In selecting a successor trustee for a living trust, people often gloss over the complications involved and think in broad generalizations as who will “manage” or “settle” my estate or “take care of my beneficiaries.” In reality, a trustee performs very specialized, complicated functions. The trustee must administer the trust consistent with the trust terms, … Continue reading What to Consider in Choosing Your Trustee
People often ask what should be included in a new living trust plan or, similarly, what should be included when updating an existing living trust plan. Here are the basic elements of such a plan for California residents: 1. Revocable Living Trust. Note that for those with an existing living trust that needs to be updated, … Continue reading What to Include in a New or Updated Living Trust Estate Plan
Your living trust can provide that, after your death, wealth remains in trust for your child (or other intended beneficiary) to help with designated purposes. Well known examples of such purposes are health and education. But another purpose is help with buying a house. For example, your trust could provide that, after your death, the trustee may … Continue reading Helping Your Beneficiary Buy a Home: Trust Provisions
In planning how to have your financial affairs managed by others if you become unable to manage your own financial affairs, it’s not enough simply to have a revocable living trust. There are many financial transactions that legally cannot be handled by the trustee of your living trust. For example, if you become unable to … Continue reading Importance of Your Durable General Power of Attorney
California law states who has priority to serve as administrator of your probate estate if you died without a will and with a California estate large enough to require a California probate. Specifically, a person in the following relation to the decedent is entitled to appointment as the California administrator in the following order of priority: … Continue reading Who Will Be in Charge of Your Estate if You Have No Will or Trust?