Understanding When Trusts Make Sense
A trust is an estate planning tool that allows you to set aside assets and property for the benefit of another. Trusts can achieve a number of objectives, including asset protection, provide supplemental income for a special needs child, or help beneficiaries avoid the probate process.
The estate planning attorneys at the Law Office of Alec Harshey in Hemet can help you establish a broad range of trusts, including:
- Revocable trusts
- Irrevocable trusts
- Asset protection trusts
- Life insurance trusts
- Special needs trusts
Personal Care And Attention
Every trust must be funded with the assets you wish to place in the trust. This may be cash or physical assets such as real estate. Trusts operate under a complex set of rules and regulations. Our role is to make sure your trust is properly funded and that you follow those regulations.
Trusts can be excellent tax-planning tools or used to bypass the probate process. If you establish a trust, you must name a trustee who will act in your beneficiary’s best interests. This person is known as the trustee. He or she will administer the trust and support the needs of the beneficiary.
We help trustees administer trusts and follow the guidelines provided by the creator of a trust. Failure to administer a trust properly can result in legal action against a trustee claiming breach of fiduciary duties. Our clients rely on us to protect their interests and avoid lengthy and costly disputes.
If you have an existing trust and you are unsure about what it accomplishes, we can review it with you and make any adjustments that are necessary.