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

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Home » Resources » Trust Administration & Probate Resources » Trust Administration & Probate Definitions

Trust Administration & Probate Definitions

Schomer Law Group

Agent:

A person authorized to act on behalf of another person, the “principal.”

Appraiser:

Determines the value of hard to value assets – such as a business, real estate, or various types of collections – for tax purposes, as well as to assist the trustee in establishing values for distributions.

Beneficiary:

A person entitled to receive benefits from the trust. The trust’s assets may be distributed outright to the beneficiary, or they may continue to be held in trust for the beneficiary.

Decedent:

The deceased person.

Estate Planning Attorney:

The point-person for the trust administration, assisting the trustee with the inventorying of assets, preparation of estate tax (Form 706) and other tax returns, making of tax elections, and distribution of trust assets as provided under the trust document. Often, the estate attorney coordinates the interaction of other professionals needed for the trust administration.

Executor:

In the case of individuals who have died intestate, the person playing the role of executor is often called the administrator or personal representative.

Financial Planner:

Assists the trustee or estate planning attorney in valuing securities, re-titling assets and making distributions to the beneficiaries.

Funding a Trust:

Transferring ownership of property to a trust.

Gift:

A voluntary, gratuitous transfer of property made to another person.

General Partner:

One or more persons carrying on a business for profit as a partnership or limited partnership, having personal liability for all debts of the partnership, and, if in a limited partnership, having control of operations of the partnership.

Intestate:

Each state has their own set of laws dealing with the procedure to be followed when an individual dies without a Will.

Life Insurance Agent:

Assists the trustee or estate planning attorney in obtaining death benefits that may be payable to a beneficiary or the trust itself.

Limited Partner:

One or more persons associated in a limited partnership, having no personal liability for the debts of the partnership beyond his or her partnership investment, and having no direct control over operations of the limited partnership.

Living Probate:

Most people typically think of “probate” as something that happens after you die. However, court proceedings can also occur while you are alive and is referred to as a “living probate.” A living probate can arise if you become mentally or physically disabled. A living probate is often referred to as either a “guardianship” or “conservatorship.” A guardian is someone appointed by the Court to look after the incapacitated person. A conservator is someone appointed by the Court to look after the assets of an incapacitated person.

Power of Attorney:

A document authorizing one person, the “agent,” to act on behalf of another person, the “principal.” Also, referred to as “Attorney-in-Fact.”

Principal:

A person who has appointed another person, his or her “agent,” to act on his or her behalf.

Probate:

The legal process which transfers legal title from the decedent to the appropriate recipient of the property. This process is necessary when someone dies with a will or no estate plan in place.

Successor Trustee:

Any person appointed to handle a trust after the death or disability of the trustor.

Survivor Trustor/Trustee:

If the trust was a joint trust and the death was the first one for the couple, the surviving spouse is known as the surviving trustor. If the surviving spouse continues in his or her role as manager of the trust, then her or she also acts as the surviving trustee. In some situations, a co-trustee is appointed to act with the surviving spouse, or a third party takes over as trustee after the death of the first spouse.

Trustee:

The person who manages assets owned by a trust under the terms of the trust.

Trustor:

The creator of a trust.

Trust Administration:

The process of following a trust’s instructions after the death of the grantor. For example, a trust may provide for funding of subtrusts.

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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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