In California, a Heggstad petition could potentially be filed under these circumstances. If it can be proven that you intended to convey these assets into the trust, the court could allow for the postmortem transfer. A pour over will could also be created as part of the initial plan. This type of will is used to direct your personal property into the trust after your death. … [Read more...] about What happens if you die with assets in your possession that were never conveyed into the trust?
Living Trust FAQs
If you were to use a last will to state your final wishes, unless the estate is very modest, the probate court would supervise the administration of the estate. The full probate process will typically take close to a year, and no inheritances can be distributed during this interim. In addition to the time factor, there are considerable expenses that accumulate during probate. Another drawback is the loss of privacy. Probate is a public proceeding, so anyone that wanted to find out how the … [Read more...] about What are the benefits of a living trust over last will?
The answer to this question is entirely up to you. Any willing, competent adult can legally serve as a trustee. This being stated, the task will require significant financial acumen in many instances. Plus, there could potentially be conflicts of interest if there are multiple beneficiaries to the trust. There is an alternative if you do not know someone that would be a good choice to serve as the trustee. Trust companies and the trust department of banks offer trustee services, so you … [Read more...] about Who would take over as trustee after I die?
A living trust is revocable, and the word is self-explanatory. If you ever want to dissolve the trust and take back direct personal possession of the property that you conveyed into it, you can do so. Your control is not limited to the power of revocation. If you establish a living trust, you would act as the trustee and the beneficiary while you are alive and well. As a result, you would have the latitude to change the terms at any time, and you could add or remove property from the … [Read more...] about Don’t you lose control of assets that you convey into a trust?
This is probably the most widely held misconception about estate planning. It is true that there are trusts that are used by high net worth individuals that have complex concerns. However, the living trust is a device that is ideal for a wide range of people that are not extremely wealthy. … [Read more...] about Trusts are only for the wealthy, right?