Finding The Right Trust For Your Estate Plan
Quite often, people will include one or more trusts as part of their estate plans. A trust is one of the most effective methods of passing property down to your beneficiaries outside of the probate process. This can save a family time, money, and frustration after the loss of a loved one.
At the Chula Vista-based The Law Office of Araceli Tovar, APC, I help people determine if they need a trust as part of their estate plan. With two decades of experience in California estate planning law, I have the skills you need to ensure that you have an efficient and effective way of passing along your property according to your final wishes.
The Different Types Of Trusts Available
There are several different kinds of trusts that may be available to clients, depending upon their intended goals. Some wish to set aside money to care for a child who has special needs. Others may want to provide for a family member who has not yet turned 18. There may also be trusts regarding the ownership and use of real property such as a home or vacation home.
Trusts can be revocable or irrevocable. A revocable trust means that the creator of the trust, the settlor, has the power to make modifications to the trust document during his or her lifetime. When you pass away, the trust assets are distributed according to your instructions in said document.
An irrevocable trust does not allow you any control over the assets once the trust has been created. In most circumstances, modifications of irrevocable trusts are also not allowed. This may seem to be a much less appealing option than a revocable trust. Still, there are many circumstances where it would be advantageous to give up control over certain assets, and we can discuss this during our meeting.
Meet with an attorney to review your options.