We are a full-service estate planning and probate law firm working to provide peace of mind to our clients and their families.
What Is a Trust?
A trust is an arrangement in which one person, called a trustee, holds legal title to property for the benefit of another person, called a beneficiary. The beneficiary will receive the property when certain conditions are met, such as when they reach a certain age or become disabled. The trustee is responsible for managing the property on behalf of the beneficiary.
Trusts can be revocable or irrevocable. A revocable trust can be modified or revoked at any time during the trustor's lifetime. An irrevocable trust cannot be changed after it is created. It is important to note that the terms "revocable trust" and "living trust" are often used interchangeably. However, a living trust is simply a revocable trust that is created during one's lifetime.
Types of Trusts
There are several different types of trusts. The type of trust you choose will depend on your goals and personal preferences. Some of the most common types of trusts include:
- Guardian trusts — A guardian trust is designed to provide financial support to a minor child or vulnerable adult. A guardian trust can be set up to provide for the beneficiary's needs, such as education or health care, or to provide income to the beneficiary.
- Supplemental needs trusts — A supplemental needs trust is designed to provide financial support to a beneficiary who has special needs. This type of trust is often used to provide financial support to a beneficiary who is disabled or terminally ill.
- Pour-over wills — A pour-over will is a will that is designed to pour assets into a trust after the testator's death. This type of will can be used to ensure that the trust receives all of the testator's assets.
- Education trusts — An education trust is designed to help a beneficiary pay for college or vocational school. These trusts are often used to provide financial support to minor children.
- Charitable trusts — A charitable trust is designed to donate a certain percentage of the trust's income to a charitable organization. Charitable trusts can be set up to support a specific cause or charitable organization.
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Hear From Families We've Helped
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Why Should You Consider a Trust?
Trusts are powerful legal tools that can help you provide for your loved ones while protecting your assets. Trusts can protect your beneficiaries from creditors and lawsuits. They can also help you avoid probate fees and delays.
However, trusts can be complicated legal arrangements. If you are considering a trust, it is important to work with an experienced attorney who can help you create a trust that meets your goals and complies with the law. Our experienced trusts attorney in Santa Clarita, Valencia, and Canyon Country can help you create a trust that is right for you.
What Can Our Trusts Attorney Do for You?
The Law Offices of Eric M. Paris can help you create a trust that meets your specific needs and goals. We can help you draft the trust document and make sure it complies with the law. We also help clients with revocable living trusts, which are trusts that you can modify or revoke at any time during your lifetime.
Our team can help you with all aspects of trust law, including:
Our team is here to help you create a trust that is right for you. We are happy to answer your questions and schedule an appointment with our team. Contact our office to find out more about our experienced trusts attorney in Santa Clarita, Valencia, and Canyon Country.
Our goal is to provide exceptional service that supports the generations of your family.
