Trust Lawyer Orange CA
Planning for your future is important, and a trust lawyer in Orange, California, can help. Whether you’re just starting to consider what should happen to your estate upon your death or if you’re trying to make adjustments to an already-existing estate plan you created a long time ago, it’s time to take action.
Unfortunately, not many people think about what should be done with their estate after their death. A will or living trust takes work to put together, and some people don’t have the time or energy to commit to planning so far ahead in the future. However, you should always have a game plan to use in case of the unexpected, and creating a will or a living trust is the first step you can take to ensuring your loved ones know just what to do in the event of the unthinkable.
WHAT IS A LIVING TRUST?
When it comes to estate plans, wills are generally easier to put together, but they require more input on the part of your friends and family after your death. On the other hand, a living trust involves management throughout your lifetime, but establishing a trust protects your friends and family from many of the hurdles that come with a will, including probate and estate taxes.
A living trust (also sometimes just called a “trust”) can be actively managed while you’re still alive. It’s a set of instructions for your loved ones to follow upon your death or if you’re ever incapacitated, and it’s active the moment you create it. This means you can update your trust whenever you see fit to account for gaining or losing assets or beneficiaries.
In the world of trusts, there are also irrevocable trusts which can’t be changed after their creation. However, irrevocable trusts are usually made for extensive estates and are typically used to reduce taxes. Most people won’t require an irrevocable trust, but in any case, they should contact a trust lawyer in Orange, CA, so they can decide what’s best for their situation.
WHAT IS A TRUST LAWYER?
A Trust Lawyer is a lawyer that specializes in the law of trusts, which are legal arrangements to hold property. A trust lawyer must help ensure that the trust follows the wishes and instructions set out by the settlor (the person who creates a trust). A Trust Lawyer can be anyone from an estate planning lawyer to a corporate lawyer. They also have expertise in bankruptcy law, probate law, and tax laws.
In addition to being knowledgeable about all these different areas of law, they must also be very loyal and trustworthy to not break any confidentiality agreements with their client. These lawyers work closely with other professionals such as accountants and financial planners when carrying out their duties for clients.
If you’re looking for a trust lawyer in Orange, CA, who can help you create or manage your estate plan, then contact Holborn Law today. These lawyers have the expertise to help you make the best decisions for yourself and your loved ones, so don’t wait – get started on your estate plan today!
WHY DO I NEED A TRUST LAWYER?
It’s possible to create your own trust, but it isn’t easy to do by yourself. Several requirements and demands come with every step, and if you fail to dot your i’s and cross your t’s, mistakes can void the whole trust. Fortunately, trust lawyers can help you establish a living trust that will stand up to any legal scrutiny, providing you with peace of mind and providing your loved ones with a solid plan to follow upon your death.
When you reach out to a living trust lawyer, you also get a vital legal resource for questions you might have about how you can provide care for any family members that might be depending on you for their wellbeing while you’re alive. Suppose you have children, elderly parents, or disabled relatives. In that case, your trust lawyer can help you determine guardianship for them and a durable power of attorney for yourself if you’re ever unable to make your own personal or financial decisions.
Dealing with the sudden loss of a loved one is a stressful and painful time, and you shouldn’t make things harder for your family and friends upon your passing. Instead, reach out to a qualified lawyer and take steps to establish an estate plan that works best for your assets and your beneficiaries, and learn how you can adequately manage your trust from legal professionals you can rely on.
Reach out to a trust lawyer in Orange, CA today, and see how Holborn Law can help you plan your tomorrow.
WHY CHOOSE HOLBORN LAW AS YOUR TRUST LAWYER
Choosing a property trust lawyer is an important decision, but it can be hard to find the right one. There is no one-size-fits-all solution for all your legal needs. That’s why you need to hire an experienced professional who will take the time to understand your situation and guide you through the process of choosing the best option for your personal situation. The lawyers at Holborn Law are committed to helping you protect your family’s assets and get peace of mind. Our goal is to make sure that you have everything in place so that if anything happens, your loved ones will be taken care of.
