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A Trust May Be The Best Way To Protect Your Assets

At The Brooke Law Group, PC, in Monrovia, our goal is to protect and preserve your wealth. Often this means creating a living or revocable trust. There are many reasons this might be a good option.

Some assets have designated beneficiaries, such as your 401(k), IRA and life insurance policies. Other assets will have to pass through California probate in order to be distributed. A trust holds these assets so that they are not part of your estate and therefore do not pass through the long and rather costly probate process.

Firm founder Darrell Brooke is the only certified specialist in estate planning, trust and probate law in Monrovia.

What Is The Purpose Of Probate?

Probate is a state court process that ensures that creditors are paid and assets are accurately distributed after a person dies. The process can take months and in some cases years. There are also required fees to pay. These fees are rather significant in California. Because probate is a court process, it is part of public record.

How A Trust Avoids Probate

A trust offers your estate (and your family) privacy. Because a trust has a trustee or trustees who oversee the management and distribution of the assets that are in the trust, there is no need for the state court to be involved. There is no minimum dollar amount for the value of assets required for you to create a trust. A trust is typically in addition to a last will and testament.

Many Different Types Of Trusts

Fortunately, there are many different types of trusts. No matter what your situation or goals, there is likely a trust that meets your needs and can benefit your tax planning objectives. Trust types include:

  • Revocable or living trust: This can be changed during the lifetime of the person who makes the trust (called the settlor).
  • Irrevocable trust: This cannot be changed or modified during the life of settlor.
  • Irrevocable life insurance trust: This benefits the person who receives the life insurance money (the beneficiary) because no taxes are put on the policy when it is in a trust.
  • Testamentary trust: This is a part of your will and only becomes active after the settlor’s death.
  • Charitable trust: A charity will receive the interest from the assets in the trust. The rest goes to the settlor’s family or another beneficiary.
  • Special needs trust: This type of trust puts money away for a family member who is unable to manage their finances. Parents of an adult child who has autism may wish to create a special needs trust, for example.

A discussion of your family dynamics your situation and your wishes is the best place to investigate whether or not a trust is right for your estate planning needs.

.Find Out More About California Trusts

We are committed to protecting your assets. A trust is one of the best ways for many people to do this. Set up a meeting with us to find out more about how a trust may be the right choice for you.

Located just off the 210 Freeway in Monrovia, our office provides free parking available. Currently, we are able to meet with you via video conference or by phone. Call us at 626-471-5519 or connect via our brief intake form. We serve clients throughout the area, including San Bernardino and the rest of the Inland Empire.