8 Steps to Take as a Trustee Overseeing a Trust With Business Interests
If you are administering a Trust With Business Interests, you have many responsibilities. You must act quickly and carefully to ensure it is protected.
Five Options for Modifying Your Estate Plan to Include Charitable Giving
Your estate plan can be modified to incorporate charitable giving in the manner that best suits your needs. Contact our office to set up an appointment.
How to access assets outside of trust when a person passes away?
Assets outside of trust can ultimately be distributed to the beneficaries of the trust through what’s known as a Small Estate Affidavit. Probate Code Section 13100 outlines the rules for these kinds of transfers. The first requirement is that the decedent must not have left more than $150,000 of probate property outside of trust. The following are NOT considered probate property: assets held in trust, joint bank accounts, assets held in joint tenancy, California registered vehicles, life insurance, and retirement accounts with beneficiares. The second requirement is that you must wait 40 days form the date of death to transfer such assets into the trust or to distribute the to the benficiary or beneficiaries. Finally, a declaration must be signed by personal representative confirming that 40 days from death have in fact lapsed and that the probate estate does not exceed $150,000.
Six Steps to Accepting an Appointment as Trustee
At some point during the administration of a trust, a successor trustee must step in and assume the trustee duties. Accepting the appointment is not difficult.
Getting Older? It’s Time to Update Your Estate Plan
As you age, your estate planning documents age with you. Consequently, you may need to modify your plan in order to address your changing needs and goals.