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...] about Answers To Your Living Trust Questions (2 of 3)
Proper Asset Ownership
When “No” is the Best Answer
At our law firm, we dedicate most of our time to helping our clients plan their estates, address issues involving incapacity and long term care planning, and helping to administer their estates and trusts after their gone. However, we also regularly get questions from our clients when they are the beneficiaries or heirs of someone else’s estate. When receiving an inheritance, few people consider that there may be a big decision looming. You are still mourning the passing of someone dear to … [Read more...] about When “No” is the Best Answer
Answers To Your Living Trust Questions (1 of 3)
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. I am confused about the different types of trusts. Is a living trust always called “living trust”? Great … [Read more...] about Answers To Your Living Trust Questions (1 of 3)
Jointly Owned Property And Probate
There are two types of probate, living probate and probate at death. Joint tenancy, a common form of jointly owned property, doesn’t avoid either type of probate. Living Probate Living probate is called “conservatorship” in California; it occurs when someone becomes disabled (i.e. incapacitated) and can’t manage his or her own finances. The court holds a hearing and determines whether the individual is indeed disabled; if so, all assets, including jointly owned assets, are frozen. The … [Read more...] about Jointly Owned Property And Probate
Making Sure Your Living Trust Performs As Intended
When setting up a trust, preparing the documents does not finish the process. If the person who sets up the trust fails to properly transfer their assets into it, it can become an underfunded or unfunded. This lack of proper funding can lead to a failure of a person’s estate plan, and also increases the potential for disputes throughout the process of probating the estate. What is an Unfunded Trust? A trust is a legal document that involves a trustor, a trustee, and a beneficiary. The trustor … [Read more...] about Making Sure Your Living Trust Performs As Intended
