Trust Administration and Probate

Like many people you may choose to establish a Family Wealth Trust to use as your primary method of distributing your estate. One mistake you do not want to make, however, is eliminating a Will completely from your overall estate plan. The Los Angeles trust attorneys at Schomer Law Group, APC explain why you still need a Pour-Over Will in your estate plan if you are relying on a Family Wealth Trust to distribute your estate. Your Last Will and Testament A Last Will and Testament is a … [Read more...] about Why A Will Is Still Necessary If You Have a Family Wealth Trust

A variety of estate planning tools and strategies will likely be incorporated into your estate plan as your assets, family, and estate grow. One of the most common additions to a comprehensive estate plan is a trust. If you do decide to add a trust to your estate plan, you will need to appoint a Trustee to oversee the administration of your trust. A Los Angeles trust attorney at Schomer Law Group, APC discuss appointing yourself as the Trustee of your own trust. Trust Basics – Revocable vs. … [Read more...] about Can I Appoint Myself as Trustee?

When it comes to estate planning, there are several different types of trust available. Deciding which type of trust you need to accomplish your goals can be challenging without some assistance. Married couples, in particular, question which types of trusts will best serve their needs. If you have heard of a QTIP trust and a bypass trust, you may be wondering which one is  best. Our trust attorneys can help you make this important choice. What is a QTIP Trust? The acronym “QTIP” stands for … [Read more...] about QTIP Trust vs Bypass Trust: Which Do You Need?

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...] about What are the Advantages and Disadvantages of a Living 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...] about When Do I Need a Tax ID Number for 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...] about What You Need to Know About Suing a Trustee of a Trust

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...] about The Key to Perfect Los Angeles Trust Administration

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...] about What Trustees Need to Know About Constructive Trusts

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...] about What is an AB Living Trust?

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...] about What Happens to a Living Trust at Death?