Trust

Learning that you have been appointed as a Trustee can be both an honor and a daunting responsibility, especially if this is your first experience in the role. As a Trustee, you are tasked with managing trust assets and carrying out the wishes of the Grantor. Although each trust has unique provisions, there are general steps and guidelines that can help you as you begin. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain five steps for every Trustee to take … [Read more...] about 5 Steps for Every Trustee to Take Soon after Being Appointed

Every trust must have a Trustee, appointed by the Settlor (creator of the trust), whose job is to administer the trust. Beneficiaries of the trust count on the Trustee to responsibly manage the trust assets and adhere by the terms of the trust. What happens, however, if a Trustee fails to do their job well? What if you believe that a Trustee is mismanaging trust assets? Can a Trustee be removed and replaced? If so, who has the authority to have a Trustee removed and who will replace them? In an … [Read more...] about Removing and Replacing a Trustee in California

Despite acknowledging the need to have an estate plan in place, more than half of all Americans have yet to start on their estate plan. One common explanation for this is that the average person finds the idea of creating an estate plan intimidating. While an estate plan can become extremely complex as both your family and your estate grow, a basic estate plan is not usually as complex and difficult to understand as people frequently envision it will be. Most plans begin with the creation of a … [Read more...] about Why You Might Want Both a Will and a Trust in Your Estate Plan

When you create a trust, one of the most crucial decisions you will make is appointing a Trustee to administer the trust. Your choice can significantly impact the success or failure of the trust you establish given that the Trustee’s role is to manage the assets within the trust, ensure that your wishes are carried out, and act in the best interests of the beneficiaries. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain how your choice of Trustee impacts … [Read more...] about How Your Choice of Trustee Impacts the Success or Failure of Your Trust

As your estate plan grows and expands, there is a good chance you will include at least one trust into 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 What Are the Benefits of an Irrevocable Trust?

Although a Last Will and Testament remains the most widely used estate planning tool, trusts are an increasingly popular addition to the average estate plan. If you are contemplating the addition of a trust to your estate plan, you may also be wondering about the extent of control and flexibility your beneficiaries will have over their trust benefits. Specifically, can a beneficiary sell, gift, or encumber their trust benefits? The answer to this question largely depends on the type of trust you … [Read more...] about Can a Beneficiary Sell, Gift, or Encumber Trust Benefits?

Although a Last Will and Testament remains the most common estate planning document, many people also choose to include at least one trust agreement in their comprehensive estate plan given the numerous and varied goals that can be furthered using a trust. Unfortunately, people also tend to make critical mistakes during the trust creation process, leading to unintended consequences. To help you avoid these pitfalls, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain common … [Read more...] about Common Mistakes You Can Avoid When Creating a Trust

A Last Will and Testament is the first estate planning document executed by the average person. If you already have a Will in place, that Will may continue to provide the foundation for your estate plan for the rest of your life; however, you will also likely incorporate additional strategies and documents into your comprehensive estate plan as you move through the stages of your life. Along the way, you may decide to add a trust to your overall estate plan. While you should always work closely … [Read more...] about 10 Steps to Creating a Trust

A trust can be a powerful tool that helps you protect your assets, manage your estate, and facilitate the smooth transition of wealth from one generation to another. In California, trusts are commonly utilized due to their flexibility and efficiency in estate planning. Occasionally, however, a beneficiary (or another interested party) may feel the need to contest a trust. If you are contemplating a trust contest, you may feel overwhelmed at the prospect. To help prepare you for the road ahead, … [Read more...] about Contesting a Trust in California

While a Last Will and Testament remains the most common estate planning document, trust agreements are a popular addition to the average estate plan. Trusts offer a versatile array of benefits that make them indispensable tools in the realm of estate planning. To help you know when it is time to consider adding a trust to your estate plan, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss five common reasons to include a trust in a comprehensive estate plan. How Do I Know … [Read more...] about 5 Reasons to Include a Trust in Your Comprehensive Estate Plan