While a Last Will and Testament remains the most used estate planning tool, a trust is not far behind in terms of popularity. Trusts are frequently included in a comprehensive estate plan for a wide variety of reasons, including the fact that a trust can help your estate avoid probate. Whether you are thinking about creating a trust, are responsible for administering a trust, or you are the beneficiary of a trust, you may wonder if a trust can be contested. Toward that end, the Los Angeles … [Read more...] about Can a Trust Be Contested?
Top 7 Benefits of Including a Living Trust in Your Estate Plan
Over the course of your lifetime, you will likely review and revise your estate plan several times. Each time you revise your plan you may add new estate planning tools and strategies to address your growing family and estate. One of the most common of those tools is a living trust. To help you to decide if a living trust is right for you, the Los Angeles trust attorneys at Schomer Law Group, APC discuss the top seven benefits of including a living trust in your estate plan. What Is a Living … [Read more...] about Top 7 Benefits of Including a Living Trust in Your Estate Plan
What Is Self-Dealing by a Trustee?
Appointing the right person to be the Trustee of a trust you establish is every bit as important as properly drafting the trust agreement. Because a Trustee holds a fiduciary position during the administration of the trust, the Trustee has a considerable amount of power and authority. If a Trustee violates his/her fiduciary duty it can cause the trust to fail. As the Los Angeles trust administration attorneys at Schomer Law Group, APC explain, self-dealing by a Trustee is one way that fiduciary … [Read more...] about What Is Self-Dealing by a Trustee?
Can a Trustee Be Fired?
Every trust must have a Trustee, appointed by the Settlor (creator of the trust), whose job is to administer the trust. What happens, however, if a Trustee fails to do his/her job well? Can a Trustee be fired? If so, who has the authority to have a Trustee removed (fired)? To shed some light on the subject, the Los Angeles trust administration attorneys at Schomer Law Group, APC explains when and how a Trustee can be fired. Why Might You Want to Remove a Trustee? Settlors may fail to … [Read more...] about Can a Trustee Be Fired?
Does a Trustee Get Paid for Administering a Trust?
As both your estate and your family grow, so will your estate plan through the addition of estate planning tools and strategies that can help accomplish additional goals. One of the most common of those additional tools is a trust agreement. If you create a trust, someone must administer that trust. The Los Angeles trust attorneys at Schomer Law Group, APC discuss the issue of Trustee compensation for anyone considering the addition of a trust to their estate plan. What Does a Trustee … [Read more...] about Does a Trustee Get Paid for Administering a Trust?
¿Por Qué Debería Usar un Fideicomiso en Vida para Distribuir Mi Patrimonio?
La planificación patrimonial implica tomar decisiones importantes que se volverán cada vez más complejas y difíciles a medida que su plan crezca y se expanda. Si bien su plan de sucesión inicial puede ser bastante simplista, es probable que se vuelva más complejo a medida que su patrimonio y su familia crezcan. Una de las decisiones que eventualmente deba tomar es si usar un fideicomiso en vida como el método principal de distribución de sus activos patrimoniales. Los abogados de fideicomisos de … [Read more...] about ¿Por Qué Debería Usar un Fideicomiso en Vida para Distribuir Mi Patrimonio?
Why Should I Use a Living Trust to Distribute My Estate?
Estate planning involves making important decisions that will grow increasingly complex and difficult as your plan grows and expands. While your initial estate plan may be rather simplistic, it will likely grow more complex as your estate and your family grow. One of the decisions you may eventually need to make is whether to use a living trust as the primary method of distributing your estate assets. The Los Angeles trust attorneys at Schomer Law Group, APC discuss common reasons why you might … [Read more...] about Why Should I Use a Living Trust to Distribute My Estate?
Why Would I Want to Make a Trust Irrevocable?
As your estate plan grows and expands, there is a good chance you will include at least one trust in that plan. One of the decisions you will need to make if you establish a trust is whether to create a revocable or irrevocable trust. As the name implies, an irrevocable living trust is one that cannot be modified or revoked by the Settlor once the trust is established. Understandably, you may be hesitant to create a trust that you cannot modify or terminate; however, sometimes doing so is … [Read more...] about Why Would I Want to Make a Trust Irrevocable?
What an In Terrerem Clause Can Do for You
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. Read on to learn more … [Read more...] about What an In Terrerem Clause Can Do for You