Fresno Living Trust Attorney
Planning for the future can easily become an overwhelming process, and it does not always account for changes in you and/or your estate’s needs. Fortunately, with the help of a Fresno living trust lawyer, you can avoid stress, confusion, and mistakes while developing a living trust plan you and your loved ones can rely on, regardless of what life throws your way.
What Is a Living Trust?
Before you hire a Fresno living trust lawyer, you may benefit from learning more about what a living trust is, how it can help you with your overall estate planning process, and how choosing the right lawyer to guide you through the process can improve your overall experience and results.
Simply put, a living trust is a legally binding arrangement that holds a person’s assets during their lifetime and distributes them upon the person’s passing. This allows loved ones to bypass the probate process, which can prove to be both expensive and stressful, especially when grieving the loss of the individual.
Once you pass, a successor will take over as trustee to manage and distribute your assets in accordance with your instructions. A living trust can also simplify estate planning and distribution. One study found that in 2024, only 32% of Americans had an estate plan, which was a 6% decline from 2023. Creating and implementing a plan for your assets is an important way of helping your loved ones in the future.
How Does a Living Trust Work?
There are several things involved in the development and implementation of a living trust, which are as follows:
Creating the trust: The trust is typically created by the living estate owner, known as the “grantor”. This is usually done with the help of a living trust lawyer, who can help you avoid easy missteps that could become major issues down the line.
Filling different roles: While alive, the grantor will typically be the trustee of their living trust and maintain control over it until their eventual passing. They may name someone else as trustee, but this is less common.
Managing your assets: There are a wide variety of assets to consider, account for, and manage, including bank accounts, real estate, businesses, and personal property, which are all transferred into your trust.
Shifting responsibilities: When the grantor can no longer manage their trust, someone else will fill the role as the successor trustee. They will be able to take over the management of the trust and assets immediately, without the intervention of the California court system.
Distributing the assets: Once the grantor has passed, the successor will oversee distributing the assets listed in the trust to their various beneficiaries in accordance with the directions laid out by the grantor.
What Are the Types of Living Trusts You Can Choose From in California?
There are two main types of living trusts a person can set up in California: revocable and irrevocable.
Revocable living trusts allow the grantor to change or even cancel the trust at any time. They also give the grantor full control over the assets within the trust. Due to its convenience, this is the more commonly chosen type of living trust in California.
Irrevocable living trusts are less flexible than revocable trusts. Once they have been created, they cannot be easily changed or cancelled, which requires more forethought and certainty than revocable trusts. This kind of trust also requires the grantor to surrender control over their assets, which can be beneficial for estate tax reasons, but comes at the cost of convenience.
Why Should I Hire a Living Trust Lawyer in Fresno, California?
There are many reasons you may benefit from choosing to hire a living trust lawyer, including representation at the Fresno County Superior Court – Probate Division should the need arise.
At Fishman, Larsen & Callister, we believe in making a difference by being different. With numerous positive reviews, we have proof of our ability to help clients just like you better prepare for the future, therefore giving you peace of mind in the present. You and your loved ones deserve the personalized care you need, and we are prepared to guide you through the living trust process while tailoring it to your goals.
FAQs
Q: What Does a Living Trust Lawyer Do in California?
A: In California, a living trust lawyer can help you create a living trust, transfer assets into it, and assist you in managing it. This can allow you to avoid the extensive probate process. Your living trust lawyer can also help you make changes to your revocable living trust should the need arise, as well as advise you on when an irrevocable trust is beneficial and appropriate for you, helping you find peace in the present while planning for the future.
Q: What Are the Different Types of Living Trusts in California?
A: There are two main types of living trusts in California: revocable and irrevocable living trusts. Revocable is by far the more commonly selected of the two, as it allows the grantor to make changes or even cancel the trust should the need arise. Irrevocable trusts, while often beneficial for estate tax purposes, are stricter and require the grantor to give up control over their assets.
Q: How Much Does It Cost to Hire a Living Trust Lawyer in California?
A: The cost of hiring a living trust lawyer tends to vary in California, as different variables often have a unique impact on the overall price. Some examples of these variables include who you hire to represent you, the time it takes to finalize your living trust, and the overall complexity of your estate and its assets.
Q: Is Hiring a Living Trust Lawyer Worthwhile in California?
A: Many individuals have found that hiring a Fresno living trust lawyer to help them sort out their estate and develop a plan for distributing their assets can help bring additional clarity and prevent them from making mistakes that could develop into bigger problems later in life. Having a plan for the future can bring you peace of mind today.
Connect With a Fresno Living Trust Lawyer Today
Contact Fishman, Larsen & Callister today to schedule a consultation and see how we can help you prepare your estate and loved ones for the future.
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