Orange County Modification of Trust Lawyer

Orange County Modification of Trust Attorney

A living trust is an important tool to protect your estate. It’s easy to let life events pass without making changes to your trust, but this can leave your estate and beneficiaries in a vulnerable position where someone else must make those changes after your death. If it’s been a while since you’ve reviewed your trust or have had changes in your life that make modifying your trust a good idea, your first step is to consult with a skilled Orange County modification of trust lawyer. For assistance with all estate planning needs, a top-rated trust lawyer in Orange County can offer valuable guidance.

At the Law Office of Patricia Hendrickson, we know estate planning is an ongoing process that changes as your life does. Patricia has nearly 30 years of experience in estate planning and family law and has earned several professional distinctions, including being recognized as a Super Lawyer. Her sole focus is helping her clients find peace of mind with a solid, personalized estate plan.

Understanding Trusts

A trust is a legally binding document that transfers ownership of a person’s—called the trustor—assets to a trustee, who then manages the assets. This allows for control over how assets are distributed to beneficiaries, both during life and after death, and prevents the need for probate court. The trust document outlines in detail how the trustee should manage the property.

Several kinds of trusts are available in California to meet the various needs of individuals in planning for the future of their estate. Each one has a different set of rules about how they are used.

• Living trust – Created and takes effect while the person is alive. Upon death, the assets are then passed to the beneficiaries. A living trust is sometimes a better option than a will because it often helps beneficiaries avoid the probate process.
• Testamentary trust – Usually created along with a will and takes effect once the person dies.
• Special needs trust – A unique kind of trust established to benefit individuals with disabilities in their lives. If a special needs trust meets certain conditions for disbursements, it can often be used alongside government programs like Medicare and Medicaid. These trusts can be set up by a person for their own benefit, called a first-party special needs trust, or for another person like a child or other family member, called a third-party special needs trust.
• Pet trust – Allows a pet owner to name a person they want to care for their pet if the owner dies or becomes incapacitated and leave money, assets, and instructions for the care of the pet.
• Charitable trust – Created to distribute assets to a nonprofit or charity upon death. One benefit of a charitable trust is that it can allow the charity to receive interest for a set period.

Revocable vs. Irrevocable Trusts

A revocable trust can be modified, terminated, or revoked by the trustor at any time without the consent of the beneficiary. An irrevocable trust cannot be modified or terminated once it’s established. Irrevocable trusts minimize estate taxes, protect assets from creditors, and help those with disabilities qualify for government programs.

Why Amend a Trust?

In general, you should review your estate plan every few years. There may be many times throughout your life when it is necessary or advantageous to make changes to your trust. Some of the most common reasons to amend a trust are:

• Change in marital status
• Birth, adoption, or death of a beneficiary
• New assets or property
• After starting or selling a business
• Adding or changing a trustee or successor trustee
• Changes to state or federal tax or inheritance laws
• Incapacitation of a loved one
• Receiving an inheritance
• Shift in financial status

How a Lawyer Can Help

Working with an experienced estate planning lawyer can give you the reassurance that your assets will be handled the way you intend and protect your loved ones from undue stress and hardship. Your attorney can make sure your trust accounts for the complexities of California law and financial planning.

FAQs

Q: How Much Does It Cost to Amend a Trust in California?

A: The cost for a qualified estate planning attorney to amend a trust in California varies, depending on what kind of trust it is, how complicated the original trust is, the extent of the amendments, and how many parties are involved. There may also be additional fees for services like notarization. A consultation can allow an attorney to provide you with a more accurate estimate of expected costs.

Q: How Do I Modify a Trust in California?

A: There are specific steps to legally modify a trust in California, and amendments are required to comply with California law. If the correct procedure isn’t followed, the modifications may be invalid. The original trust may have additional instructions for making modifications. All trustees may need to sign the amendment. Some trusts may need notarization. Lastly, all beneficiaries and trustees should be informed of the changes.

Q: Can I Amend My Trust Myself?

A: An attorney isn’t necessarily required to amend a trust. However, it’s often a good idea to consult with a lawyer. Amending a trust can often cause confusion between the original trust and the amended one. The steps to amend a trust also aren’t always clear-cut. So, if you are uncertain about how to make changes for your specific situation, working with a lawyer may benefit you.

Q: What Kind of Trust Cannot Be Changed or Modified?

A: A trust that cannot be changed or modified without permission from the beneficiaries is called an irrevocable trust. These can be used to protect assets, reduce estate taxes, receive government benefits, or access government benefits. Closing an irrevocable trust after the grantor’s death can be a complicated legal process.

Your Orange County Modification of Trust Lawyer

The Law Office of Patricia Hendrickson brings knowledge and a depth of experience to each client and their personal situation. Our skilled attorney can help you determine which kind of trust is right for you and your legacy so you can be confident your assets and your loved ones are protected. If you have any questions about trusts or want to get started with one, contact our office to set up an initial consultation to discuss your options.