By creating a trust, you can protect your assets, beneficiaries and provide continued control over assets in the case that you may become incapacitated or pass away. Each type of trust involved varying legal requirements when creating. If you would like to implement a trust as a part of your estate plan, consult with Cross Law APC today.
Cross Law APC has extensive experience with trust creation and administration. Consult with one of our lawyers today for guidance and advice on which trust may be right for you. We will help you from the first creation step to ensure that you your needs are met. Our lawyers will also assist in implementing a trust after the creator has passed away. From managing trust assets to transferring them to loved ones left behind, Cross Law APC can help you with all the complex processes involved in creating and administering a trust.
To learn more about trust creation and trust administration, contact our trust lawyers today. We can consult you and your loved ones on the different aspects of trusts, from creation to implementation.
Your trust will help you establish a legal separation between possession or use of a property and owning a property. All assets will be transferred to a trust so that it is the owner and a trustee will be named to manage your assets for your beneficiaries. We can even help you be the trustee of your own trust. In this case, you will name a back-up trustee to take over the assets should you pass away or become incapacitated.
The different kinds of trusts are created to serve various purposes. See below for some reasons that different trusts are created:
- Trusts can assist in protecting assets from being counted when determining Medi-Cal eligibility. Certain assets may be deemed exempt when applying should the trust own those assets and not you. This can help you succeed when applying for Medi-Cal nursing home payments.
- Trusts can protect your beneficiaries in the long-run. Should you leave money to a loved one with special needs, you could be putting their government benefits at risk. In other cases, your beneficiaries may irresponsibly send the large gift of money you leave them. By creating a trust, you will maintain control over the money, even after you die.
- Trusts ensure that your assets are managed correctly. If you become incapacitated or pass away, you needn’t worry about your money and property if you created a trust. Trusts will ensure that your money and property are invested wisely and kept secure. Your trustee that will manage your assets will be held to fiduciary duties and expected to act in the best interests of the beneficiaries at all times.
- Trusts will shield assets from creditors, bankruptcy, or divorce. If the trust is the legal owner of the asset, you are not the legal owner, so the money cannot be taken from you should you go bankrupt or get divorced.
- Trusts can support you in avoiding probate and reducing or eliminating estate taxes. Your assets that are controlled by a trust do not have to transfer through the probate process.
These are only a few of the many reasons why creating a trust is the smart decision for yourself and your loved ones. At Cross Law APC can review your situation, help you to determine if a trust makes sense, and support with the creation and funding of a trust.