Trusts are a common estate planning device used to shield assets from the probate process. Trusts also enable an individual (or married couple) to provide for the maintenance, education and health of family members by utilizing specific assets for those purposes. When making a trust to provide for family after…
A revocable living trust is a common estate planning device where a person, called a settlor, transfers his or her assets to a trustee, usually themselves. The settlor can amend or revoke the trust at any point during his or her lifetime. At the settlor’s death, a designated successor trustee…
Most people see a last will and testament simply as a vehicle for distributing their property after they are gone. But a properly drafted will must also address the more technical details of the probate process. For instance, who will pay for the expenses incurred in administering your estate? Even…
It’s an unfortunate reality that death often results in litigation. If a person dies as the result of injuries caused by others, that person’s estate may seek restitution in the courts. There may also be litigation over debts owed to the deceased. The possibility of postmortem litigation is just one…
How much is your estate worth? Most of us don’t contemplate this question on a daily basis. But in California estate planning, determining the “market value” of your assets is critical. When a will is filed, the probate court needs to see an inventory of the assets you’ve left behind…
A living trust can be an excellent estate planning tool. The benefit of a trust is that assets can pass directly to your chosen beneficiaries without the need for probate. But if your wishes change during your lifetime, it’s important to amend your trust in a timely manner and ensure…
Having a basic understanding of estate planning terms can be helpful when working through the process. However, it is easy to get confused. For example, two terms often used (and misunderstood) are “trustees” and “executors.” Both a trustee and an executor are persons selected to hold and manage assets of…
Currently there is a feud going on involving two of Walt Disney’s grandchildren and their share of the huge Disney fortune. Walt Disney died in 1966 leaving two daughters and 10 grandchildren. One of his daughters Sharon Disney had married and then divorced a real estate developer named Bill Lund…
Sometimes a trustee of a trust has to be removed for a violation of his fiduciary duties. In California the Probate Code sets forth the various duties a trustee of a trust has to the beneficiaries. Some of these duties are the duty of loyalty, duty not to self deal,…
Your friend or parent has asked you to be the successor trustee of his trust. Is there anything you should ask before accepting such a responsibility? Yes, yes, yes. You may think that being asked to handle someone’s estate is not that hard but sometimes being a trustee can be…