Trust Lawyer Beverly Hills, CA

A Beverly Hills, CA trust lawyer from Inter Vivos, PLLC understands that establishing a trust is a way to strategically secure the future of your family, and preserve your legacy. Having a set plan for how your assets and property is to be distributed among those whom you care for is a responsible action to take and can bring peace of mind. 

Common Trust Terminology

Grantor – This is the person who usually owns the property or assets that are covered by the trust documentation. Also commonly referred to as trustors.

Beneficiaries – Trusts are made primarily for the benefit of these. Beneficiaries will receive from the trust in accordance with the directions of the state in the trust by the grantor.

Trustee – In some types of trust agreements, someone is named by the grantor that is given decision making power in various scenarios that those involved will inevitably encounter over the course of the trust and the life of the grantor.

Trust Lawyer – This type of legal professional may specialize in various forms of asset protection and management law. For example, wills, estate planning, and various types of trust agreements. A trust lawyer in Beverly Hills, CA also serves as a resource for education and a guide throughout the ongoing process of estate planning. 

The person who primarily owns and creates the trust is referred to as the grantor, or the trustor. This is the person that owns the property or assets that are to be otherwise distributed among beneficiaries (they benefit from the terms of the trust).

• Living Trusts: Beneficiaries named in these types of trust documentation may receive benefits during the life of the grantor.

• Revocable Trusts: The grantor may find it beneficial, being able to alter or void the trust agreement any time. In exchange for this fluidity, the grantor will not benefit from a tax standpoint, but they will enjoy the flexibility that many other forms of trust may not offer.

• Irrevocable Trusts: A trustee may be appointed as someone that will manage the property of the trust. There may be more than one trustee in this case. Changes to the trust are only permissible if the trustees and beneficiaries provide consent to such changes.

• Testamentary Trusts: Works concurrently with the terms stated in the grantors will, this type of trust becomes active following the death of the grantor. When the grantor becomes deceased, their property is moved to the trust.

• Discretionary Trusts: Trustees are given rights to make the decisions regarding how trust property is to be distributed to beneficiaries. Beneficiaries may not find significant interest in the trust assets until they are distributed.

• Fixed Trusts: Regularly scheduled distribution of trust property over the course of time determined by the grantor to the beneficiaries. With little to no say in the property distribution, the trustees may only take an administrative role in overseeing this type of trust.

If you die without having these documents in place, your assets may be handled at the hands of the courts, which many may find to be unsettling. If you have property in California, and wish to learn more about the process of setting up a trust, we urge you to consider contacting an experienced Beverly Hills, CA trust lawyer from Inter Vivos, PLLC for more information.