“We’re all set. We did our estate plan years ago.” Whenever I hear those words, I know it may be time to open the binder. Sometimes the binder is beautiful: leatherette cover, gold lettering, tabs, enough tabs to suggest that no further human intervention will ever be required. Then we start looking under the hood. They signed the trust in 2008. The house they bought in 2016 is still in their individual names. The successor trustee is now 81 and lives three states away. The children described … [Read more...] about The Estate Plan You Think You Have
trust administration
California Beneficiary Rights during Trust Administration
Trusts are frequently incorporated into a comprehensive estate plan because they provide flexibility, privacy, and control over the management and distribution of assets. Many Californians use revocable living trusts to avoid probate, protect beneficiaries, and ensure that their wishes are carried out after death. If you are the beneficiary of a trust, however, it is important to understand that you are not merely a passive recipient waiting for a distribution. California law grants trust … [Read more...] about California Beneficiary Rights during Trust Administration
How to Avoid Making Common California Trust Administration Mistakes
Trusts are widely used in California estate planning because they offer flexibility, privacy, and control over how assets are managed and distributed. Once a trust is established, the Grantor, sometimes called the Settlor or Trustor, appoints a Trustee to carry out its administration. Serving as a Trustee is an honor, but it is also a serious legal and financial responsibility because errors during trust administration frequently lead to beneficiary disputes, tax penalties, and unnecessary … [Read more...] about How to Avoid Making Common California Trust Administration Mistakes
What Every Beneficiary Should Know About Trust Administration
A trust is a legal arrangement that allows a Grantor (creator of the trust) to place assets into a trust for the benefit of third-party individuals, entities, or even pets. The Trustee, appointed by the Grantor, administers the trust according to its terms and legal obligations. Although trust administration can be complex, if you are the beneficiary of a trust, it is imperative that you have a basic understanding of the trust administration process and your rights as a beneficiary. With that in … [Read more...] about What Every Beneficiary Should Know About Trust Administration
Common Trust Administration Mistakes and How to Avoid Making Them
For many people, the incorporation of a trust agreement into their comprehensive estate plan is the key to the plan’s success. During the creation of a trust, the Settlor (creator) of the trust designates a Trustee who is responsible for managing the trust assets and executing the terms of the trust. If you find yourself in the role of a Trustee, it is imperative to try and avoid common pitfalls. To guide you in this endeavor, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss … [Read more...] about Common Trust Administration Mistakes and How to Avoid Making Them
Learning, Re-inventing, and Camaraderie in San Diego
The Academy’s Fall Summit brought learning and camaraderie. The Academy introduced the Enterprise Model Law Firm and rolled out a new Trust Administration module. There were many great substantive legal education topics and practice management topics. As always, it was great to reconnect with friends and establish new relationships. Read on to learn more. … [Read more...] about Learning, Re-inventing, and Camaraderie in San Diego
Learning, Re-inventing, and Camaraderie in San Diego
The Academy’s Fall Summit brought learning and camaraderie. The Academy introduced the Enterprise Model Law Firm and rolled out a new Trust Administration module. There were many great substantive legal education topics and practice management topics. As always, it was great to reconnect with friends and establish new relationships. Click here to learn more. … [Read more...] about Learning, Re-inventing, and Camaraderie in San Diego
