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Home » Estate Planning » Don’t Make Assumptions About Trusts

Don’t Make Assumptions About Trusts

September 14, 2019Estate Planning

trusts living trustPeople often harbor misconceptions about the nuances of estate planning, and this can lead to bad decisions that yield negative consequences. One of them is the idea that you would never want to use a trust unless you are extremely wealthy. Folks that are under this impression assume that a last will is the only logical choice if you are not a multimillionaire.

There is a kernel of truth in this line of thinking. High net worth individuals do use trusts of various kinds to satisfy complex aims, but there is another type of trust called a revocable living trust that can be very useful for “the rest of us.”

No Loss of Control

One thing that scares people about trusts is the notion that you surrender control of assets that you convey to any type of trust. This is simply not the case when it comes to a revocable living trust.

As the name would indicate, you have the power of revocation, so you can dissolve the trust at any time and re-assume direct personal possession of the property that you conveyed into it.

This is not the only way that you control the trust. The administrator is called the trustee, and you can serve as the trustee while you are still living. You can also act as the beneficiary and receive monetary distributions from the trust. Along the way, you can change the terms or sign property over to the trust after it has been created, so you have total freedom and flexibility.

Probate Avoidance

If you use a last will to state your final wishes with regard to the way that your assets will be distributed after you pass away, you would name an executor in the document. Your executor would not be allowed to act independently. The will would be admitted to probate, and the court would provide supervision during the estate administration process.

There are a few different pitfalls that go along with probate, and one of them is the waiting game that must be played. It takes about eight or nine months for the court to probate and close an estate, and no inheritances can be distributed during this interim.

Probate is a public proceeding, so anyone that wants to pry into your final affairs can obtain probate records to find out how your resources were distributed. There are a number of costs that accumulate during probate, and it opens a window of opportunity for disgruntled parties that may want to challenge the validity of the will.

All of these drawbacks are avoided if you go with a living trust instead of a last will as the centerpiece of your estate plan. The trustee that you name to succeed you would be empowered to distribute assets to the successor beneficiaries outside of the costly and time-consuming process of probate.

Spendthrift Clause

Another nice thing about a living trust is the ability to protect a loved one that could be described as a spendthrift. You can include a clause that would protect the principal from the beneficiary’s creditors, and you could instruct the trustee to distribute limited assets to the beneficiary over an extended period of time. If you choose to do so, you could allow for larger, lump sum distributions when the beneficiary reaches certain age thresholds.

Disability Trustee

Unfortunately, a very significant percentage of elders become unable to make sound decisions at some point in time. You can account for this if you establish a revocable living trust. A disability trustee can be named that would step in to act as the administrator if you ever lose your decision making capacity.

Attend a Free Seminar!

As you can see, a living trust can be a great choice for a wide range of people. If you would like to learn more about them, attend one of our upcoming seminars. There is no admission charge, so you have a great deal of information to gain and absolutely nothing to lose.

Visit our seminar schedule page to obtain all the details. When you identify the date that works for you, follow the simple instructions to register so that we can reserve your seat.

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
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Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

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