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Trusts Lawyer in West Covina

Providing Customized Solutions to Ensure Your Assets Are Properly Managed

If you’re concerned about what will happen to your assets after your death, our West Covina trust attorney is here to help you take control of the situation. The assets held by a trust can be used for specific purposes, such as paying for medical and educational needs of your designated beneficiaries. Many people choose to establish a trust in order to avoid probate, thereby saving them from the hassle of time and money spent in court. Probate is the legal process that determines how your assets will be distributed after your death and, without an established trust, your wishes may not be respected.

You may benefit from a trust if you are looking to:

  • Control your wealth: A trust specifies the terms of how your assets will be distributed and at what time (before or after your death).
  • Protect your legacy: Enforceable trusts are written by skilled legal counsel protect your estate from the creditors of your beneficiaries and minimize estate taxes.
  • Keep your estate plan private: Trusts allow your assets to pass to your heirs without the interference of probate court, which is included in the public record. Trusts keep these terms private.

If you are looking to establish a trust or litigate a trust dispute, contact us at (626) 827-7222 to book your consultationwith our West Covina trust lawyer.

Do I Need a Trust?

You may think you don’t need a trust, but it if you have high net worth or substantial real estate assets you want to distribute among your heir(s) after you die, it is a good idea to discuss establishing a trust with an attorney. Trusts can minimize estate taxes and protect your estate from lawsuits, not to mention a trust saves frustration and conflict among your intended beneficiaries.

A trust is not the same as a will, although they are both valuable components of a solid estate plan. Unlike a will, a trust gives your beneficiaries access to assets more quickly than if they are transferred through a will. Another important difference between the two is that a trust can go into effect any time, but a will only go into effect after you die.

Revocable Versus Irrevocable Trusts

There are many types of trusts, but the major distinction between them is revocability. If a trust is revocable (a “living” trust), you may retain control of your assets during your lifetime. This type of trust is more flexible and may be dissolved at any time, which is useful if your intentions or life circumstances change. However, one drawback to a revocable trust is that assets you transfer to the trust are still considered personal assets, meaning they are still subject to creditors and estate taxes. After your death, a revocable trust automatically becomes irrevocable.

By contrast, an irrevocable trust cannot be changed by the grantor once it is signed and you have funded the trust, and the assets cannot be taken back once they are transferred. Any assets you indicate should be passed to your trustees will then be theirs, permanently. The main benefit of choosing an irrevocable trust is that it won’t compromise or contribute to the value of your estate, so your trust assets are not subject to estate taxes after you die.

Choose Coimbra Law Firm to Establish Your Trust

While you could take the time to do tedious legal research on California estate planning law and establish a trust on your own, you can hardly be expected to have the expertise of a skilled attorney with years of practice and experience behind them. That’s why our legal team at Coimbra Law Firm recommends you contact us to draft all necessary paperwork. We will ensure you meet all deadlines involved in the process and help ensure you have the ability to amend your trust when necessary. If you have questions about trusts, please contact us today for a free consultation.

To speak to a knowledgeable trust attorney in West Covina, call Coimbra Law Firm today at (626) 827-7222 or request a consultation online.

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