What is a Special Needs Trust? In general, a trust is created when property or assets are managed by a person or firm for another person’s benefit. The person or entity who manages the trust
What is Trust Administration?
Trust Administration is the process by which the person you put in charge of your trust assets (your “Trustee”) follows the terms of your trust. There is no court involvement, no supervising judge, and no one policing the Trustee. However, your Trustee is still bound by the fiduciary duties set forth in the California Probate Code. Trust Administration is generally preferred to probate because it is a much more efficient way of managing and distributing assets to your beneficiaries and the costs of Trust Administration are much lower than the costs involved with a probate.
What can I expect as the Successor Trustee?
This whole process could take anywhere from a few weeks to six months, depending on the size of the estate and number of beneficiaries. Below are just a few of the steps that we will complete for you.
Lodge the will with the court located in the county decedent resided in.
Send California Probate Code 16061.7 Notification to all heirs and beneficiaries named in the trust.
Gather asset information and take possession of all trust assets.
Update the title to trust assets.
Obtain a tax identification number.
What am I entitled to as the Beneficiary?
As the beneficiary of the living trust, you are entitled to the following:
In the event a loved one dies without an estate plan in place, we can help you determine if probate is needed and walk you through this process.
It is a common practice for parents to treat their children equally when it comes to inheriting property or money. But sometimes, parents intentionally choose to not leave anything to a child, and the reasons
We all had our eyes on the election results last week. For Californians, we have a few law changes that might impact our property taxes. Basar Law wants to help Californians understand the shifts caused