San Diego California Living Trust with Provisions for Disability

• Category: Trusts - Living Trusts
• State: Multi-State
• County: San Diego
• Control #: US-0651BG
• Format: Word; Rich Text

Description

A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust. San Diego California Living Trust with Provisions for Disability is a legal arrangement that allows individuals to protect and manage their assets in the event of disability, ensuring their financial security and ensuring that their wishes are carried out. San Diego California Living Trusts with Provisions for Disability come in various types catering to different needs and goals. Here are a few notable types: 1. Revocable Living Trust with Provisions for Disability: This type of living trust allows individuals to retain control over their assets while alive and competent. It includes provisions that appoint a trusted person, referred to as a "successor trustee," who would step in and manage the trust assets in case of disability. 2. Irrevocable Living Trust with Provisions for Disability: Unlike revocable living trusts, irrevocable living trusts cannot be altered or revoked after creation. They are commonly used for Medicaid planning and protecting assets from estate taxes. Irrevocable living trusts can also include provisions for disability, where a designated trustee manages the assets if the granter becomes disabled. 3. Special Needs Trust: This type of trust is specifically designed to provide financial support and protect the assets of individuals with disabilities while allowing them to qualify or maintain government benefits such as Medicaid and Supplemental Security Income (SSI). Special needs trusts can be funded during a person's lifetime or through an inheritance or personal injury settlement. 4. Testamentary Trust with Provisions for Disability: Also known as a "disability trust," this trust is established through a will and only takes effect upon the granter's death. It includes provisions directing a trustee to manage assets for the benefit of a disabled beneficiary. 5. Standby Trust: A standby trust is established with the purpose of quickly transitioning management of assets in case of disability while still allowing the granter to maintain control if they remain competent. It provides a seamless transition of management by designating a successor trustee to step in only when the granter is declared disabled. San Diego California Living Trusts with Provisions for Disability offer a range of options to ensure that individuals' assets are protected and managed according to their wishes if they become disabled. Engaging the services of an experienced estate planning attorney is highly recommended determining the most suitable type of living trust based on individual circumstances and goals.

San Diego California Living Trust with Provisions for Disability is a legal arrangement that allows individuals to protect and manage their assets in the event of disability, ensuring their financial security and ensuring that their wishes are carried out. San Diego California Living Trusts with Provisions for Disability come in various types catering to different needs and goals. Here are a few notable types: 1. Revocable Living Trust with Provisions for Disability: This type of living trust allows individuals to retain control over their assets while alive and competent. It includes provisions that appoint a trusted person, referred to as a "successor trustee," who would step in and manage the trust assets in case of disability. 2. Irrevocable Living Trust with Provisions for Disability: Unlike revocable living trusts, irrevocable living trusts cannot be altered or revoked after creation. They are commonly used for Medicaid planning and protecting assets from estate taxes. Irrevocable living trusts can also include provisions for disability, where a designated trustee manages the assets if the granter becomes disabled. 3. Special Needs Trust: This type of trust is specifically designed to provide financial support and protect the assets of individuals with disabilities while allowing them to qualify or maintain government benefits such as Medicaid and Supplemental Security Income (SSI). Special needs trusts can be funded during a person's lifetime or through an inheritance or personal injury settlement. 4. Testamentary Trust with Provisions for Disability: Also known as a "disability trust," this trust is established through a will and only takes effect upon the granter's death. It includes provisions directing a trustee to manage assets for the benefit of a disabled beneficiary. 5. Standby Trust: A standby trust is established with the purpose of quickly transitioning management of assets in case of disability while still allowing the granter to maintain control if they remain competent. It provides a seamless transition of management by designating a successor trustee to step in only when the granter is declared disabled. San Diego California Living Trusts with Provisions for Disability offer a range of options to ensure that individuals' assets are protected and managed according to their wishes if they become disabled. Engaging the services of an experienced estate planning attorney is highly recommended determining the most suitable type of living trust based on individual circumstances and goals.