Top Trust Attorney in Orange County, CA.
A trust fund is an individual, company, or organization that holds assets or properties on behalf of a second party. People use trusts for many different reasons. In estate planning, a trust keeps one’s assets in the management and administration of a neutral third party called a trustee for the advantage of a third party. It helps avoid probate by loved ones to get the will reviewed.
#1 Top Trust Attorney in Orange County, CA.
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Another benefit of setting up a trust is it helps avoid or pay less estate tax. Properties or assets held in trust are not considered as part of your possessions anymore. That means they won’t be subjected to estate tax as other universal properties.
Furthermore, a trust will allow you to state when heirs will get their inheritance, unlike when using a will. For those as mentioned above, many people are using trusts to manage and administer their wealth. But setting up and managing a Trust is not easy.
From the details involved in the trust document to deciding what transaction is or is not permitted, both the trustor and Trustee will need the help of a trust attorney. Mostly, business and trust law language is not easy to understand; having a legal specialist to help can make things a breeze.
What is a trust attorney?
A trust attorney is a specialist in wills, estate, and trust law. They provide information, advice, and legal representation in matters involving trust funds.
However, many people who retain California trust attorneys’ services haven’t retained or engaged with an attorney before. While most people know that most attorneys specialize in specific areas, they are not really aware of practice areas’ details.
So, what does a trust lawyer do?
When setting up a trust or experiencing problems with beneficiaries or trustees, a trust attorney can help. There are many types of trust attorneys. Most trust attorneys specialize in specific areas such as the following:
Living trust attorney
A living trust attorney provides help in creating and administering a trust. They will guide the Trustee on how to manage the trust. In cases where the estate is enormous and complex, you could name the attorney as the Trustee.
But the role of a living trust attorney won’t only be limited to setting up a trust. They will also be responsible for coming up with a working plan to protect and share the trustor’s assets following the trustor’s death. The trust attorney will help maximize benefits to beneficiaries. Therefore, a living trust attorney’s task will involve drafting documents to protect assets against taxes and lawsuits.
Your living trust attorney will analyze your needs then come up with a plan based on your financial and economic situation. They will also look into your life: whether you are married or not, the number of dependents, and other issues on the terms of the trust.
Prepare to answer several questions.
A living trust mainly prepares your last will and testament, power of attorney, advance directives, and living will and trusts. The trust lawyer will be there during the implementation of your last will and testament to ensure all formalities are adhered to, rendering the trust valid.
A trust litigation attorney
The other kind of a trust attorney is a litigation attorney. These types of attorneys come in when beneficiaries are experiencing problems with a trustee or when a trustee is having problems with difficult beneficiaries. Trust litigation attorneys specialize in handling disputes involving living trusts. They are trial and litigation lawyers.
As mentioned, trust and business law language can be complicated. Disputes always arise about Trusts with ambiguous wording. Sometimes parties involved can reach an agreement outside courts, but sometimes it takes court judges to solve the dispute.
Cases of trust litigation include an estate plan gone wrong, a trustee refusing or failing to administer a trust well, beneficiaries accusing a trustee of self-dealing, and breaching fiduciary duty. These are all likely litigation matters and require the services of a real trial and litigation lawyer.
In a trust litigation case, the aggrieved party brings the case to court, and the sued party is called to defend; following discovery, a court trial can happen.
Trust litigation cases
In the period of the case, the beneficiary can seek to have the Trustee removed and the trust placed in a temporary fiduciary’s hands until a ruling is made.
The Trustee may ask the trust to pay for court fees, which the court may allow but with the condition to repay if a ruling is made against them. The basic procedures of evidence are followed in trust litigation cases.
Do I need a trust attorney?
If you are setting up a trust or are experiencing problems with one, it is a wise idea to have a trust attorney by your side.
Reasons for retaining the services of a trust attorney include:
- To avoid the stress of probate.
- To lower or avoid estate tax.
- To avoid naming a guardian for your child.
- You want help legally moving assets into your trust.
- To dictate when your dependents receive the inheritance.
- You have enormous life insurance and want to create a special trust to avoid heavy taxation.
- You have a beneficiary or more with special needs and need help creating particular types of trusts to cater to their needs.
- You need representation in a trust litigation case, in the case of a trustee being sued by beneficiaries or a beneficiary suing a trustee.
Choosing an experienced living trust attorney is very important, especially when dealing with an enormous estate; an experienced trust attorney can help find a balance between your objectives and the many different statutory requirements governing various forms of trust. Make a faulty trust, and you will leave your beneficiaries and Trustee in legal tussles needing the help of a trust litigation attorney.
Trust attorney near me
Do you need help with matters involving trust funds? We are experienced, trust attorneys. Indeed, from helping create, manage and administer trusts to providing legal representation to both beneficiaries and trustees, we provide various trust attorney services. Contact us today, and let’s help with your problem.
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Contesting a Trust in California