Trust Administration Tag

Eight Steps for New Trustees by James L. Cunningham Jr., Attorney at Law I realize that you have just faced the difficult truth of a loved one passing away. Unfortunately, I must tell you that another difficult truth awaits: If you were named as the Trustee of an estate, it can be more than a little stressful going through a loved one’s things, finding their financials and deeds, paying their...

Are you looking for a local Pasadena estate attorney to help create your California Living Trust? I hope you’ll consider our Pasadena Estate Planning office, headed by superb attorneys Conner Clemons and Liz Seitz, and serving clients throughout the San Gabriel Valley. It’s not easy choosing a Living Trust attorney—or at least, it shouldn’t be. You Really Do Need a Specialist Estate planning...

Recently lost a loved one? Please know that you’re not alone. We’re here to help you through this difficult time and guide you on the next steps to take. We also encourage you to reach out and ask for help from family and friends in making arrangements for what comes next. This network of support is often more than happy to prepare food, look after children, help with arrangements, or simply...

An executor of a Will and Trustee of a Trust have distinct legal responsibilities and there are major legal liabilities at stake when confusing these two different roles. Let’s explore the differences. What does an executor of a Will do? If your loved one passed away with a Will, then an executor is named within the document or appointed by the court. The executor of a Will carries out the...

The National Defense Authorization Act (NDAA) for the fiscal year 2020 could bring change for our country’s Gold Star families and survivors of fallen veterans. If passed, it could repeal a law nicknamed the Widow’s Tax that currently, “affects more than 65,000 military families nationwide, costing each an average of about $11,000 per year,” in lost compensation. Under current law, surviving...

When a loved one dies, their family members go through a lengthy process of taxes, financials, and legalities. While everyone’s situation is different, it is important to seek the help of a professional attorney for California trust administration and it’s crucial to do so as soon as possible! If you wait to seek out professional help before the administration process begins, you may find tax...

If you read through Mistake #10, you now understand how a mere “last will and testament” does not provide the vital mechanisms offered by a living trust. A will can be partly disregarded by a judge or indefinitely delayed by probate. A living trust offers you the chance to bypass many of the frustrations of the probate, conservatorship, and guardianship systems. Do not, however, be tempted...

Much of the rest of this book will be about constructing a good living trust. But what is a living trust, exactly? As I explained briefly earlier in the book, you can think of a living trust as a kind of vessel, a bucket which you create, and into which you place your stuff. Some things, like IRAs, 401(k)s, annuities and life insurance do not go into the trust, (See Mistake #5). Basically,...

Last week we covered choosing a trustee. However if you can’t find the right individual family member or friend to take on the job of trustee, and you don’t like the idea of an independent professional fiduciary, you might want to consider a “trust bank” to administer your living trust. Trust banks are institutions or branches of institutions that provide trust administration as a business....

How do most people choose a trustee? What process will they follow to pick a candidate for a job which involves the proper handling of attorneys, bank officers, gun collections, and possibly millions of dollars? Usually, mom and dad sit around the kitchen table filling out estate documents. They come to the blank for filling in the trustee’s name. Who will they choose to execute their will and...