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Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

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Home » Estate Planning » What Happens to a Living Trust When One Spouse Dies?

What Happens to a Living Trust When One Spouse Dies?

April 17, 2014Estate Planning, General

When a loved one dies, the surviving spouse may be at a loss when it comes to knowing what to do next.  When there is a living trust between spouses, there are some initial tasks that need to be taken care of.  The process is not necessarily complicated, and knowing what to expect will make the process easier.

Find the trust document and then read it.

The first step is to locate the trust document.  Once you find it, read the terms to get a general understanding of what will be needed.  Even if you read it when it was first created, it has likely been many years since it was first drafted.  You may have forgotten important details.  Most trusts are drafted to leave all of the assets to the surviving spouse.  However, there are some trusts that provide for distributions to other heirs, as well.  All provisions of the living trust should be understood before any action is taken to implement the trust.  If you have any trouble understanding the provisions, you should consult with an estate planning attorney before you go any further.

CLICK HERE to watch our YouTube video on this topic.

Determine the type of living trust involved.

You need to first determine what type of living trust was created.  The nature of the trust will determine what steps you need to take.  If you are not sure what type of trust you have, your estate planning attorney can help you make that determination.

What are A/B Trusts?

A common type of trust is an A/B trust, which divides the assets into two shares when the first spouse dies.  However, this division does not occur automatically.  Instead, the assets must be physically transferred to two separate trusts.  This type of trust must be handled a certain way after the death of the first spouse, and if these requirements are not met, it could unnecessarily cost the surviving family members thousands of dollars in estate taxes.  This result would defeat the true purpose of the trust.

An inventory of the assets must be made and then it is determined how to allocate the assets between the two trusts.  Procedures must be established to keep track of the assets in each trust.  An income tax return must also be filed for the decedent’s trust each year after his or her death.  Otherwise, the IRS will not recognize that the trust exists and the entire estate will be subject to taxation after the death of the second spouse.

Transferring title to the surviving spouse.

It is common for living trusts to name both spouses as co-trustees.  This means that, after the first spouse dies, the assets will be transferred to the surviving spouse as the sole trustee.  Institutions like banks will continue to request two signatures for transactions until the assets are transferred solely to the surviving spouse.  In order to transfer title, a certified death certificate and an abstract of the trust are required.  The surviving spouse will need to submit these documents to any institution where joint accounts are held.  On the other hand, when dealing with real estate, an estate planning attorney can draft an affidavit to be recorded with the county recorder.

How Can a Los Angeles Estate Planning Lawyer Help?

Schomer Law attorneys are members of the American Academy of Estate Planning attorneys. We know the laws that apply and the tools that are available for successful legacy planning. Give us a call at (310) 337-7696, or click HERE,  as soon as possible so you can discuss your goals and dreams with us and so we can help you to work on a plan to ensure your legacy is one your heirs will appreciate through the generations.

Take a look at our YouTube channel where you can find a plethora of high-quality video content.

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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.
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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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