Serving as a trustee can be a big responsibility. If you are a trustee and want to know your responsibilities, or have questions about a trustee on a trust you benefit from, knowing this information can be critical. Trustees have specific duties and responsibilities under California law. Not following through on them can lead to…
Yes, a trustee can also be a beneficiary in a California trust. In fact, its pretty common to do it that way. Families rely on this structure to name someone they trust to both handle the trust and benefit it. For many trusts, it is exactly the point that the trustee is also the beneficiary,…
A pretermitted child is a child that was accidentally left out of a parent’s will, or their trust. These children have a right to claim part of the estate, even if the valid estate plan leaves them out of it by accident. This often comes up in the case of divorce or more complicated family…
When someone with a trust passes away in California, the trust keeps assets out of probate. That’s part of the reason why people create one in the first place. But what happens to the trust after you pass? A revocable trust may become irrevocable, and a successor trustee is going to take over. Understanding how…
Putting real estate into a trust is an excellent way to avoid California probate and protect your valuable assets. It smooths the transition to your beneficiaries after you pass and is an integral part of your estate plan. The trust must be properly formed and funded, but an attorney can help you understand how to…
A bypass trust is a very useful tool to help protect married couples and reduce their estate taxes. It can also help protect other assets for your future generations. Also called a credit shelter trust or AB trust, they help bypass over taxation of your estate, as explained more below. An experienced lawyer can help…
In Rocklin and Roseville, we see the same scene play out over and over. A parent passes away. The family gathers, grieving and exhausted. Someone says, “Okay… so who’s the executor?” Someone else says, “It’s a trust, so there’s no executor.” Then the real confusion begins: “Wait—am I the trustee or the beneficiary?” “If I’m…
You may have heard the term “dynasty trust” if you’ve ever wondered how some families pass down wealth from one generation to the next while paying as little tax as possible, protecting their assets, and keeping their family values. A lot of people don’t understand these trusts, but they can be very useful, especially for…
Estate planning is a crucial aspect of financial management, ensuring the distribution of your assets according to your final wishes. A living trust is among the best estate planning instruments. This blog will give you a thorough understanding of living trusts, highlight crucial factors to take into account when drafting one, and provide essential information…
The Power of Estate Planning and Trusts for Modest Estates Estate Planning is often associated with wealthy people with many assets, substantial properties, and intricate legal structures. However, estate planning holds value for individuals from all walks of life, regardless of the size of their assets. Even if you don’t have a lot of money…
