Trusts Lawyers in Pleasanton, CA Helping Clients Set up Trusts

When going through estate planning, there are many different options to choose from and it can all seem overwhelming. Attorney Debra DeCarli has experienced helping many different families through this process and can help you decide if a trust is right for you. She especially works with people in circumstances such as:

Blended families with children from a previous marriage
Non-traditional families
Families with children who are minors
Homeowners or those who own other real estates

DeCarli Law has offices in both Mendocino and Pleasanton, CA but also gladly accepts clients who prefer to meet virtually or by phone. Our talented legal team is ready to talk to you today and set up an appointment for a free initial consultation, so reach out to us at (925) 568-2350.

What is the Definition of a Trust?

A trust is a legally appointed document that sets up a financial account and gives instructions on how the funds are to be used. A trust must indicate a person to be a trustee who has the responsibility of distributing the money according to the document. Beneficiaries are the people or institutions who receive the trust. Trustees must be very reliable and fulfill their obligations in exactness because of the fiduciary nature of their responsibilities. Finally, the grantor is the individual who set up the trust in the first place. Depending on the type of trust they have chosen, they may or may not have the power to alter the trust while they are living.

Setting up a trust can make all the difference for the financial stability of your loved ones both during your life and after you pass on. With so much at stake, you don’t want to take any chances establishing this important document. You can look to DeCarli Law for any needs in regards to estate planning and especially if you think you may want to set up a trust.

What Are Some Common Types of Trusts?

Everyone who sets up a trust has unique needs, and your situation is no different. In choosing what trust you will use, it can be helpful to know what options you have. Here are some common trust types we see at DeCarli Law:

Revocable Trusts

Trusts generally fall into two categories: revocable and irrevocable. Revocable trusts can be changed by the grantor as long as they are alive. In some cases, a grantor chooses to terminate the trust completely. As long as it is a revocable trust, this can be done legally in California.

Irrevocable Trusts

As the name suggests, irrevocable trusts cannot ever be changed, revoked, or terminated. Generally speaking, revocable trusts may become irrevocable after the death of the grantor.

Living Trust

Most people have at least heard of a living trust, also called an inter vivos trust. These trusts are usually created in conjunction with a will. They are appealing to many individuals because the assets held in this type of trust are not subject to probate at the death of the grantor. This saves the family time and money as they avoid needing the court to decide how to handle the funds within the trust.

A living trust is a form of a revocable trust, and as stated above, this means it can be changed or ended by the grantor but becomes irrevocable when he or she dies. A grantor of a living trust commonly names him or herself trustee. A successor trustee will typically be named within the documentation who will administer the assets after the grantor’s death.

Testamentary Trust

Testamentary trusts are established by the grantor’s will. When they die, they become irrevocable.

A-B Trusts

These kinds of trusts are intended to be used by married couples so they minimize the taxes to be paid by both spouses. They are also known by several different names including AB trusts, QTIP trusts, marital trusts, bypass trusts, marital deduction trusts, or family trusts. They may be established in conjunction with a will.

Special Needs Trust

When a special needs trust is established, the grantor does so for the benefit of someone else with disabilities or special needs. The beneficiary’s government benefits are not affected by receiving these trust funds. Many special needs trusts are irrevocable, but they can be set up as revocable trusts.

Charitable Trust

In a charitable trust, the beneficiary is one or more charitable institutions. Charitable trusts can have different variations, including being set up during the grantor’s life but taking effect after his or her death.

Is Using a Trust Right for Me?

A trust might be advantageous in your estate planning if you would like to avoid probate and additional estate taxes for your loved ones. Having a trust can also mean more privacy as your estate information is released when it goes through the probate process. Talking to experienced Californian estate planning lawyers is a great first step as you make decisions on whether to use a trust. We can help figure out what course is best for you, so reach out to our compassionate and dedicated team of attorneys today.

How Can Our Pleasanton Attorneys Help You?

Our estate planning lawyers have many years of experience helping clients. We know how to assess your situation and determine if a trust is the right choice for you, as well as what type of trust will work the best with your circumstances. We also take pride in listening to our clients to make sure their wishes are met in regard to their estate planning.

Attorney Debra DeCarli has offices in Pleasanton, CA but is also happy to offer services virtually for anyone unable to come in person. Please reach out to us today by using the DeCarli Law online contact form or by calling (925) 568-2350 to schedule a free initial consultation.