Testamentary & Living Trust Attorney
Planning your estate and protecting your family’s future can feel overwhelming. Understanding what a trust is, how a trust works, or the difference between a revocable vs irrevocable trust often raises many questions. At Kaur Law, our experienced trust attorney provides clear guidance and helps you set up living trusts, testamentary trusts created through a will, special needs trusts, and other trust types to protect assets and care for your loved ones.
We simplify estate planning by guiding you through each step, answering your questions, and creating a trust plan that fits your family’s needs and goals.
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What Is a Trust?
A trust is a legal arrangement in which a grantor transfers assets to a trustee, who then manages and distributes them to designated beneficiaries. Trusts help you protect assets, avoid probate, reduce taxes, and ensure others honor your wishes if you become unable to manage your affairs or pass away.
With a trust, you control how and when loved ones receive your assets. You can provide for family members with special needs, plan for long-term care, or leave charitable gifts to organizations you support.
Trusts can be created during your lifetime, known as living trusts, or established through a will to take effect after death, known as testamentary trusts.
What Is a Living Trust and How Does It Work?
A living trust allows you to manage your assets during your lifetime and decide how to distribute them after your death. A living trust must be funded at the time of creation and helps your estate avoid probate, enabling beneficiaries to receive their inheritance faster and with fewer legal complications.
You can serve as the trustee yourself or appoint someone you trust to manage it on your behalf. Unlike wills that become public record during probate, living trusts keep your financial information completely private.
What Is a Testamentary Trust and How Does It Work?
A testamentary trust is a trust created through a will that takes effect after a person’s death. Unlike a living trust, it does not exist during the grantor’s lifetime. Instead, the trust is established as part of the probate process and funded with assets according to the instructions in the will.
A testamentary trust allows you to control how and when assets are distributed to beneficiaries after your death. It is often used to provide ongoing financial management for minor children, beneficiaries who may need added oversight, or family members with specific planning needs. Once created, a testamentary trust is generally irrevocable and managed by a trustee you name in your will, ensuring assets are handled according to your wishes.
Trust vs Will
When comparing a trust vs will, both tools are used to distribute assets after death, but they function in different ways. A trust allows assets to be managed according to your instructions, either during your lifetime or after death, and can help avoid probate when properly funded.
A will only takes effect after death and must go through probate, a court-supervised process that can be time-consuming, costly, and public. Many families choose to use both a trust and a will as part of a comprehensive estate plan, allowing them to protect loved ones, reduce legal complications, and clearly document their wishes.
Revocable vs Irrevocable Trust: Understanding the Key Differences
Understanding the difference between a revocable vs irrevocable trust is essential for effective estate planning.
A revocable trust can be modified, amended, or canceled at any time while you are alive, offering maximum flexibility and control over your assets. This type of trust is ideal for families who want to plan for the future while keeping their options open.
An irrevocable trust generally cannot be modified or revoked once you create it, except under limited legal circumstances. In exchange for this permanence, an irrevocable trust provides strong protection from creditors and lawsuits and may offer significant estate tax benefits.
How Do Special Needs Trusts Work?
A special needs trust allows you to provide financial support for a family member with disabilities without jeopardizing their eligibility for government benefits like Supplemental Security Income (SSI) or Medicaid. The trust pays for supplemental expenses not covered by government programs, including education, transportation, specialized medical care, therapy, and recreation.
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How to Set Up a Trust
Many people ask how to set up a trust to protect their assets and plan for their family’s future. Working with an experienced trust attorney, you can establish an effective trust by following these key steps:
Determine the Purpose and Type of Trust
First, identify why you need a trust and whether it should be created during your lifetime or through a will, then select the appropriate type for your goals. Options include a revocable trust for flexibility, an irrevocable trust for asset protection, or a special needs trust for a disabled family member.
Choose a Trustee
Select a trustworthy individual, family member, or professional trust company to manage the trust according to its terms. Your chosen trustee will be responsible for managing assets and distributing them to beneficiaries as you specify.
Create the Trust Document
Your trust document identifies the assets, names the beneficiaries, and specifies how and when to distribute assets. Work with an experienced trust attorney to ensure your document complies with state laws and addresses your family’s specific needs.
Fund the Trust
Funding a trust depends on the type of trust you create. For a living trust, this step involves transferring ownership of assets, such as bank accounts, investment accounts, and real estate, into the trust’s name during your lifetime. Properly funding a living trust is essential to ensure it functions as intended and avoids probate.
For a testamentary trust, assets are not transferred during life. Instead, the trust is funded after death through the probate process according to the instructions in the will. An experienced trust attorney can help ensure assets are correctly titled and distributed so the trust operates as planned.
Manage and Review the Trust Regularly
Keep the trust updated to reflect changes in your life circumstances, family situation, or the law. Regular reviews with your trust attorney help ensure your trust continues to meet your goals and protect your family’s future.
Talk to an Experienced Trust Attorney Today
Whether you need a special needs trust, revocable trust, or guidance on how to set up a trust for the first time, careful planning and professional legal guidance make all the difference. Our experienced trust attorneys provide personalized advice tailored to your unique circumstances and family goals.
Schedule a consultation today to explore your options, ensure your trust complies with all legal requirements, and secure your family’s future. Contact Kaur Law now to take the first step toward peace of mind and lasting protection for those you love.
