Newman Law Group

Posts tagged "Trusts"

Trust preparation may be worth considering for any estate planner

The idea of creating an estate plan is sometimes offputting to certain individuals. They may not like the idea of having to think about what should happen to their belongings after their passing or what decisions should be made if they become seriously ill. As a result, when they do decide to start planning, they may want to go with a bare-bones approach that could help them complete the process quickly. However, it may be wise to go beyond a will and consider trust preparation as well.

Trust administration involves working with multiple people

A person's estate plan often relies on other people to ensure that the correct steps are taken to administer the remaining assets. Many California residents choose to use trusts as part of their plans, and they need to appoint trustees to handle the trust administration process. Choosing the right person can be difficult as trustees have a lot of responsibilities to handle.

If trust administration goes awry, trustees may be responsible

One of the important steps of estate planning is appointing trusted people to important roles. For instance, California residents want to ensure that they choose responsible parties to act as executors and trustees. These parties are in charge of handling probate and trust administration, and if something is not handled correctly, the person in charge could face trouble.

Conflict could arise during trust administration

Many people in California and across the country are turning toward trusts when creating their estate plans. This step can have numerous benefits, but it is important to remember that some issues could arise during trust administration. In particular, the trustee may not act appropriately for the role.

Trust preparation can be complex but very worthwhile

Estate planning has its own vocabulary that consists of words like wills, living wills, medical directives, probate and trusts, just to name a few. Trusts allow one to keep the details of an estate private and can simplify the process of transferring assets in California. Understanding trust preparation and probate and the impact on the transfer of one's estate can be key to successful estate planning.  

Beneficiary designations are important to transfer assets

As people age they may realize the need for estate planning and the creation of a will in California. Having a will helps one to transfer assets, establish guardianship for minor children and facilitate the passing of one's belongings on to one's heirs after death. While a will is a help, there are other factors that may need to be considered when establishing one's estate plan.

Trust administration critical to the plan's success

In creating an estate plan for a sizable estate that will eventually be left to one's children, people frequently make use of trusts that enable them to control the distribution of the estate after one's death. This is frequently done to ensure that children are old enough and responsible enough to manage the assets received. For a trust to be carried out successfully in California, close attention should be paid to the trust administration.

Trust preparation can facilitate estate planning

Estate planning is seldom a happy topic. It's not pleasant to contemplate ones' death in California, or any other state for that matter, and it's good to keep in mind that one can't foresee becoming incapacitated. Planning for such an eventuality can make life easier for family and loved ones, and trust preparation can clarify one's wishes for such an eventuality.

Trust administration in estate planning and the opioid crisis

In 2017, opioid-related overdoses were the leading cause of death for Americans under 50, and 12 percent of families acknowledged that they have a drug-dependent relative. In California and elsewhere in the country, this is becoming an issue of significant concern for families putting together estate plans. While families want to provide for the well-being of their family members, they are aware of the pitfalls of giving money directly to a substance abuser. The answer may be a fund that is set up as a trust. The trust administration is also an important component.