Elk Grove Trust & Estate Attorneys
All of us work hard to build up our assets and have thoughts about how we want that legacy left behind after we’re gone. Wills and trusts are the primary vehicles we use to make our wishes legally binding. Our Elk Grove probate & estate planning attorneys have extensive experience helping people bring their desires to fruition in the form of a concrete estate plan.
Wills & Trusts in Elk Grove
Our last will and testament is the cornerstone piece of estate planning. Through a will, we not only decide how to distribute our assets, but also make important decisions like who gets guardianship of minor children. Without a will in place, the state of California will be left to follow a rigid formula of asset distribution and make a determination on guardianship. The end result may be something very different than we would have wanted.
Good estate planning will also include decisions on power of attorney. While the prospect of being mentally or physically incapacitated is difficult to think about, we need to know who will get decision-making power on important medical decisions, and who would handle our finances, if we were no longer able to. Power of attorney is what grants this authority, and we can make certain this power is in the hands of the person(s) we trust most to handle it.
The Benefits of Having a Trust
There are several benefits of taking estate planning to the next level and establishing a trust. Trusts can come in a wide range of structures, and the advantages include the following:
- Clients can customize how their assets are distributed. Those who are leaving large sums of money behind may not want their heirs to receive it all at once. Perhaps there are tax issues. Or maybe a parent might be concerned that an adult child isn’t ready to handle large sums all at once, in a way that will last a long time. Other examples include wanting inheritances to be received at threshold points in life—graduating from college or getting married being two prime examples. These are just a few of the ways our Elk Grove probate & estate planning attorney can customize a trust.
- Putting inheritances into a trust also protects the heirs from potential liability. Assets in a trust don’t belong to a person per se, but to the trust. That means if an heir goes through a divorce, the trust assets are not part of the property that the spouses must divide. A trust’s assets cannot be accessed by creditors. If an heir is sued, their assets in the trust can be protected.
- What happens if an heir is an adult child who struggles with a disability? The heir likely qualifies for government benefits, but those benefits could be placed at risk if they suddenly came into a large sum of money. A trust can be set up in a way that the heir can receive their inheritance over time, without jeopardizing their eligibility for government programs.
The benefits of a trust aren’t just for the heirs. The grantor (the client establishing the trust) can also reap some of those advantages while still alive. A trust can be structured in ways that also protect the grantor from liability, along with offering potential tax breaks. Our Elk Grove probate & estate planning lawyer can advise on the pros and cons of each approach based on the unique situation of every individual client.
Huber Fox is our family attorney. Jonathan is honest and always has his client's best interests when making decisions.- Laurie G.
Jonathan Huber provided expert legal advice, in a timely fashion and guided us through the entire process with genuine concern and attention to detail. We’d highly recommend his services.- K. Hernandez
Jonathan Huber and his staff demonstrated the highest standards of professionalism with attention to detail and consistently prompt turnaround.- Chris S.
On behalf of my late son and myself, I want to thank you all for your help & kindness during this terrible time.- Former Client
Jonathan Huber and his staff made it easy to get our trust set up through his office.- Sunny O.
Huber Fox, P.C. was very helpful in going through the probate court process- Former Client
I will always recommend Huber for any future family trusts and wills etc.- Amber H.
Jonathan Huber and Benjamin Fox spent many exhausting hours on my case. They were thorough, meticulous, honest, and reassuring, and the result was… my case won! These men are like family to me now, I can call anytime!- Former Client
Probate & Trust Administration
The decision on who will see a will through the probate process or handle the administration of a trust is a significant one. Even something as basic as probating a will has its own legal complexities. Managing an ongoing trust requires considerable financial and legal knowledge. Moreover, the role comes with fiduciary responsibilities, meaning the administration can be sued if heirs believe the wishes of the deceased are not being carried out as intended. Huber Fox has significant experience in all facets of estate planning, right down to administration. We can take that burden off the shoulders of the grieving family and take it on ourselves.