Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Trust law in Fresno, California, is a legal arrangement where one person or institution, known as the trustee, holds legal title to property for the benefit of another person, known as the beneficiary. It is frequently used to ensure that property or assets are managed and distributed according to the wishes of the person creating the trust (the grantor). The law surrounding trusts varies by state, and it’s vital for residents to understand how it’s applied within California state law.
While setting up a trust can sometimes be done without lawyer assistance, there are numerous situations where legal advice may be needed. Complex situations, such as blended families, large estates, and the management of specific assets may require the expertise of a lawyer well-versed in trusts. Furthermore, in case of a dispute involving the trust, such as beneficiaries contesting the trust, a lawyer can provide valuable guidance and represent your interests.
According to California law, a trust is governed by the terms under which it was created. In general, trusts can be established for any purpose that is not illegal or against public policy. The trustee has broad discretion in managing, investing, and distributing the trust property. On the other hand, they are subject to certain restrictions to protect the interests of the beneficiaries.
There are numerous types, but the most common ones are revocable and irrevocable trusts. Revocable trusts allow you to retain control of all the assets within the trust, and you're free to revoke or modify the trust at any time. In contrast, with an irrevocable trust, you generally can't make changes after the trust has been created without the consent of the beneficiary.
Trusts often allow assets to pass to beneficiaries without going through probate court, which can result in quicker distribution and lower court costs. Trusts can also provide privacy, since they typically don't become public record.
Yes, a trust can be contested in certain situations such as when a beneficiary believes the trust was created under undue influence or when the grantor was not of sound mind.
A trustee must manage and distribute the trust assets according to the terms of the trust and the best interests of the beneficiaries,including replying to reasonable requests for information from the beneficiaries.
A trust can last as long as identified in the terms of the trust, but there is a rule against so-called ‘perpetual’ trusts in some situations under California law.
Your local law library and the California State Bar Association’s website can provide further resources and guidance on trusts. Furthermore, websites such as LegalZoom or Nolo might offer more general information.
If you think you need legal assistance with a trust, consider seeking legal advice. Reach out to a lawyer that specializes in Trusts Law, prepare a list of questions to ask them, gather all the related documents, and understand your goals and any timelines involved.
