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Trusts law in Palo Alto, like throughout the state of California, is governed by the California Probate Code and court cases interpreting it. Trusts are created for various purposes, such as asset protection, tax savings, avoiding probate, and providing for minors or others who are not capable of managing their assets. Americans often use trusts as a means to control the distribution of their estate after death.
Legal advice is crucial in a number of situations involving Trusts. You might need a lawyer if you're setting up a trust to control your assets during your lifetime and dictate how they should be distributed after your death. You may also need a lawyer if you're a beneficiary of a trust and need advice about your rights, or if disputes arise about the administration of the trust. A knowledgeable lawyer can ensure that your interests are protected and can help you navigate the complex laws pertaining to trusts.
Palo Alto residents should be aware that California law has specific requirements for creating a valid trust. These include the intent to create a trust, an identified beneficiary (except in the case of charitably trusts), a defined trust res, and a competent and appointed trustee. Also, trusts, especially revocable living trusts, can help avoid the probate process, which can be lengthy and costly in California. Given the complexity of trust laws and tax implications, proper drafting of the document is essential.
You can, technically, set up a trust by yourself, but it's highly advised that you retain a lawyer due to the complexity and potential ramifications if a trust is incorrectly established.
A revocable trust can be altered or canceled during your lifetime, while an irrevocable trust can't be modified without the consent of the beneficiary.
Certain types of trusts, including some irrevocable trusts, may help protect assets from creditors, but jurisdiction, type of creditor, and other factors can impact this.
A trust is managed by a trustee who is appointed under the terms of the trust document.
Whether or not trust assets are subject to estate tax depends on several factors, including the type of trust and the value of the estate.
The State Bar of California has resources for understanding trust law in the state. Your local law library and the Superior Court of California, County of Santa Clara (which serves Palo Alto), can also provide resources. The American Bar Association provides numerous materials related to Trust law as well.
The first step in seeking legal advice for trusts in Palo Alto is to consult a licensed attorney who specializes in trust law. It's often helpful to prepare a list of questions and bring any related documents to the consultation.
