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Case Introduction
Case No. FT-010
Living Trust (CA only)
Brief Introduction

A trust is a legal relationship in which assets are transferred to a trustee to be used for the benefit of one or more beneficiaries. The person who establishes the trust is called the settlor, grantor, creator, or trustor. Upon accepting the assets as trustee, the trustee undertakes the obligation to use the assets in accordance with the settlor’s directions. Generally, these directions are set forth in writing along with the other terms of the trust. When the settlor appoints another person as trustee, the document is sometimes called a Trust Agreement.
When the settlor appoints himself or herself as trustee, it can be called a Declaration of Trust.

A living trust is the name given to trusts created during the settlor’s life-time. A living trust may also be referred to as an inter-vivos trust (Latin for ”during life”). There are many other types of trusts. For example, a testamentary trust is created after death through a will. A living trust is usually created for the settlor’s benefit during his or her life; after the settlor’s death, the trust assets are distributed to or managed for the benefit of family members or other designated beneficiaries.

Things to Know

1. Your living trust may be revocable or irrevocable depending upon your objectives. As conditions in your life change, you can alter or terminate a revocable trust at any time during your lifetime. A living trust that you create for your own benefit is usually revocable, contains safeguards in the event of illness or incapacity, and may continue after your death for the benefit of others. After your death, the trust usually becomes irrevocable.
2. A trust can also be drafted to be irrevocable, meaning that it cannot be changed or revoked once it has been established. Unlike revocable trusts, one advantage of irrevocable trusts is that they can be arranged so that trust assets are not subject to estate taxes at the settlor’s death. Because of this attribute, life insurance is often placed in an irrevocable trust in a manner that will remove the policy proceeds from the insured’s taxable estate. Irrevocable trusts are also used to hold property for individuals who are unable to manage their own investments. While there are advantages to this type of trust, careful consideration should be given to its lasting effects before creating such a trust.
3. The self-trusteed living trust is a popular variation of living trust. You serve as the trustee of your trust while you are alive and competent and name a successor trustee to act in the event of your death or incapacity. Assets previously held in your sole name are registered in your name as trustee of the trust. If you become incapacitated, the successor trustee continues the administration of the assets for the benefit of you or your beneficiaries; after your death, the trust can continue for the benefit of others. All of the advantages of a living trust described below apply to a self-trusteed living trust.
4. To achieve full benefit from a living trust, it is important that appropriate action be taken to transfer assets into trustee ownership. This process is often referred to as “funding” the trust. Funding a living trust consists of re-titling your bank accounts, bonds, stocks, real estate, and other assets so that the trustee of the living trust is the owner of the assets. Only assets that are owned by a trustee will avoid probate.

Ask for Attorney Service
Attorney’s Service

1. Provide living trust questionnaire to clients
2. Ensure that the client’s will meets all legal requirements
3. Review client’s list of assets, liabilities, income, retirement plan, etc.
4. Creating a living trust for clients
5. Help clients to notarize the agreement

Client’s Assistance
1. Discuss about the living trust with attorney
2. Provide necessary detailed information to attorney
3. Review the drafted living trust
4. Sign the drafted living trust
5. Keep the living trust in a safe place

Service Fee

$1000 for living trust/$1500 for AB trust
This service fee is the basic reference price, which may be adjusted case by case.

Payment Methods
  • Wire Transfer
  • Check
  • Credit Card
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Free Consultation will provide the clients with answers to general questions. Free Consultation should NEITHER be regarded as legal advice nor analysis on certain cases NOR confirmation of attorney-client relationship. If you need legal advice or analysis on your case, please choose the Attorney Consultation service.

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$300/hour (Deposit $1000,charging by hours includes time consumed by reviewing relevant documents, starting charge from an hour)