A trust is a legal entity that holds assets for an individual’s benefit. The creator transfers assets into the trust and sets forth the terms, names the beneficiaries and details how to manage it. A trust becomes effective immediately; a Will does not.
Estate planning can be started at any time as long as the individual has the legal capacity to enter into a contract. Getting the help of an experienced Palm Springs Estate Planning attorney will make sure the Trust cannot be challenged by those who believe the individual “lacked capacity” at the time the documents were created.
Living Trust
A living trust becomes effective during the lifetime of its creator. A living trust is used to hold legal title and manager property. The creator can change the terms during his or her lifetime.
Irrevocable Trust
An irrevocable trust is created to transfer assets. There is no power to change or revoke the terms. Income generated by this trust is taxed to the beneficiary. Any undistributed or accumulated income is taxed to the trusts fiduciary.
Palm Desert Trust Lawyers of Coachella Valley
When an individual becomes incapacitated and cannot handle his or her own financial issues, a conservator should be appointed. A conservator, paid by the individual’s estate, makes decisions on the individual’s behalf. A court-appointed conservator does not always know the incapacitated individual’s desires.
Estate planning protects an individual’s property, assets and interests during his or her lifetime and continues after death. An experienced California Estate Planning lawyer, such as Dale Gribow can show you how to accomplish your estate planning needs in an easy-to-understand language. The attorneys at The Law Office of Dale Gribow will execute effective strategies for protecting yourself and your loved ones.