The Fundamentals Of A Trust

Everyone hears the term Wills and trusts and probably knows the terms relate to estate planning. What is the difference between a Will and a trust? A will provides directions at your death, but a trust is a holding device. The trust has legal title to certain property and assets. A trustee manages and distributes the assets for beneficiaries, generally loved ones who may be minors or have special needs.

At Susan Borquez, Attorney at Law, we assist families in Newbury Park, Camarillo and throughout Ventura County in creating effective trusts. Our attorney will explain how a trust works and analyze whether a trust may be an appropriate option for you. We take the time to sit down with you and explain how your trust functions and exactly what assets are included in your trust.

California Living Trusts

A revocable living trust (also referred to as a revocable inter vivos trust) is a tool that can avoid costly probate proceedings. This type of trust allows you to remain in control of assets during your lifetime, but then transfers remaining assets to beneficiaries upon your death without the need for a court probate. A Trust can also avoid the need for a conservatorship in the event of your incapacity.

We have included more about living trusts in an informational FAQ for your reference.

Special Needs And Educational Trusts

If your loved one has a disability and receives government benefits, you need to carefully plan or a gift could result in the loss of benefits. An educational trust ensures that a loved one has the resources needed to further his or her education. An Irrevocable Life Insurance Trust provides another option with tax planning benefits and protection for beneficiaries.

Multiple trusts are not often necessary, because instructions can be included in a living trust that addresses special needs and other circumstances.

If you have questions related to a trust or estate planning in general, call 805-603-4518 or complete our online form to schedule an appointment. Initial consultations with our lawyer are free of charge.