Best Trusts Lawyers in Calabasas

About Trusts Law in Calabasas, United States

Trusts law in Calabasas, United States, deals with the creation, administration, and termination of trusts, which are legal arrangements where one party holds and manages property for the benefit of another. Trusts can offer significant benefits such as avoiding probate, reducing estate taxes, and providing privacy. There are various types of trusts, including revocable and irrevocable trusts, living trusts, and testamentary trusts, each serving different purposes and offering different advantages.

Why You May Need a Lawyer

There are numerous situations where you may require legal help with trusts:

• Estate Planning: To ensure your assets are distributed according to your wishes without going through probate.
• Asset Protection: To protect your assets from creditors or legal judgments.
• Tax Planning: To reduce estate and gift taxes by using various trust structures.
• Trust Administration: To ensure the trust is administered in accordance with legal and fiduciary obligations.
• Disputes and Litigation: To resolve conflicts that may arise among beneficiaries or with trustees.

Local Laws Overview

Understanding local laws in Calabasas is critical for proper trust management:

• California Probate Code: Governs the creation, validity, and execution of trusts.
• Fiduciary Duties: Trustees in Calabasas must adhere to strict fiduciary duties, including loyalty, impartiality, and prudence.
• Community Property Laws: In California, community property laws can affect trust assets acquired during marriage.
• Proposition 19: Affects property tax reassessment rules that can impact trusts holding real estate.

Frequently Asked Questions

What is a trust?

A trust is a legal arrangement where one party, known as the trustee, manages property for the benefit of another party, known as the beneficiary.

What are the different types of trusts?

Common types include revocable trusts, irrevocable trusts, living trusts, and testamentary trusts. Each serves unique purposes such as avoiding probate or minimizing taxes.

Can I change or revoke my trust?

A revocable trust can be altered or revoked by the grantor. Irrevocable trusts generally cannot be changed once they are established.

What happens if a trustee breaches their fiduciary duty?

Beneficiaries can take legal action against trustees who breach their fiduciary duties, potentially resulting in removal and liability for damages.

Do trusts avoid probate?

Yes, most trusts can help avoid the probate process, which can be time-consuming and costly.

Are there tax benefits to having a trust?

Yes, certain trusts can help reduce estate and gift taxes, and provide other tax planning benefits.

How does community property affect trusts?

In California, community property laws affect how assets acquired during marriage are treated in trusts, often requiring special provisions in marital trust planning.

Can creditors access trust assets?

It depends on the type of trust. Some trusts, like irrevocable trusts, can provide better protection against creditors.

How do I select a trustee?

Choose someone trustworthy and capable of managing the trust's assets responsibly. This can be a family member, friend, or a professional trustee.

What is a special needs trust?

A special needs trust is designed to benefit a person with disabilities by providing for their needs without disqualifying them from government benefits like Medicaid.

Additional Resources

Here are some resources that can assist with trusts in Calabasas:

• California Probate Code - For state laws governing trusts
• Calabasas Bar Association - To find local legal professionals specializing in trust law
• California State Controller's Office - For information on unclaimed property and estate planning
• Legal Aid Foundation of Los Angeles - For free or low-cost legal advice

Next Steps

If you need legal assistance with trusts in Calabasas, consider the following steps:

• Consult a Lawyer: Seek advice from a qualified trusts attorney to discuss your needs and options.
• Gather Documents: Compile all necessary documents, including property deeds, financial statements, and existing wills or trusts.
• Define Objectives: Clearly outline your goals for creating or managing a trust, such as asset protection or tax planning.
• Schedule a Meeting: Arrange a meeting with your chosen attorney to develop a tailored trust plan.