Best Trusts Lawyers in Glendale

About Trusts Law in Glendale, United States

Trusts law in Glendale, United States, is a cornerstone of estate planning and asset management. A trust is a legal arrangement in which one party, known as the trustee, holds and manages assets for the benefit of another, called the beneficiary. Trusts are commonly used to avoid probate, protect assets, provide for minor children, and maintain privacy in financial matters. Glendale follows California state laws regarding trusts, but local considerations and courts play a part in their administration.

Why You May Need a Lawyer

While some people try to create trusts on their own, there are many situations where legal guidance is invaluable. You may need a lawyer if you want to:

• Set up a trust as part of your estate plan, particularly if your estate is large or complex
• Ensure your trust complies with California and Glendale regulations
• Protect assets from creditors or potential lawsuits
• Provide for a beneficiary with special needs through a specialized trust
• Administer a trust as a trustee and require help with legal or tax obligations
• Challenge or defend against a trust contest
• Navigate conflicts between beneficiaries or trustees
• Address tax implications or questions regarding distributions

A qualified lawyer can ease these processes, reduce risks, and ensure the wishes of the trust creator are carried out properly.

Local Laws Overview

Glendale, as part of Los Angeles County, is governed by California trust and estate laws, primarily found in the California Probate Code. Key aspects of local law relevant to trusts include:

• Types of Trusts: Revocable (living) trusts and irrevocable trusts are both commonly used. Revocable trusts can be changed or revoked during the grantor's lifetime, while irrevocable trusts cannot.
• Creation Requirements: Trusts must be in writing, clearly state the settlor's intent, identify property, and name beneficiaries and trustees.
• Avoidance of Probate: Properly funded living trusts typically avoid the lengthy and costly probate process in California courts.
• Trustee Duties: Trustees owe a fiduciary duty to beneficiaries, must act in good faith, manage assets prudently, and provide accounting as required by law.
• Contesting a Trust: Beneficiaries or interested parties can dispute the validity of a trust on grounds like undue influence, fraud, or lack of capacity.
• Tax Considerations: Glendale residents must consider both federal and California tax laws when creating trusts.

Given these complexities, working with a local attorney helps ensure compliance and protection of your interests.

Frequently Asked Questions

What is a trust?

A trust is a legal arrangement where a trustee manages assets for the benefit of specific beneficiaries, based on the instructions of the person who created the trust, known as the grantor or settlor.

How does a trust differ from a will?

A will takes effect after death and usually requires probate, while a trust can be effective during your lifetime and after death, often allowing assets to transfer without probate.

Can I change my trust after it is created?

If you set up a revocable living trust, you can change or revoke it at any time during your lifetime. Irrevocable trusts generally cannot be changed once established.

What property should I put into my trust?

Typically, real estate, bank accounts, investment accounts, and personal property are placed in trusts. Some assets, like retirement accounts, may require special consideration.

Do I still need a will if I have a trust?

Yes. A "pour-over" will is recommended to ensure any assets not transferred to your trust during your lifetime are moved into the trust at your death.

Will my trust avoid estate taxes?

Not all trusts automatically avoid estate taxes. Certain types of trusts may help reduce or eliminate estate tax liability, depending on how they are structured.

Can a trust protect my assets from creditors?

Some trusts, particularly irrevocable trusts, can help protect assets from creditors. However, this must be done with careful legal planning and cannot be used to defraud current creditors.

How much does it cost to create a trust in Glendale?

The cost varies widely based on complexity, attorney fees, and specific needs. Simple trusts may cost less, while complex or high-value estates can be more expensive.

Who oversees trusts in Glendale?

The Los Angeles County Superior Court oversees trust-related disputes and probate matters for Glendale residents. Trustees are legally responsible for managing trusts in accordance with California law.

How do I pick the right trustee?

Choose a trustee who is trustworthy, organized, financially savvy, and able to impartially manage the trust. Many people select family members, friends, or professional fiduciaries.

Additional Resources

• Los Angeles County Superior Court Probate Division
• California State Bar - Trusts and Estates Section
• California Office of the Attorney General - Charity and Trusts resources
• Glendale Public Library legal reference resources
• A local legal aid clinic or California Lawyer Referral Service

Next Steps

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

• Assess your estate planning goals and specific concerns
• Gather relevant documents, such as property deeds, account statements, and existing wills or trusts
• Contact a local attorney specializing in trusts and estates for a consultation
• Ask about the attorney's experience with trusts, fees, and the process involved
• Follow through with establishing or updating your trust in accordance with your wishes

Taking proactive steps with the guidance of a qualified Glendale trusts lawyer can provide peace of mind and ensure your assets and loved ones are protected.