Everyone has a need for an estate plan regardless of how many assets they own. Estate plans can involve much more than the mere distribution of property following an untimely death. But, some people have significant wealth that must be protected at the time of their death if they want to avoid a complicated probate settlement. Assets that are not protected or already included in a will could very well be available for both government taxation and attachment from creditors. The best method of protecting certain assets is establishing a trust that earmarks the assets for passing legally outside of probate when the eventuality happens. And, even though this legal task can be accomplished without the assistance of an estate trust litigation attorney, it is always best to have an estate law attorney because technicalities can matter if someone contests the distribution of certain property they claim a right to inherit or attach.
Role in Establishing a Trust
There are essentially two types of trust funds. Revocable trusts can serve a legal purpose while a grantor is still living, but does not protect assets in the event of an untimely death. Revocable trusts can be changed at any point in time by the grantor, including the actual trust administrator, but the assets are still considered part of the grantor estate. An irrevocable trust transfers the funds to the trust administrator at the time of filing, but can be very useful in avoiding certain tax obligations. Having an estate litigation attorney handling the structure of the trust means that all goals of the trust establishment are met and the funds are protected from being contested as well as attached by creditors such as nursing homes.
Representing the Client in Probate
Some trusts that are structured efficiently can result in zero assets being available for attachment following death, but most estates will have a combination of both even with an established irrevocable trust. A trust litigation attorney can represent the grantor position regarding any claims being made against the legal instrument and ensure the financial legal protections resulting from the trust establishment will be enforced.
Contact an Estate Attorney in Brea
It is important for everyone to understand that estate law can be very complex and surprises happen in probate that no one in the family wants. It is always best to choose the Brea attorneys at Fridley Law Firm for solid experienced representation.