A trust has a number of uses. Sometimes it exists to hold property used by elderly family members but controlled by a younger generation, in the belief that the younger generation is better suited to protect the assets from being lost. Other times, the trust is designed as an alternative to a will. It is this version that may be most useful for a person who anticipates a will contest or who leads an alternative lifestyle, or who wants to know that everything has been taken care of before they pass on.
The person who creates the trust is often known as the grantor and may sometimes serve as the trustee. The trustee is the person who administers the property and ensures the grantor’s wishes are followed by the trust.
One major difference between a trust and a will is that while in both cases property is transferred to the next generation, a trust can move the property during life and allow you to see your friends and family enjoy the property you plan to leave them. You as the trustee are able to ensure the property remains in good shape and grows in value, but your family or friends are able to use the property with your help.
Valencia trusts are private documents, meaning that a court does not need to approve, or even know about, transactions involving the trust. You are able to move your property into the trust when you are in a position to control it, your beneficiary is in a position to benefit from it, and if you don’t want them to, family members or friends don’t have to know.
Valencia trust attorneys can create a trust that helps a person prevent a will contest. The trust can be created many years before a will would even be effective and during this time, the trust and its trustee can perform the functions of maintaining the property or growing its value. Because the trust can be in existence for many years, any questions regarding the mental capacity or intentions of the grantor are often moot at this point and the grantor can rest easy knowing that his wishes have been fulfilled and that the trust most likely won’t be undone.
Strong, experienced lawyers are needed to advise you and your loved ones on their elder law needs. Our Valencia law firm also represents Santa Clarita Valley. Contact the Snow Law Firm to discuss your rights and options.