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Trusts
A California trust is a legal arrangement in which property is held by one person (the trustee) for the benefit of another person (the beneficiary). The trustee has a legal duty to manage the trust property in accordance with the terms of the trust and the best interests of the beneficiary. The beneficiary has a right to receive all income and principal from the trust as specified in the trust agreement.
A California trust can be revocable or irrevocable. A revocable trust can be altered or terminated by the settlor at any time, while an irrevocable trust cannot be changed or terminated without the consent of all parties involved. A trust attorney helps with the creation and management of trusts.
There are many different types of California trusts, each with its own unique purpose and benefits. For example, a living trust can be used to avoid probate proceedings after the settlor’s death, while a charitable trust can be used to make donations to favored charities. Trusts can also be created for specific assets, such as real estate or investments.
No matter what type of trust is right for your situation, it’s important to consult with a qualified trust attorney for guidance. Call or text us today at (916) 704-3009 for a consultation.
California Trusts Explained
A trust is a legal entity that exists to hold assets on behalf of a beneficiary. The trustee is the person who controls the trust, and the beneficiary is the person who receives the benefits of the trust. Trusts can be used for a variety of purposes, including estate planning, asset protection, and tax planning. Trusts are often used in California because they offer a number of advantages. For example, trusts can help to avoid probate, which is a costly and time-consuming process. Trusts can also be used to protect assets from creditors and lawsuits. Finally, trusts can be used to minimize estate taxes. As a result, trusts are an essential tool for many Californians. If you are interested in setting up a trust, or if you need advice and guidance in administering a trust, call or text us today at (916) 704-3009 for a consultation.
FAQ About California Law on Trusts
What Are California Trusts?
A trust is an arrangement in which property (including real, personal, or mixed property) is held by one party (the trustee) for the benefit of another party (the beneficiary). The trustee has a legal obligation to manage the property for the benefit of the beneficiary in accordance with the terms of the trust agreement.
How Is a Trust Created?
A trust is created when the settlor (the person who creates the trust) transfers property to the trustee with the intention that it be held and managed for the benefit of the beneficiary. The terms of the trust must be set forth in a written trust agreement.
Who Can Be a Trustee?
The settlor of the trust can name any individual or entity to serve as trustee, including himself or herself. In some cases, the court may appoint a trustee if no suitable trustee can be found.
What Are the Duties of a Trustee?
The trustee has a fiduciary duty to the beneficiary, which means that the trustee must act in the best interests of the beneficiary and in accordance with the terms of the trust agreement. The trustee must keep accurate records of all trust property and transactions and must provide the beneficiary with an accounting of these transactions upon request.
Can a Trustee Be Held Liable for Losses Incurred by the Trust?
Yes. If the trustee breaches his or her fiduciary duty, the beneficiary may sue the trustee for any resulting losses. Additionally, if the trustee intentionally mismanages the trust property, the court may remove the trustee and hold him or her personally liable for any resulting losses.
Can the Terms of Trust Be Changed?
The settlor of the trust can generally modify or revoke the trust at any time, as long as they are not under any legal disability (such as being mentally incompetent). Once the settlor dies, the terms of the trust generally cannot be changed, except in some cases where the trust has been expressly created for the benefit of minors or other beneficiaries who are not capable of managing their own affairs.
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