Riverside, CA Trust Attorneys

If I Already Have A Will, Do I Really Need A Trust?

While wills are also important estate planning tools to have, wills and trusts have completely different functions. Wills are legal documents which list out your property and assets, as well as your heirs and your final wishes. Trusts, on the other hand, are financial entities which hold your property and assets. You can think of a trust as a legal “box” that holds all the things that are most important to you. 

Moreover, with only a will and no trust, your assets will still have to go through probate – a complicated, time-consuming, expensive court-supervised process. Additionally, probate comes with other risks, like lawsuits and legal challenges. It is always best to avoid it altogether, if possible!

When you work with our Riverside trust lawyers to create a trust, your heirs can take ownership of their inheritances much quicker and smoother. This ensures your hard-earned wealth remains in the hands of your family, and out of the hands of the government. 

Wills and trusts are much more powerful when they are used in tandem with one another! So, both are important to include as part of your comprehensive estate plan. 

How Do I Know Which Type Of Trust I Need?

There are many different types of trusts. Our Riverside trust attorneys take the time to learn about you and your family, as well as your unique financial situation and goals. Then we can better recommend the types of trusts you should consider. Some options might include:

• Revocable living trusts – allow the grantor to retain control over their assets during their lifetime while specifying how those assets are managed and distributed after their death
• Irrevocable trusts – transfer assets out of the grantor’s estate, providing potential tax benefits and asset protection
• Testamentary trusts– trusts created through a will, that only take effect after the grantor’s death; provide for the management and distribution of assets for minor children, beneficiaries with special needs, or beneficiaries who are unable to manage their finances
• Special needs trusts – trusts that provide for the long-term care and financial needs of individuals with disabilities or special needs without jeopardizing their eligibility for public benefits
• Charitable trusts – trusts that supports charitable causes and organizations while providing potential tax benefits for the grantor
• Asset protection trusts – shield assets from creditors and lawsuits
• And more!

Why Work With Our Skilled Riverside Trust Attorneys?

The trust process does not just start and end with creating the trust – your assets must then be transferred to the trust (which is known as “funding” the trust). This can all be a taxing process, especially with no one to guide you. This is why securing skilled legal aid is so crucial! California has specific trust and estate laws that must be followed, otherwise you run the risk of leaving your assets unprotected. 

In order to have the greatest possible protection and ensure you remain legally compliant with California’s laws, it’s in your best interests to work with our dedicated Riverside trust attorneys. In addition to efficient asset distribution and protection, trusts offer tax benefits, as well. 

There’s no time like the present to get your affairs in order. After all, none of us know what tomorrow holds! Call today to book your free consultation and get started! We look forward to speaking with you. 

Frequently Asked Questions About Trusts In Riverside, CA

Is it possible to have more than one trust?

Yes! You can create many different types of trusts that serve various functions. 

Who should I choose as the trustee?

In many cases, you can be the trustee of your own trust, such as in the case of a revocable trust. In other cases, it’s wise to choose a close loved one you trust, or a professional trustee (like a bank or trust company). Our lawyers can help you answer this question! 

What assets can be placed in a trust?

Real estate, bank accounts, investment accounts, stocks and bonds, life insurance policies, and personal property. If you have questions about specific assets not on this list, our lawyers can advise you!