If you’ve been considering creating a trust as part of your estate plan, there is no better time to do so than now! The benefits of having a trust don’t just come into play after you’ve passed. Our skilled Los Angeles trust lawyer has guided hundreds of clients through the process and led them to results that prove beneficial, both now and later. He will take the time to fully explain your options, so that you know what’s available to you, and answer any questions you may have, At Hayes Law Firm, our priority is helping individuals like you protect their legacy and move confidently toward their future. Call today to schedule your free consultation and discover your next steps!
What Is A Trust?
A trust is a financial entity to which a person transfers their money, property, and other assets. If that’s confusing, it helps to think of a trust as a box where you can keep the things that are most valuable to you, and where they will be protected.
There are many different kinds of trusts that serve various purposes, and our knowledgeable Los Angeles trust lawyer can help you pick the right one based on your unique personal and financial goals. Some possibilities might be:
- Revocable living trust – a trust that allows the creator to remain in control over their assets during their lifetime, including adding and removing assets from the trust, or being revoked altogether
- Irrevocable living trust – a trust that cannot be altered or revoked after creation, but offers stronger asset protection and more estate tax benefits than a revocable living trust
- Testamentary trust – a trust that is created through a person’s will and takes effect only after their death
- Charitable remainder trust/Charitable lead trust – trusts that allow for charitable giving
- Special needs trust – a trust created to provide for the financial needs of dependents with disabilities in a way that will not jeopardize their access to government benefits
- Asset protection trust – a trust designed to protect assets from creditors and legal claims
- Generation skipping trust – a trust that skips one generation in the distribution of assets (typically benefitting grandchildren)
- And more!
What Advantages Do Trusts Offer?
Creating a trust can offer several benefits. One key advantage is the ability to control and distribute your assets according to your wishes, even after your passing. Trusts provide flexibility in managing your wealth, allowing for the smooth transition of assets to your chosen heirs. Depending on the type of trust our experienced Los Angeles trust lawyer helps you choose, you may also enjoy potential tax advantages and asset protection.
Another key advantage is that assets in trusts do not have to go through the complex and time-consuming California probate process. Probate is a court-monitored undertaking, so that also means that your financial and personal information would become public. It can take anywhere from months to years, depending on how complex the estate is, for probate to be resolved and for those assets to be distributed to their heirs. The longer it takes, the more dramatically the wealth of the estate is liable to be drained, as probate is also quite an expensive process.
Trusts can be particularly beneficial for specific needs, such as caring for loved ones with special requirements or ensuring a legacy for future generations. Overall, trusts offer a powerful tool for effective estate planning, providing peace of mind and financial security for both you and your heirs.
Why Choose Our Los Angeles Trust Lawyer?
Our lead attorney, William Hayes, is dedicated to providing each client an exceptional level of personalized service that ensures their desires will be clearly expressed in their estate plan. When you choose to work with us, you receive free unlimited telephone support, free seminars, free regular Legacy and Estate Plan checkups, and more! Call today to schedule your free consultation.