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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 » Trusts FAQs

Trusts FAQs

    • What is a trust?

    • A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Settlor, also referred to as a Grantor, Trustor, or Maker, who transfers property to a Trustee. The Trustee holds that property for the beneficiaries designated by the Settlor in the trust agreement.

    • What are the different types of trusts?

    • All trusts are broadly divided into two categories – testamentary and living trusts. A testamentary trust is one that does not become active until the death of the Settlor and which is typically triggered by a provision in the Settlor’s Last Will and Testament. A living trust, also referred to as an “inter vivos” trust, activates during the lifetime of the Settlor when all formalities of creation are complete, and the trust is funded.

    • What is the difference between a revocable and an irrevocable living trust?

    • Living trusts can be further divided into revocable and irrevocable living trusts. As the names imply, a revocable living trust can be modified, revoked, or terminated by the Settlor at any time and for any reason whereas an irrevocable living trust cannot be modified, revoked, or terminated by the Settlor after the trust becomes active.

    • What does a Trustee do?

    • The Trustee is responsible for administering the trust and managing the trust assets. Some of the specific duties and responsibilities of a Trustee include:

      • Following all trust terms (unless they are illegal, impossible, or unconscionable).
      • Communicating with beneficiaries.
      • Investing trust assets using the “prudent investor” standard.
      • Managing trust assets.
      • Distributing trust assets.
      • Keeping trust records.
      • Preparing and filing trust taxes.
      • Defending the trust if litigation occurs.

    • Who should be the Trustee of my trust?

    • Your Trustee should have experience in the legal and/or financial field because many of the Trustee duties require at least a basic understanding of law and finance. Instead of simply appointing someone you “trust” as your Trustee, appoint someone who can administer the trust efficiently and economically. You may even wish to consider appointing a professional Trustee.

    • What estate planning goals can be accomplished using a trust?

    • A trust can help achieve a wide range of estate planning goals; however, some of the more common uses for a trust include:

      • Avoiding probate
      • Incapacity planning
      • Special Needs Planning
      • Asset protection
      • Medicaid planning
      • Planning for parents with minor children
      • Pet planning
      • Blended Family Planning

    • What is trust administration?

    • A trust agreement is the legal document used to create a trust. Within the trust agreement are the terms, created by the Settlor, that dictate how the trust will operate. Trust administration refers to the Trustee’s job of overseeing the terms of the trust in action. Generally, the more complex and/or valuable the trust assets are, the more time consuming and complicated it is to administer the trust.

    • Do I need an attorney to create my trust?

    • It can be tempting to use a fill-in-the-blank legal form found on the internet to create a trust; however, doing so may cause far more problems than it solves.  Without the advice of an experienced estate planning attorney during the drafting of your trust agreement, the likelihood of you ending up with an agreement full of errors and omissions increases considerably. Even a relatively minor mistake in a trust agreement can lead to a complete failure of the entire agreement and may put the trust assets at risk.

    • Should I use a trust or a Will to distribute my estate?

    • A Last Will and Testament typically serves as the foundation of an initial estate plan. At some point, however, you may wish to consider switching to a trust as your primary asset distribution method. If your estate is small enough to qualify for small estate administration, and you do not have minor children (nor plan to have any soon), a simple Will may be all you really need. If, however, your estate is large enough that probate avoidance is a consideration and/or you do have minor children who will inherit from your estate, you may wish to consider relying on a living trust as your primary distribution tool within your estate plan. Consult with your estate planning attorney to help you decide what works best for your plan.

Contact Us

If you have additional questions about trusts, or you wish to discuss the inclusion of a trust into your estate plan, contact the experienced California trust attorneys at Schomer Law Group APC by calling (310) 337-7696 to schedule an appointment.

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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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