When someone dies and there is a revocable living trust — there are three questions that come to mind immediately:
1. Does a notification need to go out? California Probate Code Section 16061.7 requires that a notification be served when a revocable trust becomes irrevocable, upon change of trustee or other event stated in the Code. [...]
Estate Planning, Southern California Attorney
Category Archives: Living Trusts
Trust Admin — 3 First Questions.
In California, Living Trusts are a Must-Have…
For real property owners. For those with minor children. For those with significant assets like cash in a brokerage account.
A Living Trust is a must for California residents for three reasons, which I will explain below. Don’t believe this article written by a Maryland attorney — it is about Maryland law — California law is [...]
Transferring Real Estate to Your Trust
Do you already have a revocable living trust?
Do you already have your primary residence in your trust?
Are you about to acquire a replacement home or additional real estate?
If so, transferring your new acquisition to your existing revocable living trust is easy. Of course, while you may want to consult with your attorney before [...]
Your Children and Their Inheirtance.
When you set up a living trust — you will be faced with some choices on how to handle or set up your children's potential future inheritance. (I say potential because you could die broke.) This is where a good life insurance policy may come into play and be designed to leave an inheritance. You [...]
Trust Admin Process in a Nutshell.
The Trust Administration process after the settlor or settlors have died is usually thought of in four phases. This is assuming that for a single person trust that the person who created the Trust, the settlor, has died. This is also assuming that for a two person trust that both persons who created the Trust, [...]
Your Trust and Its Schedule A.
Does your living trust have a Schedule A attached to it? If your answer is No, do not past go and contact your estate planning attorney now to prepare a Schedule A.
If your answer is Yes, stop and review the following questions:
1. Is your Schedule A up to date?2. Does it list all of your [...]
Basic Advice: Set Up a Living Trust
Suze Orman, from O (Oprah) Magazine, strongly advises her readers to set up living trusts. Here is what she has to say:
In What to Do When a Family Members Abuses an Inheritance in this month’s O Magazine and featured on the website, she strongly advises setting up a trust to prevent someone from taking wayward [...]
Living Trusts Are Revocable And Not An Asset Protection Tool
It comes up all the time.
A call comes in from a potential client: "I need to set up a living trust now to protect my assets. "
Generally, if the person (called the settlor) who created the living trust and transfers property to this living trust has retained the right to revoke the living trust then [...]
Putting Bank Accounts in Your Living Trust
After you have established your Living Trust, one of the more important things you will need to do is fund your trust with your assets including bank accounts. This post only deals with bank accounts and not other assets that should also be included in a Living Trust.
Once your Living Trust is set up, [...]
Trust Administration After Someone Dies
Living Trusts require administration after the death of a settlor (the person who created the trust).
Upon a person’s death — there are many steps that need to be taken in accordance to California laws to properly administer their Living Trust:
To start, California Probate Code Section 16061.7 requires notification by trustee to beneficiaries/heirs of the person [...]
