Living Trust Attorney
Trusts are complex legal instruments designed to determine who receives your assets when you pass away, avoid the probate process and protect your assets for your beneficiaries. At its heart, a Trust is comprised of three elements: Grantor, Trustee and Beneficiary. As creator, you as the Grantor (also known as a Trustor or Settlor) are entrusting assets with the Trustee to manage for the benefit of a Beneficiary. In most cases, you are all three, at least while you have capacity and are alive. When you are no longer able, or when you pass away, your successor Trustee interprets your instructions and carries out your wishes accordingly. A Trustee is considered a fiduciary and held to a higher standard of care.
It is most important that your Trust is well drafted and clear to ensure that your wishes are honored during the trust administration. Your Successor Trustee is legally bound to follow the instructions detailed in your Trust. Sadly, we have observed far too often seemingly innocuous ambiguities and inconsistencies – markers of a poorly drafted Trust – lead to conflict and disharmony. Trust administrations should be fairly straightforward with the guidance of competent legal counsel.
What Are the Benefits of a Trust
No two trusts are alike and can be custom-tailored to serve your specific needs and circumstances. A Trust serves as the foundation of a comprehensive estate plan when your assets or wishes for your beneficiaries warrant it. At Goldfarb & Luu, we take the time to learn about you, your family and your goals to determine whether a Trust is appropriate for you. If so, we guide you through the process of creating a Trust with many layers of details that are right for you. We spend considerable time counseling our clients and teaching the realistic outcomes of certain decisions. This is always a collaborative process to get it just right!
Trusts Can Be Used To Achieve a Wide Range of Objectives, Such As:
Types of Trusts
While no two trusts are alike, all trusts fall into one of two categories: revocable or irrevocable. Revocable Trusts (also known as Living Trusts) allow you as the Grantor to make changes or revoke it at any time while you have capacity and before your death. In contrast, irrevocable trusts do not allow you to make changes once it is created. Upon your death, a revocable trust becomes irrevocable. The majority of our clients create Revocable Trusts. There are many types of Irrevocable Trusts but most of them are used for estate tax planning purposes.
While there are many types of trusts, we will select the right type of trust to honor your goals.