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

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Home » Resources » Frequently asked questions » Living Trust FAQs

Living Trust FAQs

    • Trusts are only for the wealthy, right?

    • This is probably the most widely held misconception about estate planning. It is true that there are trusts that are used by high net worth individuals that have complex concerns. However, the living trust is a device that is ideal for a wide range of people that are not extremely wealthy. 

    • Don’t you lose control of assets that you convey into a trust?

    • A living trust is revocable, and the word is self-explanatory. If you ever want to dissolve the trust and take back direct personal possession of the property that you conveyed into it, you can do so. 

       

      Your control is not limited to the power of revocation. If you establish a living trust, you would act as the trustee and the beneficiary while you are alive and well. As a result, you would have the latitude to change the terms at any time, and you could add or remove property from the trust. 

    • Who would take over as trustee after I die?

    • The answer to this question is entirely up to you. Any willing, competent adult can legally serve as a trustee. This being stated, the task will require significant financial acumen in many instances. Plus, there could potentially be conflicts of interest if there are multiple beneficiaries to the trust. 

       

      There is an alternative if you do not know someone that would be a good choice to serve as the trustee. Trust companies and the trust department of banks offer trustee services, so you could engage professional assistance before you pass away. 

       

      Short of this, if you select an individual as the trustee, we could be enlisted to provide assistance if it is necessary.  

    • What are the benefits of a living trust over last will?

    • If you were to use a last will to state your final wishes, unless the estate is very modest, the probate court would supervise the administration of the estate. The full probate process will typically take close to a year, and no inheritances can be distributed during this interim. 

       

      In addition to the time factor, there are considerable expenses that accumulate during probate. Another drawback is the loss of privacy. Probate is a public proceeding, so anyone that wanted to find out how the assets were distributed could access probate records. 

       

      All of these drawbacks are avoided if you use a living trust as an alternative, because the trustee would be empowered to distribute the assets outside of the probate process. 

       

      Another benefit is the ability to include spendthrift protections. Through the inclusion of a spendthrift provision, you could protect the assets from the beneficiary’s creditors. You could also instruct the trustee to distribute limited assets over an extended period of time. 

       

      Unfortunately, a significant percentage of people become unable to handle their own affairs at some point in time. There are multiple causes of incapacity, but Alzheimer’s disease is a leading culprit.  

       

      When you have a living trust, you can account for this eventuality. A disability trustee can be named in the trust declaration that would assume the role if you ever become unable to make sound financial decisions. It could be the successor trustee that will administer the trust after your passing, but this is not necessary. 

       

    • What happens if you die with assets in your possession that were never conveyed into the trust?

    • In California, a Heggstad petition could potentially be filed under these circumstances. If it can be proven that you intended to convey these assets into the trust, the court could allow for the postmortem transfer.  

       

      A pour over will could also be created as part of the initial plan. This type of will is used to direct your personal property into the trust after your death. 

We Are Here to Help! 

 

If you are interested in creating a living trust, or if you have any other estate planning concerns, our doors are open. You can send us a message to request a consultation appointment, and we can be reached by phone at 310-337-7696. 

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Testimonials

Client Review
July 29, 2020
    

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.

Frank & Jutta R
Client Review
July 29, 2020
    

Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

Paula M.
Client Review
July 29, 2020
    

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.

Phillip G.
Client Review
July 29, 2020
    

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!

Bob L.
Client Review
July 29, 2020
    

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.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

Bob S.
Client Review
July 29, 2020
    

We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

Robert F.
Client Review
July 29, 2020
    

Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
Client Review
July 29, 2020
    

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.

Kim

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