Creating A Trust

A trust attorney is an attorney who is knowledgeable in probate law that will work to understand your assets and family dynamics, and prepare a trust that will protect your family and legacy.

Married couples whose assets are all or mostly community property will often create a joint trust, transferring both of their assets to a single trust. Married couples can also choose to set up their own separate trusts, which is common when one or both parties own significant separate property.

The Grantor or Grantors typically serve as Trustees as long as they have capacity. If one spouse becomes incapacitated or passes away, the surviving spouse will typically continue to serve as the Trustee. Once both are deceased or incapacitated, the successor trustees the Grantors named in their trust will step in and manage the assets. Sometimes elderly Grantors will voluntarily resign as Trustee when it becomes difficult for them to manage their own finances or to get to the bank, but they will retain the right to amend the trust and remove the serving trustee.

Individuals often struggle with who to name as Trustee, particularly when their children are minors or too young to serve. Family members such as children, parents, and siblings are often named, but some Grantors don’t trust their family to serve or don’t want to place that burden on them. In that case, Professional Fiduciaries, licensed and bonded individuals, can serve as a Trustee and bill either hourly or by a percentage of the total assets managed.