While you are alive, you can act as a trustee of your trust and you can manage your estate. You will need to designate a successor trustee, such as a trusted and responsible family member or a trusted friend, to administer your trust at your death. Your chosen successor trustee should have business sense, and be responsible with money management, because he or she will be responsible for carrying out the wishes and desires that you’ve set out in your trust agreement. … [Read more...] about What is a Successor Trustee?
TRUSTS – FREQUENTLY ASKED QUESTIONS
Another question that I get is, “Can out of state properties be put into my trust?”. The answer is yes. The Collins Law Group is a member of the American Academy of Estate Planning Attorneys, a national organization with attorney members coast to coast. So, if you have out of state properties, we do have a national network of attorneys who can assist us in making sure that your property is properly transferred into your trust. … [Read more...] about Can Out of State Properties be Put into My Trust?
My clients often ask me, “How long does it take to set up my living trust?”. Here at the Collins Law Group, we have a six-step planning process that generally involves three meetings taking place over the course of thirty days. Of course, we are sensitive to our clients needs, so if there’s a need to expedite the process, we can complete the trust work within the matter of days. … [Read more...] about How Long Does It Take to Set Up my Living Trust?
Here at the Collins Law Group, we are often asked, “Do I need an attorney to create my living trust?”. The answer is that it’s highly recommended that you get a licensed and qualified attorney who specializes in estate planning because estate planning is a complex area of the law. We do not recommend that you use any online resources to create your trust documents by yourself because what you want is a qualified and licensed attorney, or a law firm, to stand by your trust documents when you and … [Read more...] about Do I Need an Attorney to Create a Living Trust?
I’ve also been asked, “What is a Conservatorship?”. Conservatorship is a court-supervised process that allows an individual to manage the affairs of an incapacitated person. I’d like to note again that any court-supervised process is a public process, a costly process and will most likely be a lengthy process. … [Read more...] about What is a Conservatorship?
My clients often ask me “Will my property taxes change if I create a trust?” In general in California the answer is no. When it comes to real property, like family homes or vacation homes, there is no change in who owns the property only how the property is owned, so this does not trigger a property tax change. … [Read more...] about Will my California Property Taxes Change if I Create a Living Trust?
A trust can help achieve a wide range of estate planning goals, including: Avoiding probate Incapacity planning Asset protection Medicaid planning Planning for parents with minor children Special needs planning Pet planning … [Read more...] about What are some of the common reasons to include a trust in your estate plan?
One of the most important decisions a Settlor must make when creating a trust is who to appoint as the Trustee. In fact, a common mistake people make is appointing a spouse or close friend as Trustee without taking the time to consider if that individual has the experienced and/or skills to successfully serve as the Trustee. Sometimes, appointing a professional Trustee is the better choice. The overall job of a Trustee is to manage and invest trust assets and to oversee the administration of the … [Read more...] about What are the duties and responsibilities of a Trustee?
Trusts are broadly divided into two categories — living trusts and testamentary trusts with the former activating during the lifetime of the Settlor and the latter typically being activated at the time of the Settlor’s death by a provision in the Settlor’s Will. Living trusts can be further sub-divided into revocable and irrevocable living trusts while a testamentary trust is always revocable because a Will is always revocable. As the names imply, a revocable trust is one that can be modified or … [Read more...] about What is the difference between a testamentary and a living trust?
A trust is formally created using a written legal document called a “trust agreement.” The trust agreement reflects the terms of the trust as created by the Settlor. Though you probably do not ever think about it, you likely enter into oral trust agreements all the time. For example, if you asked a co-worker to hold a package for you while you are on vacation and give it to your niece when she arrives from out of town, you have created a trust wherein you are the Settlor, your co-worker is the … [Read more...] about How is a trust created?