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...]
Dispelling the Most Common Myths About the Living Trust
A living trust is a very useful estate planning tool that you should consider including in every estate plan. However, before you take that step, there are a few common myths regarding living trusts of which you should be aware. This article will debunk three of the most common myths. For a complete understanding of how this estate planning tool can benefit you, discuss your options with your living trust attorney.MYTH: A Living Trust Requires You to Give Up Control of your PropertyWhile … [Read more...]
Trust Administration Vs. Estate Probate: Which is Better?
Some clients choose to create a revocable living trust as the basis of their estate plan, as opposed to the last will and testament. Trusts are typically used because they allow estates to avoid probate. Many clients wonder which is better – probate or trust administration. Our Los Angeles and Orange County trust administration attorneys can explain some of the differences to help you make that important choice.Understanding the differencesOne of the big differences between the … [Read more...]
Trust Administration and Timeshares in California
The benefits of owning timeshare property are many. The majority of timeshare owners also wish to pass on that valuable property to their children when they die. However, timeshare ownership is not as straightforward as owning your home, or even owning a summer home. So, if you are considering establishing a trust as part of your estate plan, you should understand how funding a timeshare affects trust administration.The benefits of funding a timeshare to your trustIf you have a living … [Read more...]
What Trust Beneficiaries Should Expect from Trust Administration
As Orange County trust administration attorneys, we frequently receive calls from beneficiaries who have just received notice that they have been named in a trust. There are a few things that can be useful to understanding the process if you are a trust beneficiary Here is a guide to help trust beneficiaries through the complex process of trust administration.Read the entire trust document and all amendmentsIn California, every trust beneficiary is entitled to a copy of the trust agreement … [Read more...]
What is Trust and Estate Litigation and Can I Avoid It?
Trust and estate litigation can become an issue for several different reasons. Not every dispute will necessarily lead to litigation in court, but there are some issues that are more likely to bring people to court than others. Whether you are facing litigation initiated by someone else or you are considering filing a lawsuit yourself, our Orange County trust and estate litigation attorneys are here to help.Mismanagement of a TrustOne of the most important aspects of creating a trust is … [Read more...]
