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Putting your assets in a trust avoids the probate process once you pass away. This saves your loved ones the time, money, and hassles associated with probate. A trust can also be kept confidential which allows families to keep their privacy in the process. Another advantage is that a trust can eliminate federal estate taxes. Finally, a trust can provide asset protection from your beneficiaries’ creditors.

A trust is a relationship whereby assets are held by one party and managed for the benefit of another. These assets may accumulate interests and are not a matter of public record; thereby maintaining privacy regarding the assets. Trusts have been around since the Roman era and have three parties associated with them: the trustor (the person putting assets into the trust), the trustee (the person managing the assets in the trust), and the beneficiary (the person benefiting from the assets in the trust). There may be multiple trustors, trustees, and/or beneficiaries.

If it’s a revocable trust, absolutely, yes. You can always modify a revocable living trust. In fact, as your life situation goes through changes (births, marriages, asset growth, etc.), it is a must to change your trust, too.

Yes. Most of the time, you as the trustor will serve as a trustee for the trust until the event of your passing, at which time someone else will take over. Usually, this duty is given to a family member or a spouse, friend, child, or attorney.

After a passing, the trustee has a fiduciary duty to distribute the property from the trust to the beneficiary. Generally, the trustee has been appointed beforehand and is made aware they are responsible for this duty.

Also checkout Will vs. Trust

A will becomes effective after death and goes through probate, while a trust operates during life and avoids probate. In Los Angeles, trusts offer more privacy, flexibility, and control over asset distribution, making them a popular choice for estate planning.

A trusts and estates lawyer in Los Angeles can help protect your assets by creating a comprehensive estate plan. This may include establishing trusts, drafting wills, implementing asset protection strategies, and advising on tax-efficient wealth transfer methods. We work to safeguard your assets and distribute them according to your wishes.

Trusts attorneys in Los Angeles typically offer services such as creating living trusts, revocable trusts, and irrevocable trusts. They also assist with trust administration, asset protection planning, and estate tax minimization strategies. Additionally, trust attorneys often provide guidance on probate avoidance and trust modifications.

When choosing a trusts attorney in Los Angeles, consider their skills, focus on estate planning, and reputation. Look for someone who communicates clearly, understands your unique needs, and offers personalized solutions. Schedule a consultation with Talai Law Offices to discuss your goals.

Creating a will or trust in Los Angeles involves identifying beneficiaries, listing assets, choosing an executor or trustee, consulting an estate planning attorney, drafting the document, and having it properly signed and witnessed. Regular reviews and updates are essential to ensure the plan remains current and effective.