San Jose Trust Administration Lawyer

Helping Trustees From Start to Finish

Planning an estate and determining who your assets will be given to can seem like a daunting task. It is most often associated with people who have a high net worth, but estate planning and establishing trusts can be beneficial for anyone. If you have assets, no matter how large or small, that you want to give to specific individuals, then establishing a trust is the best way to accomplish that goal. One major aspect of establishing a trust is determining who will be responsible for managing the trust once you have passed away. The expert team at Huber Fox, P.C., is here to help make the process more approachable in San Jose, CA.

The Basic Information About Trusts

A trust is a binding legal agreement that determines what assets will be passed down to family members and loved ones when an individual dies. When a trust is established, it saves the family time and money because they will not have to worry about assets going through probate. A trust provides legal protection for any assets that are included so that they can be passed on to the correct people when the time is right.

Determining what type of trust to establish is important. It will determine when and how assets are given to the correct party and whether any changes can be made. There are two primary types of trusts: revocable and irrevocable. A revocable trust may be altered at any time leading up to the death of the person who created it. They are responsible for it, so they can make changes throughout their entire lives. An irrevocable trust, however, cannot be changed at all once it has been created. That type of trust is typically managed by a neutral third party.

While there are different types of trusts, they will all involve three key individuals:

• Trustor: Also called a grantor, this person is the individual who establishes the trust. They are responsible for deciding what assets they wish to include and how they will be distributed.
• Trustee: This is the person responsible for managing the trust. In some cases, the trustor holds this role until their death, but in others, the trustee is always a neutral third party.
• Beneficiary: This is the person or persons that will receive whatever assets have been provided for them.

Reasons to Open a Trust

It is easy to assume that estate planning and creating trusts are things that only extremely wealthy people do, but that is not always the case. Whether you have a few small assets or a large net worth, trusts can be a valuable tool in your estate planning process. Trusts are a great way to ensure that assets are equitably divided among family members. They can also be used to provide additional support for children or grandchildren when they reach adulthood and are establishing themselves. Creating a trust is also an ideal way to ensure that your assets do not move through the courts when you pass away, which would save your family money and time.

There are any number of reasons that an individual may choose to establish a trust for their loved ones. Each person has a different reason. No matter what your personal reasons are, trusts can guarantee that your loved ones are supported and your assets remain protected once you have passed.

How to Establish a Trust

Working with an experienced trust administration attorney is the best way to establish a trust in California. They can guide you through the entire process and provide resources and information to ensure you make the choices that are best for you.

First, you will need to determine what assets will be part of the trust. This may include money, real estate, business assets, land, and more. Once the assets have been selected, you must choose who will receive what. This step may be difficult for some, particularly if there is more than one beneficiary, but it is necessary. When those steps are completed, you will determine what type of trust you want to establish, either revocable or irrevocable. The final step is for your trust administration attorney to help you create and finalize your trust.

Why a Trustee Is Important

One of the most important aspects of establishing a trust is choosing the best person to be the trustee. This individual is responsible for ensuring, among other aspects, that:

• The assets included in the trust are distributed to the correct people.
• Any taxes or fees are paid if necessary.
• Records are maintained related to the trust.

Being named an administrator for a trust is a large responsibility, so it is essential that this person have the proper support. A trust administration lawyer can work alongside them throughout the entire process. They can offer advice and guidance to make sure that all assets are distributed correctly, and the trust can be closed once it has served its purpose.

How a Trust Administration Lawyer Can Help

If you have been named the trustee or administrator of a trust, it can feel overwhelming. It is a large responsibility and takes a great deal of time and attention. While it is possible to take on the role by yourself, having experts alongside you throughout the process will also be exceptionally helpful. A San Jose trust administration lawyer can make the responsibility more manageable.

An experienced trust administration attorney will have years of education and experience working with other people who have been in your same position. They will understand why the responsibility is so important and can also provide insight on the best way to move forward. The right trust administration lawyer will also be able to provide you with step-by-step guidance, tools, and resources. This can ensure that you complete your duties to the best of your ability.