What are the requirements of setting up a living trust and wills in Irvine?

Usually, ever state has their own unique requirements. However, setting up a trust in Irvine does not have to be hard but hiring a professional is highly advised. A trust is when property is being held by one party for the benefit of another party. The trust can be revocable or irrevocable. A revocable living trust means that the trustor can amend or cancel the trust while he/she is still alive. An irrevocable trust means you cannot change or modify it in any way.

In order to form a trust, you must meet a few requirements. The following requirements are:

1) Intent, which means intent on the part of the trustor to form the trust;

2) Trustee, which means there must be a holder of legal title to the trust res;

3) Res, which means present existing property that is identifiable;

4) Ascertainable beneficiary, which means the trustee is an actual person and is specifically named and

5) Purpose.

Forming a trust may be morbid or time-consuming but consider the benefits. These benefits include:

1) avoiding Probate Court,

2) your personal and financial matters will remain private,

3) you can maintain control of your finances after you pass away,

4) avoid or reduce the possibility of a challenge in court,

5) prevents a conservatorship issue. There is also a revocable living trust in California.

Besides a living trust there are several other trusts that you can form in California.

Some of these trusts include:

1) Support trust, which is limited to paying only so much of the income or principal as necessary for a beneficiary’s health, support and education;

2) Charitable trust, which is a trust for charitable purposes and or for the public benefit;

3) Spendthrift trust, which prohibits beneficiaries from transferring interest into the trust and creditors cannot attach the beneficiaries interest;

4) Totten trust, which is a bank account trust. Beneficiaries receive tentative interest but definite on death of settlor;

5) Simple trust, which allow requires the trustee to give the trust property to the beneficiary/beneficiaries in the time that has been specified in the trust; and

6) Qualified terminal interest property trust (QTIP Trust), which gives a spouse a life estate in the property without the federal gift tax on it.

Regardless of what kind of trust you decide to form it is really important to discuss all of your options and what would be the best trust for you and your needs. A person can do their own living trust in Irvine but it is preferred to seek assistance. Whether you hire a legal document assistant or an attorney make sure that both professionals ask a number of questions as to what you want. There are many options as seen above, therefore knowing which one is more suitable for you and your situation is important. Ultimately, your decision will result in certain outcomes. If the outcomes are not clearly known or stated, then you may end up with a trust that will not fulfill your actual intention.

Best estate planning services in Irvine

We believe that everyone deserves easy, pain-free, and affordable estate planning services in Irvine. Estate planning allows you to avoid the hassle and cost of probate in the future. Setting up a wills and trust in Irvine gives you that piece of mind that your loved ones will be taken care of.