With so many people creating Revocable Living Trusts today, it is not unusual for someone to find that they have been appointed as a Trustee upon the death of a family member. Some Trustees are called upon to pay the Trustor's bills and distribute the Trust assets as instructed by the Trust. At other times, the Trust was intended to last for a long time and the Trustee has an ongoing duty to manage the Trust such as in the case for Trusts set up for the benefit of young children. If you have … [Read more...] about Trustee Duties
Revocable Living Trust
Many people die without taking the time to create a will or trust. Wills and trusts are powerful estate planning documents that allows individuals to be in control of the future. It’s important to consider the use of these documents, so that you can plan ahead. If you don’t take the time to plan, your wishes may not be respected. Take a look at the following 4 reasons as to why you don’t want to die without a will or trust. If you have any questions, or if you’d like to begin drafting you … [Read more...] about 4 Reasons Not to Die Without a Will or Trust
A primary benefit of creating a Revocable Living Trust is to avoid having your estate go through Probate Court. It's not something that you do for yourself. Probate is not a hassle for the deceased. Instead, you do it for your loved ones you leave behind. You do not want them to have to go through the expense and delays of Probate. Since you are already concerned about sparing your loved ones from unneeded trouble, why not take it one step further? One of the biggest problems with handling a … [Read more...] about List Your Trust Assets
Trusts have become popular estate planning tools. Trusts come in many forms and can be constructed to accomplish specific goals in many cases. A basic trust consists of a trustor, a trustee, at least one beneficiary and assets that are used to fund the trust. Beyond the basics, trusts then fall into one of two broad categories — revocable and irrevocable. Although there are numerous other decisions that must be made when you create a trust, deciding whether your trust will be revocable or … [Read more...] about Do I Need a Revocable or Irrevocable Trust?
In California, certain small estates may not be subject to probate, instead they may be able to take advantage of less costly "small estate procedures." As of January 1, 2012, there is a new definition of "small" estate. The new limit is $150,000 in non-real estate assets and up to $50,000 in real estate. If your assets otherwise subject to probate don’t exceed these amounts, your estate may be able to avoid for expensive and time consuming formal California probate process. However, depending … [Read more...] about New California Probate Exemption in 2012