Newport Beach Trusts Lawyer

Newport Beach Trusts Attorney

Large life events can be unpredictable, and knowing that your hard-earned assets are safe and sound is crucial for helping you feel confident. A Newport Beach trusts lawyer can help you take control of your financial future. At Engels-Janzen, our team of skilled attorneys can help.

What Is a Trust, and Why Should You Care?

A trust is a powerful and flexible tool designed to protect your assets and yourself, minimize taxes, and dictate how your estate is divided up after you’re gone. Think of it as a personalized set of instructions that can tell people what you want when you are no longer able to. Whether you’re planning for retirement, protecting your family’s inheritance, or aiming to make a charitable donation, trusts can prioritize your interests.

Although trusts and wills both exist to protect your assets, they serve very different purposes. A will is basically a set of instructions that tells the court who should inherit your things after you pass away. A will must go through probate, which can take time to complete and result in the accrual of different costs for your loved ones.

A trust, on the other hand, allows you to manage your assets while you’re still alive and set up a plan for your assets to be managed after you’re gone. Trusts, unlike wills, can also allow your family to skip probate.

While a will can be modified throughout your life, it is a one-time directive. A trust is an ongoing plan that gives you and your heirs or beneficiaries more flexibility and control.

Types of Trusts

One size certainly doesn’t fit all, and trust documents aren’t always laid out the same way. Some of the most common trust documents include:

• Revocable Living Trusts. This kind of trust is very flexible and lets you make changes to it while you’re still alive.
• Irrevocable Trusts. Once this kind of trust is established, it can’t be changed without legal intervention. While stricter, this kind of trust offers better protection from taxes and creditors.
• Charitable Trusts. If philanthropy is your passion, these trusts allow you to give back while reaping tax benefits.
• Special Needs Trusts. This kind of trust takes care of loved ones with disabilities without jeopardizing their eligibility for government assistance.
• Spendthrift Trusts. These trusts are great for beneficiaries who might need a little help to responsibly manage their windfall.

At Engels-Janzen, our team is here to help you choose and craft the trust that fits your vision. We don’t just see you as a client; we see your story, your ambitions, and your desire to leave a meaningful legacy behind. Our attorneys know that California laws are complicated, and trust regulations are no exception. We have the knowledge to help you navigate this process.

Common Missteps and How to Avoid Them

Creating a trust isn’t as simple as filling out an online template. Any mistakes you make can be costly, both financially and emotionally. At Engels-Janzen, we help our clients avoid the following issues:

1. Failure to fund the trust. A trust isn’t worth much if it doesn’t hold any assets. We make sure your property, accounts, and other valuables are correctly transferred.
2. Not updating the trust. Your trust should evolve along with your life’s ever-changing circumstances, such as marriages, births, divorces, and deaths.
3. Overlooking tax implications. Even small slip-ups can have repercussions in the form of large tax bills. We’re here to help make sure your trust is tax-efficient.
4. Choosing the wrong trustee. A trustee needs to be someone very trustworthy, capable, and without a stake in the outcome.

With the right planning, attention to detail, and a little professional guidance from the team at Engels-Janzen, you can sidestep these pitfalls and create a trust that stands the test of time.

Trusts Aren’t Just for the Ultra-Wealthy

Trusts aren’t just for estates with high-value assets and significant wealth. Trusts are something everyday people who are looking to protect their hard-earned assets can use. Whether you own a small home, have some savings tucked away, or want to make sure your loved ones avoid legal trouble down the road, a trust can provide the kind of security you need to have peace of mind.

Ready to Get Started?

If you’re ready to take control of the future, Engels-Janzen is here to help. As Newport Beach trusts lawyers, we know how important it is to make every decision count. Let us help you turn your vision into a reality because your legacy deserves nothing less.

FAQs

Can a Trust Lawyer Help with Digital Assets Like Social Media Accounts or Cryptocurrency?

Yes, a trust lawyer can help you put all your digital assets into your trust. By listing out your online accounts, cryptocurrencies, and digital storage in your trust, our lawyers can make sure they’re managed or transferred the way you want them to be. This could also include setting up access rules and assigning a digital executor to handle them properly.

What Happens If My Trust Is Contested by a Family Member?

If someone in your family questions or rejects your wishes, our trust lawyers can guide you through the legal process of offering proof that you were in the right state of mind, you were mentally capable, and you were not influenced by anyone when you originally set it up. Our experienced lawyers can help make sure evidence is prepared to protect your trust from anyone who thinks they’re entitled to more than what you gave them.

What Should I Do If I Move to Another State After Creating a Trust?

If you move to another state, it’s important to review your trust with a lawyer. Even though your trust may still be valid, different states have different laws that could have an effect on how your trust is administered or taxed. If you’ve just moved to California, reach out to Engels-Janzen today. We can make sure that your out-of-state trust aligns with California regulations and that your wishes are still followed.

Can a Trust Lawyer Help Me If I’m the Trustee of an Existing Trust?

If you are the trustee of an existing trust, a lawyer can guide you through what you need to do and help you understand any complex legal. We can explain fiduciary duties, asset management, and distribution requirements. At Engels-Janzen, we can also help you interpret the terms of the trust and protect you from any potential liability that comes with trust disputes.

Engels-Janzen—Your Newport Beach Trust Lawyers

At Engels-Janzen, we strive to make sure setting up a trust is a smooth and simple process. Whether you’re looking to bypass probate or simply leave an old tea set to your niece, our team has you covered.

Contact us today to schedule a consultation. Together, we can make sure your future is in safe and capable hands.