Trusts

Santa Cruz Living Trust Attorney

Most of our clients find it desirable to have a revocable living trust as a part of their overall estate plan.

When you create a living trust, you are not relinquishing control of your assets and property. In all probability, you will be the initial trustee. For married couples, the surviving spouse is usually the successor trustee. You appoint the person who will succeed you, so you can have confidence that whomever is in charge will be somebody you trust.

When you create a living trust, you are doing the most you can to keep your financial affairs private. Unlike probate, which is public, the administration of the trust is a private matter. Ownership of the trust passes to the successor trustee at your death, so assets held in the trust do not have to go through probate.

Like a will, a living trust will include your detailed instructions to your successor trustee (often a spouse or trusted relation) for handling your assets in the event of your death. Through the trust, you can make provision for surviving spouses, children, charities, etc.

The trust makes it possible, in a way that nothing else can, to set limits and terms for gifts you make to children. If you have concerns in the case of young children that they ought not to come into their inheritance too soon, the trust can hold that money back and the trustee will administer it for the benefit of children.

There are many different kinds of trusts, which are appropriate in different circumstances:

• Revocable Living Trust
• Irrevocable Living Trust
• AB Trust
• Pecuniary Formula Marital Deduction Trust
• QTIP Trust
• Special Needs Trust
• Charitable Remainder Trust
• Life Insurance Trust
• Credit Shelter Trust

Except in the case of a irrevocable trust, you have total freedom to change the trust in any way you want to during your lifetime, including revoking the trust. As long as you or your spouse is acting as the trustee, no separate fiduciary income tax return will need to be filed. You will report income from the trust on your own individual income tax return.

Avoid expensive probate. Contact a living trust lawyer at the Santa Cruz law firm of Timothy J. Morgan, Attorney at Law, for sensible legal advice and satisfying results.