One of the most critical elements of estate planning is establishing a trust, a legal document that can be created while an individual is still living and takes effect after death. Creating a trust is a formal process that is initiated by a “settlor,” i.e., the property owner, who transfers their property to the designated trustee to be distributed to your beneficiaries when the time comes. For optimal success, this process should be overseen by a qualified estate planning attorney.
When you are making end-of-life plans and would like to establish a trust in Roseville, CA, John B. Palley from the law firm of Meissner, Joseph & Palley, Inc. is here to help.
In the state of California, the most common type of trust is a living trust, called an “inter vivos.” In a living trust, most individuals choose to be their own trustee in order to retain control of their assets until death. This allows you the opportunity to get your affairs in order while you remain of sound mind and body. In that way, a will acts as a backup to your trust if any assets fail to be included in the trust document for any reason.
Contrary to popular opinion, a trust is not only required for individuals who have a substantial estates but all those who wish to plan ahead and help their families avoid the emotional turmoil of distributing your assets through California’s complex probate system. If you anticipate your death before your children reach the age of majority, a trustee will be responsible for holding their portion of the assets until the children are ready to receive them – whether in the form of set periodic payments or a lump sum at a specific time.
Furthermore, creating a distinct plan for your assets can significantly reduce or even eliminate the additional burden of the federal estate tax. Your attorney John Palley will determine whether this exemption applies to your individual situation.
If you would like to learn more about trusts in Roseville, look no further than the law offices of Meissner, Joseph & Palley, Inc. for a detailed consultation. Simply call 916-774-0560, send us an email or fill out the form below, and our team will be happy to guide you through the creation of a trust that benefits your entire family.