Holborn Law is the best place to go if you need help with your trusts. We’re here to make sure that everything goes smoothly and according to plan. You can rest easy knowing we will be by your side every step of the way, no matter what comes up during this process. Trust us; we know how important it is to have someone on your side who knows exactly what they are doing when it comes to these matters.
Don’t hesitate – call us today! Our team of experts has been helping people just like you for years. We want nothing more than for you to feel confident in our abilities and our experience with these types of cases.
We provide expert legal advice on all aspects of property trusts, including buying new properties into a trust structure, transferring existing properties into a trust, or restructuring an existing trust. Our trust lawyers in Orange, CA, will also help guide you through any other legal issues surrounding the management and sale of private residential property.
Let us show you why so many people choose Holborn Law over other law firms out there! We promise that there won’t be any regrets about choosing us as your property trust lawyers once you do. Just remember – time is money and wasting either one isn’t worth it at all! Call today before it’s too late!
More Answered Questions Regardings Trusts & Estate Planning
The experience of a trust lawyer in Orange, CA, is advantageous when developing an estate plan and subsequent trust for several reasons. Because estate plans are so personal and often seem overwhelming, it’s not surprising why a person may continue to put off the process. However, when you contact a lawyer, you can move through the process as seamlessly as possible from Holborn Law. Estate plans involve several steps, often initiated by gathering associating documents and inventorying all available assets. Despite this, it’s natural to have several questions about trusts and estate planning.
What makes up a person’s estate?
An estate totals a person’s assets and wealth, encompassing their net worth. These assets are something that a person either owns outright or has a vested interest in. Estates can include:
- Personal Belongings
- Valuables such as art, jewelry, and collectibles
- Family Heirlooms
- Retirement Accounts
- Life Insurance
- Intellectual Property
The estate is front and center for the estate planning process, as this involves developing documents that outline your wishes. One key component to this is determining how assets will be distributed to beneficiaries when the time comes.
How long does it take to develop an estate plan?
The length of time it takes for an Orange, California trust lawyer to complete an estate plan can vary based upon the size of the estate and your ability to gather all of the necessary documentation. In most cases, a lawyer can complete typical estate plans in just a few short weeks.
Why is it better to develop an estate plan with a lawyer rather than doing it myself?
There are several DIY estate planning tools available to those developing an estate plan, and it may seem as though they are the best and least expensive modalities for moving forward. Making your own estate plan can be risky as state and federal laws aren’t always considered, putting you at risk of developing invalid documents. Additionally, a DIY tool won’t assess your needs and strategize customized solutions. A lawyer will have a fundamental knowledge of state and federal guidelines while also ensuring that the full scope of your estate planning needs are at the forefront.
Is a will still necessary if I have a trust in place?
While, in theory, a living trust acts as a will in many ways, you will still need to have a will for any assets that the trust did not capture. A pour-over will, is a will that decrees all property left within the estate are transferred to the trustee after a person passes. Additionally, a will encompasses components that a living trust does not, such as designating guardians to care for minor children.
What is the difference between a revocable and irrevocable trust?
Irrevocable and revocable trusts are separate entities set up for the grantor’s assets. However, there is one significant difference; revocable trusts can be changed and managed by the asset owner throughout their lifetime, while a benefactor cannot modify an irrevocable trust once it has been created. One reason many may choose irrevocable trusts are for tax purposes. Assets transferred into an irrevocable trust are not subject to estate taxes.
Who will manage my trust after I am gone?
Typically living trusts are managed by the grantor during their lifetime, but this duty is transitioned to the successor trustee once they die. A successor trustee can be a trusted friend or relative but can also be held by a trust administrator such as a lawyer. Successor trustees have a fiduciary duty to act in the trust’s best interest and manage it in accordance as outlined within the trust.
For more information regarding the services provided by Orange, CA trust lawyers- contact Holborn Law.