A trust allows you to bypass California probate in many cases. This can save you months of time and thousands in fees. Your trust can distribute your assets the way you really want, all without court supervision. It offers you flexibility during your lifetime and protects your assets after you are gone. At Filippi Law…
The world of trusts is complicated and usually calls for specific roles to guarantee their seamless and efficient running. One such function is that of a trust protector, a rather recent addition to California trust law but a necessary one especially in sophisticated estate planning in Rocklin, Roseville, and Granite Bay. This article examines what…
One of the initial stages in the process of settling the affairs of a deceased loved one is to ascertain the value of their estate. Accurate valuation is essential regardless of whether the estate is being administered through trust administration or probate court. This valuation affects the distribution of assets, as well as the payment…
When planning for the future, one of the most significant decisions you will make involves the management of your estate after you pass away or become incapacitated. The selection of a successor trustee is a crucial part of this process. Many individuals find themselves torn between naming their children as co-successor trustees or appointing a…
Accepting the role of a trustee is a significant responsibility that requires a comprehensive understanding of fiduciary duties, legal obligations, and the complexities of managing a trust. This role, often seen as an honor, comes with a myriad of duties that can be both rewarding and challenging. Before agreeing to become a trustee, it’s crucial…
Family Trust Dispute: The Case of Sarah Plott Key vs. Elizabeth Plott Tyler In a recent court decision, two sisters, Sarah Plott Key and Elizabeth Plott Tyler, continued their legal battle over their parents’ family trust. This case is complex and has involved multiple court decisions over the years. Here’s an easy-to-understand breakdown of what’s…
Overview of Trust Restatements Estate planning is a crucial aspect of financial planning that many individuals overlook. One key component of estate planning in California is the trust restatement process. A restatement is an amendment of the trust that replaces all of the terms of the trust with the new terms contained in the restatement….
Your Responsibilities as a Trustee (administrator or agent of a trust) Trustees are individuals or organizations tasked with managing and supervising the assets held in a trust on behalf of its beneficiaries. Trustees play a crucial role in estate planning because they ensure the successful implementation of the goals set forth by the trust’s creator,…
A trust is a legal document that designates one party, referred to as the trustee, to retain and administer assets on behalf of another, known as the beneficiary. A trust agreement is a legally binding document that outlines the terms and conditions for the beneficiary’s use of the assets. The law protects certain privileges for…
2024 California Law Update on the Required Method of Amending Your Trust In our October 2022 newsletter, we shared two cases where the law was unclear on the legally required method of amending your trust. There were two cases in the California appeals court system that came to different conclusions. A few others have entered…
