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Trust Attorney In Ontario, California

A trust can be an essential part of your estate plan. This tool allow for greater privacy and control of your assets. They generally can be administered without court proceedings.  A Trust is a document that carefully outlines your assets and how your assets should be handled after your death. Trusts can provide more specific control over how and when your assets are distributed.

The legal team at the Law Office of Curtis R. Aijala, APLC, can assist in creating secure and thoughtful Trusts that efficiently protect your assets in California.

Types Of Trusts Available In California

Common trusts available in California include:

● Revocable living trust: This trust allows the grantor to maintain control of their assets during their lifetime and make changes as needed.
● Irrevocable trust: Unlike revocable trusts, an irrevocable trust cannot be altered once created. This type of trust can provide tax benefits and protection from creditors.
● Testamentary trust: Created through a will, this trust only takes effect after the grantor’s death. It is used to manage assets for minor children or dependents.
● Charitable trust: These are designed to benefit a charitable organization while offering tax advantages to the grantor. Charitable trusts can be structured to provide income to the grantor or beneficiaries before assets are transferred to the charity.
● Special needs trust: This trust provides for people with disabilities without affecting their eligibility for government benefits such as Medicaid or SSI.

Understanding the different types of trusts can help you to make informed estate decisions.

Steps To Creating A Trust In California

Creating a trust requires several steps to help ensure it is legally valid and aligns with the grantor’s intentions.

● Select the type of trust: Choose the trust that best meets the specific needs of the estate plan.
● Draft the trust document: Work with an estate planning lawyer to draft a legally sound trust agreement that outlines the trust’s terms, beneficiaries and trustee.
● Appoint a trustee: Select someone responsible for managing the trust according to its terms. The grantor can act as the trustee for revocable living trusts.
● Fund the trust: Transfer assets into the trust by retitling property or updating beneficiary designations.

Following these steps carefully can create a trust that serves your goals and secures your legacy.

Common Misconceptions About Trusts

Some of the common myths include:

● Trusts are only for the wealthy: While trusts are associated with high net worth individuals, they offer benefits for estates of all sizes by helping avoid probate and managing asset distribution.
● Trusts completely avoid taxes: Some trusts provide tax benefits, but not all trusts eliminate estate or income taxes. The tax implications depend on the type of trust created.
● Trusts eliminate the need for a will: Even with a trust, a will is necessary to handle any assets not transferred to the trust and to name guardians for minor children.

Addressing these misconceptions can help people see the true value and accessibility of trusts in estate planning.

Work With An Ontario Trust Lawyer To Secure Your Estate

The Law Office of Curtis R. Aijala, APLC, can assist with the creation of a secure and efficient Trust. Their goal is for you to feel confident in the protection of your assets. They will walk you through the process of creating a Trust and help you craft one that suits your needs.

Set up a free initial assessment to learn more about this process and how The Law Office of Curtis R. Aijala, APLC, can help with client-focused, efficient service. He also offers services in Spanish. Call 909-983-0877 or use the online contact form to get in touch today.