Los Angeles Trust Lawyer
When you place your property into a trust, you are giving power over your assets to a trustee. The trustee may be you or someone else, but it should be someone trustworthy and responsible enough to handle your affairs. People may do this for tax reasons, to reduce the stress of managing their own estate, or because the person expects to be incapacitated or deceased. Whatever the reason, the trustee is responsible for handling most if not all matters of the estate.
Some people opt for a living trust, which kicks if they are still alive but not able to make the necessary decisions to properly manage their estate.In a living trust, you are giving an individual—the trustee—the power to manage your assets. While you can name yourself as the trustee, you can also name someone else, or list someone as a backup should you choose not to manage your own estate or if you are no longer able to do so for health or other reasons. Living trusts are primarily helpful for people who have significant assets and/or children in the equation.
With any trust, it is important that you are appointing a competent individual as trustee. As mentioned previously, this could be you, someone else, or a co-trustee. These people will have a lot of responsibility and will have a great deal of control over your estate; whoever is appointed as your trustee should be unbiased and willing to deal fairly and work in your best interest. If an action is deemed to not be in your best interest, a court can reverse any applicable decisions made by the trustee.
Law Offices of Anne Dowden Saxton
Trusts are an important part of an estate plan, but they can also be daunting, so it is important to discuss any questions or issues you may have with a law professional like those at the Law Offices of Anne Dowden Saxton. Our lawyers can help you determine how best to set up your trust, and to determine if a living trust is right for your desires and your situation. Not everyone needs a living trust, but ensuring that your assets are squared away and ready for easy distribution amongst your loved ones is an important step in the estate planning process.