The Frieri Law Group creates precise legal instruments, including Living Trusts, that enable our clients to transfer assets outside of the complex and time-consuming probate system. Our goal is to achieve your estate planning objectives efficiently, ensuring the smooth and private transfer of wealth to your intended beneficiaries.
A Living Trust is a legal entity established to hold ownership of your assets (e.g., real estate, bank accounts, and investments) during your lifetime. Unlike a Will, property transferred through a Living Trust does not go through probate, allowing for a faster, private, and often less expensive distribution of assets to your beneficiaries upon your death.
Key features of a Living Trust:
Revocability: Most Living Trusts are revocable, meaning you can change, modify, or dissolve them at any time while you are alive and mentally competent.
Continuity: Trusts can be structured to provide for asset management and distribution even if you become incapacitated.
Trusts offer significant flexibility and can be tailored to meet a variety of personal and financial objectives. While there are many variations, trusts generally fall into two categories:
Revocable Trusts: As mentioned, these trusts can be altered or revoked by the Grantor (the person who creates the trust). They offer flexibility and probate avoidance, but assets in a revocable trust are still considered part of your taxable estate.
Irrevocable Trusts: These trusts generally cannot be modified or revoked once they are established. They are primarily used for advanced tax planning, as assets transferred to an irrevocable trust are typically removed from the taxable estate.
Our attorneys analyze your goals to determine which type of trust, or combination of trusts, best fits your needs.
When you create your Living Trust, you take the following key steps with our legal guidance:
Appointment of a Trustee: You appoint a Trustee—often yourself initially—to manage the trust assets. You also designate a Successor Trustee who will take over management upon your death or incapacitation.
Naming Beneficiaries: You designate the individuals or entities who will ultimately inherit the trust assets.
Executing the Document: We prepare the formal trust document, which you sign, creating the legal entity.
Funding the Trust: You formally transfer ownership of your assets (e.g., deeds, account titles) from your individual name into the name of the trust.
Our firm handles all the necessary legal documentation to ensure the trust is valid and enforceable.
The most critical step after creating the trust document is funding the trust. A trust only works if the assets you intend it to control are legally transferred into its name.
This process involves retitling bank accounts, real estate deeds, and investment accounts to reflect the trust’s ownership.
If a trust is not properly funded, those unfunded assets may still be forced to go through probate, defeating one of the main purposes of the trust. Our law firm guides you through the necessary steps to title your property correctly.
Many common errors can undermine the effectiveness of a Living Trust. Working with our experienced lawyers helps you avoid mistakes such as:
Improperly drafting the trust document without legally required provisions.
Failing to properly fund the trust, leaving major assets outside the trust’s control.
Not choosing the right Successor Trustee who is capable and trustworthy.
Failing to update the trust when life circumstances change (e.g., divorce, death of a beneficiary).
The Frieri Law Group is committed to providing full-range estate planning services. We work closely with clients to develop comprehensive estate plans centered around Living Trusts, ensuring maximum protection for their assets and families.
Contact our office today to schedule a consultation to discuss how a Living Trust can benefit you and your loved ones.