trust that preserves wealth across multiple generations, providing financial assistance to your descendants while minimizing estate taxes
A life insurance trust takes ownership of life insurance policies during the trustor’s life. Upon their death, life insurance policy proceeds are then paid to the trust and managed according to the trust document
A revocable living trust is an estate planning tool created while the trustor is still alive and can be easily modified, amended, terminated, or revoked entirely. Upon the death of the trustor, trust assets will typically be passed on to designated beneficiaries
A special needs trust is a unique estate planning document created to benefit those with disabilities. When properly established, the trust beneficiary receives financial support from the special needs trust without affecting their eligibility to receive government benefits from needs-based programs such as Medicare or Medi-Cal
A spendthrift trust is uniquely designed to protect beneficiaries with irresponsible spending habits or predator claims against them. Spendthrift trusts limit access to trust assets and protect those assets from creditors
A testamentary trust is usually created in conjunction with a last will. The testamentary trust benefits named beneficiaries after the trustor’s death and does not go into effect until they pass away

To learn more about the various types of trusts available and which one is most well suited to your unique circumstances, please contact us to speak with the attorney.

What Are the Key Differences Between Revocable Living Trusts and Irrevocable Trusts?

As you begin reading about estate plans and trusts, you will likely read about revocable and irrevocable trusts. You must understand the primary differences between these two types of trusts to know you’re selecting the correct estate planning method for your goals.

As its name suggests, a revocable trust can be revoked. The trust’s creator can easily alter the terms of the document or terminate it entirely whenever they so choose, without ever needing consent from any beneficiary. When assets are put into a revocable trust, they are still considered under the ownership of the trust creator.

An irrevocable trust cannot be easily altered or terminated. When assets are put into irrevocable trusts, they are no longer owned by the trustor. The trustor revokes all rights of ownership over the trust assets. The trust document cannot be modified without the full express consent of every beneficiary. While this type of trust lacks control and flexibility, it shields assets better than revocable trusts, protecting them from lawsuits, creditor claims, and divorce settlements.

What is Involved in Trust and Estate Administration?

Whether you create a revocable or irrevocable trust, trust administration can be complicated and challenging for the appointed trustee.

Trustees are encouraged to seek the legal counsel of estate planning lawyers for assistance in trust and estate administration.

Our law firm provides the following services:

Aiding trust administrators in the submission of written notices to named beneficiaries according to California law
Assistance with trust asset inventory and the valuation of trust assets
Courtroom legal representation in any disputes or lawsuits involving creditors or beneficiaries
Help prepare required estate tax returns, if necessary
Legal guidance for the trustee in establishing record keeping that follows all applicable laws
Prepare trustees in directing the distribution of trust assets
Provide legal assistance in the settling of outstanding debts and paying trust expenses
Removal of the decedent’s name from the title for valuables and assets
Supply referrals to professionals that can help advise trustees on how to manage, protect, and invest estate assets effectively
Transferring the decedent’s assets to the trust
And more

Schedule Your Initial Consultation with Our San Jose Trusts Lawyer Today

With the help of a highly skilled estate planning lawyer, it is possible to plan for the future and the future of your loved ones with effective tax planning, business planning, charitable giving, and more. Whether you are concerned about business succession planning or are facing trust litigation, we will stand by your side until the case is successfully resolved.

Very few estate plans are exactly alike, and everyone requires different types of methods or tools to help them meet their estate planning needs. Our law office will review your unique circumstances and help determine the correct type of trust to meet your financial and personal goals.

To learn more about our legal services, please call 408-443-2397 to schedule a no-obligation case evaluation with our legal team.