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How Does a Personal Asset Trust Work? Why Choose a Personal Asset Trust? Secure Your Legacy Today When planning your estate, protecting your beneficiaries' inheritance is crucial. Most living trust beneficiaries receive their inheritance "outright," meaning assets are distributed directly to them. While this approach seems straightforward, it leaves the inheritance vulnerable to significant [...]
How Does Joint Tenancy Work? Pros and Cons of Joint Tenancy Disadvantages of Joint Tenancy Alternative to Joint Tenancy Many clients have questions about joint ownership of property and whether adding another individual to their property is a good way to pass down assets upon their death. While joint tenancy has its advantages, [...]
With the wildfires, our firm has received numerous questions about whether your homeowner's insurance policy should be held in the name of your living trust if the title is held in the trust. This is an important consideration when managing both home insurance and living trust details to avoid complications. A living trust is a [...]
A living trust ensures property can pass to you and other beneficiaries without the delays and expenses of probate court. However, while avoiding probate simplifies the estate distribution process, a living trust doesn’t eliminate responsibilities. As the Successor Trustee, you’ve inherited a critical role that requires careful attention, legal compliance, and dedication to fulfilling the [...]
What is the probate process in California? The probate process is a court-supervised procedure that occurs whether someone dies with a will (testate) or without a will (intestate). It typically takes 12-16 months. What compensation is an executor entitled to during the probate process in California? The executor (personal representative) is entitled to compensation based [...]
https://youtu.be/ekWVSWwgkGY
https://www.youtube.com/watch?v=CRx5ormTXAg There can be some confusion regarding the different terminology associated with Trusts. Attorney Allyson S. Heller sits down to discuss the most important Trust terms. Trustor, sometimes referred to as the Settler or Grantor., A Trustor is the person or in the case of a married couple the persons who create and [...]
Many people visit our office holding their parents' family home within a trust created by their parents, often years after both parents have passed away. What most of these people don't realize is that once a trust has fulfilled its purpose, it should typically be defunded, and the assets should be transferred to a new [...]
When people begin looking into the process of creating a living trust, they often have questions about the various legal terms that they may encounter, many of which can seem confusing and overwhelming. To help demystify the estate planning process, in this article I briefly define some of the most common trust terms and phrases. [...]
Whether your loved one dies testate (with a will) or intestate (without a will), his or her estate will be subject to the California probate process—the roughly twelve-to-sixteen-month process whereby a court oversees distribution of an estate to its beneficiaries. The personal representative of an estate (the “executor”) is entitled to compensation for services he [...]
