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SpinDistribute.com Article Directory

The following article was published in our article directory on August 11, 2015.
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Family Trusts for Family

Article Category: Legal

Author Name: Santa Clarita Lawyer

Living Trust is commonly known as a legal relationship that exist when one person known as the trustor, who is the original owner of the property entrusts to another individual referred to as the trustee, to look after property for the benefit of another referred to as the trustor. Family Trust Law is the rule that governs legal trust as described in this article.

Under Family Trust Law, specifically California Living Trust Law, administration of the property left by the trustee occurs after the trustor's death. The law provides that the trustee will then be vested with the power and responsibility to maintain the property or assets of the deceased trustor in good condition until the time comes when it must be turned over to the beneficiary.

The nature of legal trust under Family Trust Law emphasizes that the connection is that of a fiduciary relationship, one which centers on respectable faith and utmost confidence.

Resembling the very meaning of the word trust in the ordinary man's vocabulary, it is that utmost sureness that another person will act with exceptional faith and will not forsake the assurance which has been entrusted to him. Similarly, the man who makes a legal Living Trust has utmost assurance that the receiver to whom he left his properties, his trustee, will hold in exceptional faith in behalf of his beneficiaries his properties or possessions which he wishes to bestow on the latter.

Without the basic notion of trust under the ordinary English vocabulary, a legal trust under Trust Law cannot be determined nor even be contemplated.

Regardless, is this kind of trust a blind faith into someone, entrusting hard earned properties to the trustee while praying and crossing your fingers that this person won't violate that trust.

Your better news is, while trust is necessary in the creation of legal trust it need not be a scary, blind kind of trust. The regulation provides for safety measures that ensure that the trustor's trust will not be misplaced nor misused by just infiltrator.

Under the California Trust Law, the trust papers, which is prepared by the trustor himself, administrates the trust relationship. He may broaden the powers of the trustee as broad as he likes those powers to be, or limit the powers of the trustee as limited as he likes those powers to be. Also, the trustor may make the responsibilities of the trustee as meticulous and as specific as he deems needed or make extensive comments regarding such tasks as he deems satisfactory. By this mechanism of preparing the trust document, the trustor retains control over the trust he had reposed on the trustee.

Whereas the law focuses on trust on the living, that the living person to one the trustor has entrusted his property/estates will remain faithful to his obligations under the trust relationship. Thus, trust under the Trust Law is a calculated trust that will guarantee that the trustor will have the plan on how the trust relationship will be dealt with. While there is no end as to how detailed his trust document can be, silence of the provisions of said trust document will result to the consequence of having the State Law's provisions govern the trust relationship. Hence, if power over the trust relationship is of utmost importance to the trustor, he is encouraged to trust on the living which includes himself at the moment and start drafting that trust document with the assistance of a trustworthy Lawyer.

Keywords: Santa Clarita California Tax Probate Trust Law Lawyer Attorney

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