Pomona, CA Trust Lawyer

Think having a will takes care of all your estate planning needs? Think again! While wills are definitely important tools for estate planning, there’s actually a lot that they can’t and won’t accomplish for you. Having a will won’t keep your estate out of probate, nor will it secure your assets. The best tool to use for this is a trust!

Trusts are financial entities which you transfer your assets into for protection both during your lifetime and after it. They are a fundamental piece of the estate planning process, and necessary for those of all ages and ranges of wealth! Our lead Pomona trust lawyer, William Hayes, has over 40 years of experience assisting Californians with trusts and helping them better understand their options.

It can be difficult for many to think about a day when they will leave their family behind, but we strive to make your experience as comfortable as possible! Call today to book your free consultation and learn more about how we can serve you.

Types Of Trusts

Did you know there are many different types of trusts? Our skilled Pomona trust lawyer can help you gain a better understanding of the type of trust you may need based on your individual life circumstances and unique goals. Some options include:

• A revocable living trust – a trust created during your lifetime which is able to be amended or revoked at any time; the main purpose of this trust is to bypass probate and ensure a swift, streamlines transfer of assets to your heirs following your passing

• An irrevocable living trust – a trust that cannot be modified or revoked once created, and that provides asset protection and estate tax benefits

• Special needs trust – a trust that is designed to provide financial support to dependents or other loved ones with disabilities, while ensuring that they can still qualify for public benefits

• Charitable trust – a trust that allows you to donate some or all of your assets to a charitable organization that is important to you, while also receiving tax benefits

• Testamentary trust – a trust that does not take effect until after you pass, and which is intended to manage and distribute assets to your heirs according to your wishes

• Asset protection trust – a trust created with the purpose of shielding assets from creditors and lawsuits, and which is most often utilized by those concerned with potential financial liabilities or who are in professions with a high risk of litigation

• And more!

Why You Need A Trust In Pomona, California

As already briefly mentioned, there are many reasons to create a trust, especially if you have specific goals you want to accomplish. However, there are 3 main benefits of trusts:

1. Probate avoidance – Probate is an incredibly complex, time-consuming, and expensive legal process, especially here in California. It opens the door to all kinds of complications, like will contests, lawsuits, and more. Additionally, because probate is overseen by the court, all of your financial information will become a matter of public record. Trusts allow your assets to be transferred directly to your beneficiaries, which is best for all parties involved.

2. Control over asset distribution – If you do not take the time to legally formalize how and when your assets are distributed to your beneficiaries through a trust, then you likely forfeit that right. In the absence of clear, legally-compliant instructions, the court (state) will be the one to make those decisions for you.

3. Tax benefits – Certain types of trusts can reduce the amount of your estate that is taxable. Trusts can also be used to manage income taxes effectively, therefore minimizing the overall tax burden on the estate and your beneficiaries.

How Working With Our Experienced Pomona Trust Lawyer Can Give You An Advantage

No matter whether you have been researching trusts for months or are just getting familiar with the process, The Hayes Law Firm is here to help! Our knowledgeable Pomona trust lawyer has been cited as an estate planning resource by outlets like Fox News, NBC, ABC, CBS, and Pasadena Now. He is also a member of the exclusive American Academy of Estate Planning Attorneys! Call today to book your free consultation and learn more about how we can help you move into your future with confidence!