Trusts for Singles/Divorcees
Discuss Your Legal Options with an Experienced Attorney
A Trust is a legal entity to which you transfer substantially all your assets and formally title them in your Trust instead of your individual name. Your assets are held by you as Trustee and administered for your own benefit. On your death, your designated successor Trustee steps in your shoes and manages and distributes the assets owned by your Trust to the Beneficiaries which you have designated in the Trust to inherit from you. As such, your Trust — and not your will — determines who gets what after you are gone.
Trusts are a crucial element of any Estate Plan, including Estate Plans for singles and divorcees. If you have children from a prior marriage, a Trust can be used to ensure that they receive their rightful inheritance. Even if you do not have children, a Trust can be used to designate who you would like to receive your assets when you die. This can include individual people, charities, or organizations of your choosing.
How Trusts Work
The terms and structure of your Trust are customized to fit your specific circumstances and family dynamic and will depend on the extent of assets you own and the inheritance goals which you seek to put in place.
With a revocable Trust, you can change the terms of the Trust at any time during your life. You are always in full control of your assets. As this is a grantor Trust, your own social security number is the Trust’s tax ID, so there is no change in how you file your taxes. And transferring real estate into your Trust does not trigger a reassessment of the property taxes.
While you have full control and access to all your Trust assets, those you name as Beneficiaries after you are gone do not have such access and control. This allows you to put in place spendthrift and asset protection provisions that may shield your Beneficiaries from their own creditors.
Schedule a Consultation Today
If you are single or divorced, it is important that you have a plan in place for the future of your assets and legacy. The Law Offices of Maria N. Jonsson, PC can help you determine which Estate Planning tools are suited to your needs, as well as which type of trust may be right for you. We are proud to serve clients in Marina del Rey, Venice, and the surrounding areas. Our knowledgeable lawyer can answer your questions and address any concerns you may have.
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