Hollywood Trusts Attorney
Probate law and estate planning are two topics that involve multiple complicated elements. When you are planning your estate, you need to think about how you want to designate your assets and protect them for your beneficiaries. One way you might choose to do this is by setting up a trust. A trust is an arrangement that gives a third party, known as a trustee, the responsibility of holding assets on behalf of one party, known as a grantor, and disbursing it to his or her beneficiaries according to the terms of the trust, contact our experienced Hollywood trust attorneys today.
What Can a Trust Do?
A trust can be used to set aside assets for an intended beneficiary to access at a later date. Often, they are used to provide for one’s children or grandchildren after he or she passes away, but they can also be used while the grantor is still living. The main benefit of putting assets into a trust is to circumvent the probate process after the grantor’s death. Other reasons individuals consider using trusts include:
- Trusts provide privacy. When an individual’s estate passes through probate, it is public record. An individual who does not want to advertise his or her assets may opt to hold them in a trust to keep them out of the public record;
- Trusts protect assets. When assets pass through probate, they are subject to court fees and taxes. A trust can be a way to shelter them from these fees as well as beneficiaries who might not use them responsibly or their creditors; and
- Trusts give the grantor a greater level of control. When you put assets into a trust, you dictate when they will be passed to beneficiaries, to which beneficiaries they will be passed, and the circumstances under which they will be passed. For example, you might decide to create a revocable trust, which you can access during your lifetime or an irrevocable trust, which is set in stone when you sign it.
Setting up a Trust
Speak with an experienced probate lawyer about setting up your trust. You do not have to be wealthy to create a trust – anybody with assets can use a trust to protect their assets. Your lawyer will help you decide which type of trust is best for you depending on your assets and other circumstances. He or she can explain the different types of trust to you, such as a living trust or a grantor retained annuity trust. You can set up your trust with a bank, brokerage company, or a professional financial manager.
Work with an Experienced Hollywood Trust Attorney
Trusts can be a very useful tool to ensure that your loved ones receive the money and valuables you set aside for them after your death. To learn more about using a trust to control and protect your wealth for your loved ones, speak with an experienced trust attorney. Contact The Law Offices of Steven A. Mason, P.A. today to set up your initial consultation in our Hollywood office.