Chico Trust Attorney
Estate Planning for Individuals and Families in Chico, California
Many legal instruments are used in California estate planning. Among these
are trusts. Many types of trusts exist; to be certain that your estate
is protected under a viable trust it is highly recommended by the California
State Bar that you work with an attorney who is experienced in this practice
area. At The Law Office of Nikki Farris you can place your trust in an
attorney team that has been
helping the men and women of the greater Chico area for several years. Our firm has maintained a longstanding legal presence in our community,
providing committed and competent service in
estate planning and related legal matters. A Chico trust lawyer at our firm can assist
you by creating a trust that will protect your assets and meet your specific
needs and goals in terms of a comprehensive estate plan.
Living Trusts in Chico
A "living" trust is one that you create while you are alive.
In any trust, an arrangement is created between the trustee, who holds
certain assets and property of the trust grantor, and that grantor's
beneficiaries. In that regard, a living trust is similar to a will and
can partly substitute for one. Your assets, property, and funds are put
into the trust where they are managed by the trustee while you are alive
and then transferred over to your beneficiaries when you pass away. In
a living trust, you can be named as the trustee so that you remain in
charge of your property and assets even though they are now held by the
trust as a separate entity. You can also designate someone to succeed
you as trustee should you become unable to continue.
Trusts can be revocable, meaning they can be amended or terminated, or
they can be irrevocable which means they cannot be changed once they have
been executed. A revocable living trust would entitle the trustee (whether
you or another named person) to have control and management of your assets
and property during your lifetime and would list out your beneficiaries
who would be given those assets once you pass away. The trustee oversees
the assets in the trust only for the best interests of the beneficiaries.
His responsibility is a fiduciary one, which means being placed in position
of trust by those he serves.
Consult with a Chico Estate Planning Lawyer
Trusts are important instruments for protecting your assets. They can also
reduce estate taxes, help you avoid probate, and provide other benefits.
To get the knowledgeable legal assistance you need in creating an advantageous trust,
contact our firm to arrange for a
free case consultation.