Trust Administration and Probate

Trusts have become a cornerstone of modern estate planning because they provide flexibility, privacy, and substantial control over the management and distribution of assets. Establishing a trust, though, represents only the beginning of the process. The long-term effectiveness of the trust depends heavily on the person or institution chosen to serve as Trustee and errors made during administration may expose the Trustee to personal liability, create conflict among beneficiaries, delay … [Read more...] about Essential Steps in California Trust Administration

While every trust agreement is unique, one thing that all trusts have in common is the appointment of a Trustee whose job is to oversee the administration of the trust. If you were appointed to be the Trustee of a trust for the first time, you likely feel somewhat apprehensive about fulfilling your duties and responsibilities. To help you get started, the Los Angeles trust administration attorneys at Schomer Estate & Wealth Advisors offer some best practices for trust administration. Trust … [Read more...] about Best Practices for Trust Administration

If you are contemplating the addition of a trust to your estate plan, there are some common mistakes you want to avoid making, such as failing to name a successor Trustee. For those who are not familiar with how a trust is administered, the Los Angeles trust administration attorneys at Schomer Estate & Wealth Advisors explain why naming a successor Trustee is important. Trust Basics First, it is important to have a firm understanding of what a trust is and how a trust works. A trust is a … [Read more...] about Why Is Naming a Successor Trustee Important?

Acquiring assets is undoubtedly part of your overall estate plan; however, simply amassing assets without taking steps to protect those assets can cause the most well-drafted estate plan to fail. One way to protect assets is through the creation of an asset protection trust. With that in mind, the Los Angeles trust attorneys at Schomer Estate & Wealth Advisors explain what you should know about asset protection trusts. Common Types of Asset Protection Trusts Domestic Asset Protection … [Read more...] about What You Should Know about Asset Protection Trusts

A trust beneficiary has a legal ownership interest in the assets held by the trust. The trust terms will dictate when the beneficiary is entitled to receive distributions from the trust and in what amount. Sometimes, however, a beneficiary needs (or wants) the value of his/her interest in the trust prior to the scheduled distribution. The Los Angeles trust administration attorneys at Schomer Estate & Wealth Advisors discuss whether a beneficiary can sell his/her interest in a trust. Trust … [Read more...] about Can a Beneficiary’s Interest in a Trust Be Sold?

To create a successful estate plan that will truly accomplish everything you want it to, you will likely need to incorporate a wide range of interconnected estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust. There are several different categories of trusts and numerous specialized trusts within each category. A Los Angeles trust attorney at Schomer Estate & Wealth Advisors explains how you can encourage a beneficiary to … [Read more...] about How Can I Encourage a Beneficiary to Use an Inheritance as Intended?

If you recently learned that someone appointed you to be a Trustee of a trust, you probably have some questions if this is the first time you have acted as a Trustee. Many of these questions will be related to the duties and responsibilities of a Trustee. Before you agree to accept the appointment, however, your most important concern may be whether you could be held personally liable if you make a mistake. To help you better understand what it means to be a Trustee, a Los Angeles trust … [Read more...] about Can a Trustee Be Held Personally Liable for Mistakes Made When Administering a Trust?

While many factors will contribute to the success, or failure, of a trust, the choice of Trustee will be among the most significant of those factors. If you were recently notified that someone appointed you to be the Trustee of a trust, and you have never acted as a Trustee, you are probably feeling overwhelmed and unsure where to start. To help you get started, the Los Angeles trust administration attorneys at Schomer Estate & Wealth Advisors offer a trust administration checklist for the … [Read more...] about Trust Administration – A Checklist for the First-Time Trustee

As your estate wealth and your family grow, you will likely incorporate a variety of estate planning tools and strategies into your existing estate plan. One of the most common of those is a trust. If you do decide to add a trust to your estate plan, you will need to appoint a Trustee for that trust. A common question people have when creating a trust is whether they can appoint themselves to be the Trustee of that trust. To help answer that question, the Los Angeles trust attorneys at Schomer … [Read more...] about Can I Be the Trustee of the Trust I Establish?

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 Estate & Wealth Advisors 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 … [Read more...] about Why A Will Is Still Necessary If You Have a Family Wealth Trust