A living trust is a created legal entity, separate from the person who it is created for, called the trustee. The living trust takes legal ownership of the assets that are put into the trust. The trustee controls the assets during their lifetime. Like a will, the living trust will contain instructions on how property is to be distributed after the trustee’s death. A successor trustee is named, who will handle the distribution to the beneficiaries (the people or organizations who will receive the assets). This transfer of property will be handled outside of probate court, saving money, time and […]
What causes the biggest headache when it’s time to settle an estate and distribute assets? The answer is when important documents can’t be found. Trying to locate important papers, organize them, and sometimes complete them creates an extreme burden, the process to slow down and a unnecessary frustration. A difficult time is made much worse by the lack of pre-planning. It’s great when steps were taken to keep the matter outside of a courtroom, but it’s even better when everything is in one place to be handled efficiently. A bank safe deposit box or a fire proof safe are excellent […]
Most people who don’t already have a living trust, know the importance of having one and do plan to have one prepared. Still, having the living trust prepared often ends up at the bottom of the “to do” list. Busyness is a big reason. Many people think that there is too much to think about and too many documents to go through to get the information needed to put their living trust together.
Just Document Preparation clients are usually surprised at the ease of having their living trust prepared and are always relieved when it has been finalized. It’s usually one […]
Just because you prepared a living trust to keep your loved ones out of probate court, doesn’t guarantee they will stay out of court.
Remember that even though you have the right to distribute your assets anyway you choose, gifting your assets unevenly or disinheriting a family member could invite a legal contest, unless you take extra precaution to stamp out any potential fires before they start.
Your living trust (or will) can be questioned not only by angry family members but also by those who legitimately question the circumstances surrounding the creation and signing of your documents.
Although property is easily transferred […]
The following article published by the Federal Trade Commission says that generally an attorney is required to be used for the preparation of your living trust. Fortunately because California is consumer friendly, an attorney DOES NOT have to be used to prepare Living Trusts in California. California legitimized the legal document preparation profession over 0 years ago with SB1418. A legal document assistant must be bonded and registered with the county clerk to prepare legal documents for the consumer. However consumers still need to make sure they are informed and with all the excellent resources and information on the internet, […]