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Mendocino Trusts Lawyers Protecting Families’ Financial Futures
DeCarli Law knows how to protect the property and financial future of families and individuals in Northern California by setting up trusts. Our law firm knows how to care for any estate planning needs, including most especially:
- Blended and non-traditional families—such as families with stepparents or stepchildren—as well as grandparents who have custody of their grandchildren
- Families with children
- Any homeowning individuals or those with real estate property
The law firm Decarli Law is conveniently located in beautiful Mendocino on the California coast, but we are also available to meet with prospective clients virtually and by phone. We look forward to meeting with you and working through your needs in preparing for your future, including establishing a trust. Call us today to schedule a initial consultation at (707) 937-2701.
What Does it Mean to Establish a Trust?
A trust is established legally through a trust document that indicates a person or organization as the trustee. The trustee is responsible to distribute the assets according to the document’s terms. These funds or resources are disbursed to the beneficiary or the person who receives them from the trust.
Trusts come in two general types: revocable or irrevocable. As you may guess by looking at its name, a revocable trust can be changed by the grantor or the person who created the trust. On the other hand, an irrevocable trust can not be changed, revoked, or terminated at any time.
When planning your estate, you want your family and loved ones to be taken care of and to receive your help as best as possible. Act now to ensure the best future for your surviving spouse or children. Our talented trusts attorneys know how to assist clients in any legal need, and we are happy to meet with you for to see how we can help you, so reach out to us today.
Are There Different Kinds of Trusts?
Every family is unique, and their reasons for creating a trust vary also. With these unique needs comes a variety of different kinds of trusts. The following are some of the more common trusts that an individual may choose:
Living Trust
Also known as an inter vivos trust, a living trust is one that many people have heard of, even if they aren’t sure how it works. In a living trust, the assets owned by the grantor are transferred to the beneficiaries during the grantor’s lifetime. These resources are protected from probate, which is the court ruling that distributes an estate after the grantor dies.
During the grantor’s lifetime, a living trust is considered revocable, so it can be changed, revoked, or terminated at any time. However, when the grantor dies it becomes irrevocable. We see many cases where the grantor is also the trustee, meaning he or she receives the funds disbursed. Part of the trust would also be to name the successor trustee who will administer the funds after the grantor’s death.
Living trusts are often drawn up when an individual creates their will. Lawyer Debra DeCarli and her knowledgeable legal team are pleased to help clients with any estate planning needs, including with an irrevocable or revocable trust.
Testamentary Trust
This kind of trust works in conjunction with a will and goes into effect when the grantor dies.
AB Trusts
AB trusts are for married couples and work to get both spouses the most federal estate tax exemptions possible. They are also known as a marital trust, a marital deduction trust, QTIP trust, bypass trust, or family trust. These trusts can be part of a will or a revocable living will.
Special Needs Trust
In a special needs trust, the beneficiary is an individual who has special needs or a disability. Special needs trusts do not affect the beneficiary’s government benefits and can be revocable or irrevocable. However, special needs trusts are most effective when they are irrevocable.
Charitable Trust
This type of trust is an irrevocable trust and is set up to benefit a charitable organization. A charitable trust can have multiple organizations as beneficiaries and takes effect after the grantor dies.
With so many different options for establishing a trust, you need a law firm with experience in estate planning to help you get the results and protection you need. You can count on DeCarli Law to stand by your side and listen to you while guiding you through these delicate legal processes.
What Are Some Reasons for Using a Trust?
One of the primary reasons people choose to establish a trust is to minimize the taxes paid by themselves or their loved ones. Estates that go through probate also become public but having a trust can keep your estate information private. Establishing a trust ahead of time also saves the expense involved in probate. Trusts are especially important when your family does not fit the traditional mold of two parents with their biological children. If you have adopted children, are a single parent, have a blended family with children from previous relationships, are a grandparent with custody, or any number of different circumstances, a trust created by you ahead of your death can mean all the difference to your loved ones in that it specifies exactly how you want your estate distributed.
Making choices about your estate planning is one of the most important things you can do for yourself and your family. We are proud to assist clients in preparing for their future, and we take pride in listening to your needs and desires with compassion. The DeCarli Law attorneys have the right skills to get you the results you need, so reach out to us at (707) 937-2701.
How Can Mendocino Trusts Attorneys Help Me?
Before deciding on an estate plan, including any type of trust, you should consult with a skilled trust attorney who can help you make the best decision for your situation. These choices can be very overwhelming with all of the different options out there. Whether you are protecting your real estate property, a business you own, or your hard-earned income from any professional practice, you need the best way to keep those assets from going to probate courts that eat up the precious time and resources your loved ones are relying upon after your death.
Attorney DeCarli will listen to you throughout the process of preparing your estate and trust, making sure your voice is heard and that all the legal matters are in place the way you want. Please reach out to us by calling (707) 937-2701 to make an appointment for a consultation either virtually, by phone, or in person.
