Living trusts are a specific type of trust that is effective during your lifetime, unlike other trusts that only become effective after your death. However, like all other types of trusts, the property that you transfer to a living trust will be held and managed by your chosen trustee until it is time to transfer the trust property to your heirs after your death.Why Living Trusts are so Popular?A living trust is a favorite among clients when it comes to probate avoidance. Most clients are … [Read more...]
When Do I Need a Tax ID Number for a Trust?
Los Angeles trust administration is basically an unsupervised process through which property is transferred from the person who has died (the decedent) to that person’s beneficiaries as specified in the trust. There are many steps required for the proper administration of a trust and our Los Angeles trust administration attorneys can help you with all of them. This article will look at when and why you may need to obtain a Federal Tax ID number.Which Types of Trusts Need a Federal Tax ID … [Read more...]
What You Need to Know About Suing a Trustee of a Trust
One of the primary purposes of a trust is to provide the organized distribution of property from one generation to the next. A trust lets you decide now which belongings you want to be given to whom. As with any other legal proceeding, there may be issues with a trust that will require trust litigation. If you are trying to determine whether suing a trustee of a trust is necessary, discuss your situation with a trust litigation attorney to decide what should be done.Reasons Suing a Trustee … [Read more...]
The Key to Perfect Los Angeles Trust Administration
Trustees have many important responsibilities when it comes to Los Angeles trust administration. Trustees are expected to make sure that all of the provisions included in the trust agreement have been complied with and all of the assets have been properly distributed based on those terms. In addition to distributing assets to beneficiaries, trustees are required to manage trust assets and maintain accurate records of every transaction that involves those assets. Since these responsibilities are … [Read more...]
What Trustees Need to Know About Constructive Trusts
Trustees are the ones who will administer a trust and are responsible for seeing to it that the provisions in the trust agreement are complied with. As a trustee, it is important to understand what constructive trusts are and how they work. The purpose of this type of trust is to remedy a situation where someone may be receiving property they should not be receiving. Here is what you need to know.What is a Constructive Trust?A constructive trust is different from a typical trust. It is not … [Read more...]
What is an AB Living Trust?
A “living trust” is a trust that becomes effective during your lifetime, as opposed to only becoming effective after your death. Like other types of trusts, property transferred to a living trust will be held and managed by your trustee until it is time to transfer the trust property to your heirs. Using certain trusts as part of your estate plan can help you reduce estate taxes, like the AB Living Trust. Here is what you need to know about estate tax reduction and using the AB living … [Read more...]
What Happens to a Living Trust at Death?
In the area of estate planning, there are so many different types of trusts that serve very different purposes. Creating a living trust basically requires transferring the title or ownership of your assets to the trust. A common question asked by clients is -- what happens to a living trust at death? Here is what you need to know.What is a living trust?A “living trust” is a trust that becomes effective during your lifetime, as opposed to only becoming effective after your death. Like other … [Read more...]
What is Administration of the Trust?
Trust administration is the unsupervised procedure for transferring property from the decedent, who is the individual who has died, to the decedent’s beneficiaries as identified in a trust. A common question posed by many clients is: What is administration of the trust? This article will explain the basics.What is expected of a trustee?The services of a trustee are critical to successful trust administration. As the trustee, you are the person responsible for seeing to it that the provisions … [Read more...]
Everything You Should Know About Orange County Trust Administration
If you have been asked to serve as a trustee, you are agreeing to a take on a very important responsibility. The services of a trustee are critical to successful Los Angeles trust administration. As the trustee, you are the individual responsible for ensuring that the requirements set out in the trust agreement are satisfied. The trustee is also responsible for managing the assets that have been placed in trust, as well as maintaining accurate records of all transactions that involve the trust … [Read more...]
Special Needs Trust Administration and the Use of Prepaid Debit Cards
Trusts are very useful estate planning tools that provide a way to save money and other property for a chosen beneficiary. Some trusts have a particular purpose, such as providing future support for a loved one with special needs. Your chosen trustee will hold and manage the property, making that person responsible for seeing that the terms of the trust are fulfilled. Trustees of special needs trusts have unique issues when it comes to trust administration. One of them is the use of prepaid … [Read more...]
