Creating Effective Trusts in
Establishing a Living Trust
A trust is a fiduciary agreement that places your assets in the position of a third party on behalf of beneficiaries. When a trust is created, ownership of your assets is transferred from your name to the name of the trust. Legally, the assets are no longer your property but become assets of the trust. Even though the assets are technically no longer your property, as trustee of your trust you are able to maintain full control of all trust assets during your lifetime.
Benefits of a Trust
Trusts are a great way to build a safe space for your assets, ensuring that they are distributed in the manner you wish them to be upon your death. In most cases, trusts are usually available to avoid probate, potentially allowing your beneficiaries access to the assets more quickly than with a standard will. In addition, a well-built trust can help avoid or reduce estate taxes, gift taxes and income taxes.
Trusts allow you to establish precise terms, conditions and instructions, ensuring that your assets are handled according to your decisions even after your death or incapacitation. One benefit of a trust is that it functions as long as you specify it to — even years after your death in some cases. It is also important to note that while assets in probate are public record, trusts remain private — away from prying eyes and close to you and your beneficiaries.
Let Us Help With Your Trust
We believe that your legacy is worth protecting. Don't wait — it's important to establish your living will before it's too late. At Mother Lode Law in Placerville, California, we can help you build a trust that ensures the long-term security and peace of mind for both you and your beneficiaries.