When assets are transferred to a revocable trust, the purpose is generally to avoid the time and expense of the probate process. The total of your assets, all that you own in your name upon your death, are typically required to go through the probate process. The objective of the trust is to transfer ownership of your assets into the trust, so that they can escape the probate process. But, when transferring property into trust, how do you decide which property should be transferred? Which … [Read more...] about Transferring Property into Trust
Trust Administration and Probate
How Long Does Probate Take in California? [UPDATED 2020]
When a California resident dies, his or her property is usually included in his or her probate estate. This estate must be administered through the court system, in order for taxes and the claims of creditors can be paid. Then the remaining property or assets will be distributed to the beneficiaries of the deceased. Many clients ask how long is probate in California? The answer depends on a few factors that usually differ for each estate. To learn more about the probate process and … [Read more...] about How Long Does Probate Take in California? [UPDATED 2020]
What is an ILIT?
The acronym “ILIT” stands for Irrevocable Life Insurance Trust. An ILIT is a very useful tool in comprehensive estate planning. Generally speaking, an irrevocable trust transfers all ownership rights in the trust property to the trust itself, without retaining a right to revoke, terminate or modify the trust in any material way. If you transfer an insurance policy into an irrevocable trust, you have just created an ILIT. What is an ILIT basically used for? Benefits of an ILIT The true … [Read more...] about What is an ILIT?
Does Your Firm Handle Probate of an Estate?
You may not have thought about it, but many of us will take part in the probate process at some point. Each state has established its own laws regarding the process of probating an estate, which includes paying creditors and distributing property among heirs. The process can be complex and somewhat technical. There is a lot of paperwork to be completed and filed with the court within its strict deadlines. Indeed, the legal requirements must be followed to the letter. We are often asked, … [Read more...] about Does Your Firm Handle Probate of an Estate?
How Much Does Probate Cost?
Looking to avoid the cost and time of probate? There are various ways to plan your estate in a way that can avoid the probate process. However, whether probate avoidance is necessary depends on many factors, such as: how much does probate cost? Whether probate is good or bad is highly subjective. In order to determine the benefit of probate avoidance, you should first understand exactly what is involved in the probate process and then compare that with your needs based on your unique … [Read more...] about How Much Does Probate Cost?
