Trusts have been around for hundreds of years; specifically, the living trust gained popularity in the 1970s as a probate avoidance technique. Today, living trusts are often used as a foundational document in estate plans. We’ve found that many folks have both questions and misconceptions about the living trust; so, in this three part series, we answer your living trust questions. Will I always be the trustee of my living trust? You can be the trustee of your trust as long as you are … [Read more...]
Steps to Take When a Parent Dies
When a parent dies, the surviving family members are typically at a loss as to what needs to be done legally, to handle their assets. Here’s a step-by-step guide to get you started on what you need to do when a parent dies. The best advice, though, is to first consult with an experienced and qualified estate planning attorney to make sure you have covered everything. He or she can help guide you through the process, comply with the many legal requirements of estate administration and help you … [Read more...]
7 Basic Steps of the Probate Process
When a loved one dies, the money and property included in their estate need to be distributed to their heirs. In many cases, the estate must go through the probate process in order for the assets to be properly distributed. The basic probate process requires completion of several steps in order to close probate and make those distributions. This article will explain the 7 basic steps required in the California probate process. Before the probate process can formally begin, you need a personal … [Read more...]
The Basics of Trust Administration in California
Trust attorneys will agree that a trust is a valuable estate planning tool. Trusts are useful in minimizing estate taxes and in avoiding costly probate. There are actually many benefits. But, when it comes to trust administration, it is equally important to understand what is involved and to select the right person or entity to serve as your trustee. The legal definition of a trust Trusts are basically fiduciary agreements between a trustee and the grantor, who is the person making the … [Read more...]
Estate Administration: A Probate Attorney Can be Invaluable
A probate attorney, commonly referred to as an estate attorney, focuses on assisting a Personal Representative through the entire probate process from beginning to end. A probate attorney can be an invaluable resource because the laws in each state are different with regard to probate proceedings and all of the requirements imposed by the probate court. In fact, the first piece of advice for a personal representative is “hire an attorney.” Here's why. What is involved in estate … [Read more...]
A Probate Attorney Can Help With Estate Administration
You should be aware of the multifaceted nature of a properly constructed estate plan. It is wise to take a 360 degree approach so that you can leave behind a workable situation for your loved ones after you are gone. A last will is a commonly used asset transfer vehicle. If you utilize a last will to state your final wishes, you have to take the estate administration process into account. The person who would handle the tasks that must be completed during this process is the executor or … [Read more...]
Evaluating Estate Sale Companies
Estate sales, estate auctions, and estate liquidations are often a common part of the estate settlement process, as are the estate sale companies that run them. However, not all estate sale companies are created equal, and anyone considering hiring such a company needs to approach the decision with a certain amount of caution. This is especially true if you are an estate administrator and are trying to find the right estate sale company to dispose of estate assets on the estate’s behalf. Here … [Read more...]
Tips When Inheriting IRAs
We regularly get inquiries from our clients who are recipients of an inheritance. An ever increasing asset that is being inherited is a retirement account such as an IRA. Special considerations must be attended to when inheriting an IRA because of their special characteristics. In this blog, we'll discuss some of these considerations. Don’t automatically request to cash in the IRA. The income tax repercussions could be great and there are better options. If you opt for a lump sum … [Read more...]
How Is a Revocable Living Trust Funded?
There is a legal device called a revocable living trust that is an extremely effective and versatile estate planning tool. Though some people believe that trusts are only for the rich, you could benefit from this type of trust even if you are not a multimillionaire If you establish a revocable living trust, you continue to control the actions of the trust, because you can act as the trustee and the beneficiary initially. You have the power to alter the terms of the trust, and as the name would … [Read more...]
Is There a One-Size-Fits-All Estate Plan?
Instant gratification has become the expectation in many cases during our current era, and this is largely due to the emergence of the Internet. Without question, the fact that you can obtain information about anything with the click of a mouse is a very good thing, but there are some pitfalls to avoid. From a commercial perspective, there are many different offers out there. The idea is that you can sidestep the need for professional assistance if you use simple tools that are offered online. … [Read more...]
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