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LegalDocsA2Z attorney strives to make your legal experience with a Living Trust easy, comprehensible and affordable. In addition to executing your trust, we will be also assisting you with putting property into the trust at a reasonable cost.
Let us introduce for you some basics knowledge about trusts.
There are many types of trust. Some of them are
- Testamentary trust is taking effect after person’s death and created by will. created by the will and goes into effect when the person dies. Because this type of trust doesn’t go into effect until after the trustor ( or settlor , the person who sat up the trust) dies, settlor can change it. If the settlor name the beneficiary of the life insurance policy as the trustee, upon his death, the life insurance proceed will go into the trust. If settlor has young children or grandchildren, setting testamentary trust will preserve assets until the minor reach certain age.
- Living trust created during the trustor’s lifetime. It can be revocable or irrevocable.
- In case of creating revocable trust, trustor can revoke or changed while he is still alive. Upon his death it become irrevocable
- In case of creation irrevocable trust, it could not be revoked as soon as it created. It is tax-sensitive document. It could be irrevocable life insurance trust or irrevocable trust for children.
- Special Needs Trust – Trust set up for the people with special needs or disabilities. This trust is developed to manage resources maintaining the person’s eligibility for the assistance of public.
A revocable living trust is the most common type of trust to avoid probate. As stated above, a living trust is a document created during someone lifetime. It stated how the property will be managed and distributed before and after the person death. The person who settle the trust is trustor or grantor. The grantor transfers legal ownership of assets to a trustee. The trustee is the person who administers the trust. Most of the time the grantor of a living trust will be a trustee of his trust.
After creating a living trust, your property (house, stock, bank accounts, ext.) will need to be transferred into the trust.
Living trusts are mostly revocable, which means that you can change your trust whenever you would like. In most situations, the person establishing the trust is the Trustee the person who manages the trust. The trust also names a successor trustee. If the person establishing the trust should become incapacitated or disabled, the trust is in place to manage his or her financial affairs and the successor trustee can then take over the management of the trust.
Putting property into a trust is very important to avoid probate. You should consider transferring your house, real estate investment property, brokerage accounts, mutual funds, stocks, bonds and other valuable property in the living trust. After creating and executing your trust you should fund the trust. Funding a trust is putting the property into a trust. It means you have to take assets titled in your individual name or in joint with other names and retitling them into the name of your revocable living trust. Putting property into a trust will require you to execute and to record a trust transfer deed. You will need the original grand deed to get the property information and form of ownership to do a proper transfer.
To run our business as a family law and living trust attorney in Orange County CA made it more convenient for our client to adjust their estate planning in right time.
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