Newman Law Group

Trusts Archives

Trust administration: Choosing a trustee

After a person dies, there are usually many tasks for those left behind to be completed. It is important to select a person that can handle the technical and time-consuming responsibilities of handling estates, including trust administration. Individuals often choose a trust instead of the more traditional will to manage their estate, and when a person uses a living trust, a successor trustee must be selected. In California, the successor may be one of several types of entities, including an adult child, family member, friend, bank or professional fiduciary. 

Revocable trusts: Another way to transfer assets

When people think of passing on and leaving their legacy behind to their heirs, they usually think of wills. But a trust is another way for individuals to transfer assets. Revocable trusts allow the maker to change the terms of the trust as well. A trust, properly established, allows a person a few extra advantages over using a will. Recently, one author shared some of those advantages in a news article that individuals in California may find interesting. 

Trust preparation now can simplify finances later

Is there a way to streamline the distribution of finances after death and also keep the information private? Yes, one important element of estate planning is the revocable trust. California residents who undergo trust preparation now can avoid lengthy probate of wills and having their will become part of the public record. 

Proper trust preparation now pays off in the long term

When it comes to estate planning in California, many individuals may mistakenly believe that once they have prepared a last will and testament, they are all set. However, there are actually a variety of estate planning tools that can provide benefits and options to meet each individual's specific needs, not the least of which is a revocable trust. With the help of a knowledgeable attorney to make trust preparation less complicated, trusts can prove extremely useful in estate planning.

Trusts can be beneficial way to transfer assets

Estate planning is often assumed to be something that only wealthy individuals need to do. However, this assumption is simply not true. For some California families, estate planning can be as simple as creating a will; for others, trusts are the preferred method when it comes to how to transfer assets.

Family dynamics a consideration in deciding to transfer assets

Many California residents recognize the need for estate planning. For most, the need to protect loved ones and minimize estate taxes are the driving force behind such planning. However, for some families, there are other factors which can have a tremendous effect upon how and when one desires to transfer assets.

Special needs trust one way to transfer assets

Parents often want to make sure that their children and loved ones are taken care of, even after the parents' death. For this reason, many California parents have life insurance policies, investment accounts, wills and even trusts in place to make sure that the children have what they need. It is important that each individual thinks through and act upon the best way to transfer assets so that the needs of the family are met and the inheritance is maximized.

Trusts offer convenient method to transfer assets

Estate planning comprises a number of different topics that all have a common goal. In addition to wills, powers of attorney and estate administration directives, many California residents find that trusts offer a convenient method to transfer assets. Although there are many different types of trusts, the two most common are revocable trusts and irrevocable trusts.