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. Contact us online or call (888) 325-1181 to get started.
Living Trusts in Chico, CA
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.
About Revocable Living Trusts
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. Their responsibility is a fiduciary one, which means being placed in position of trust by those they serve.
Why Should I Make a Living Trust?
One of the advantages of creating a living trust is that it allows you to avoid the probate process -- property that is passed on through a trust does not have to go through probate court. People may choose to steer clear of probate because it typically takes several months (or in complex situations, years) to complete and it is expensive, taking up property in both court and lawyer fees.
Below are other reasons to make a living trust:
- Contesting the validity of a trust is more difficult than contesting a will
- Avoid a conservatorship
- Protects your privacy -- Although a few aspects of your trust might be revealed after your passing, it provides more privacy compared to wills, which become public record when it is filed with the probate court. Living trusts never need to be filed with the probate court.
- Allows for more control over your finances -- You are able to distribute your property in a way that is specific to your situation
How Does a Living Trust Help Me Avoid Probate?
A living trust allows you to avoid the probate process altogether because it does not need to be filed through probate court. The person you have appointed to be your successor trustee simply must handle everything after your death -- they will transfer ownership of your property and assets to the beneficiaries per your living trust. It is a quick and easy process and no attorney or court fees are involved.
Consult with a Chico, CA Trust Attorney
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 case consultation.
Considering creating a trust? Speak with our Chico trust attorney for experienced legal advice. Call (888) 325-1181 or contact us online to schedule an appointment.
“Nikki Farris is very easy to talk to, professional and knowledgeable.” - Rachele T.
“Fast consultation and excellent service.” - Lucian R.
“Nikki was so kind, so compassionate.” - Kali H.