Trust termination is the complex process of transferring assets left in the trust upon a triggering event. Often times the triggering event is the death of the grantor of a revocable trust. Due to the myriad of situations that are present with Read More >>
What Happens When There is No Will?
It must thereafter be determined if a will is necessary. Often times the deceased person has titled all of his assets as Joint Tenants with Right of Survivorship. This means there is a co-owner to the assets and the co-owner will automatically assume Read More >>
What Is Probate?
Probate is the process of proving the will has been executed correctly and the person creating the will was of sound mind and undue influence. Thus, the will must be produced to the register of wills along with any other related papers in the county Read More >>
What happens when someone dies and they leave a will?
Typically the process begins by determining IF someone had a will. Hopefully this question will be easily answered. Assuming there is one, I have laid out a typical scenario. Please keep in mind that events aren't always typical and there will always Read More >>
How important is the titling of property with respect to my plan?
Retitling property into the trust is a very important part of your estate plan. Without retitling the assets properly into the trust you will not be able to avoid probate if this is one of your goals. In addition if property is not titled correctly Read More >>
If I have a Revocable Living Trust do I still need other estate planning documents?
As mentioned before the Revocable Living Trust is only a part of your estate plan. You will still need a will, which is generally a Pour Over Will which acts as a safety net to pour anything that was not properly titled into the trust. Also a Power Read More >>
What do the terms Grantor Trustee and Beneficiary mean and what are their responsibilities?
The Grantor in this case is you, it is the person who sets up the trust. It is generally also the person who funds the trust. The Trustee is the person who is responsible for administering the trust, investing the assets and handling any of the Read More >>
What happens to my Revocable Living Trust upon my death?
Upon your death your trust will become irrevocable and is no longer able to be amended or changed. All of the assets that were in your trust will still be considered in your estate for tax purposes and the Trustee or Successor Trustee if you were Read More >>
If I want to change or revoke the Revocable Living Trust, how do I go about doing this?
Generally to amend or change your Revocable Living Trust or to revoke it you must have proper papers prepared to reflect any changes. If you decide that you want to change or revoke your trust you should get in touch with your attorney in order to Read More >>
What are the tax consequences of having a Revocable Living Trust?
During your lifetime and as long as you are the trustee and managing the trust all of the items which you place into the trust will be taxed using your social security number, therefore you will not see any change at all tax wise. All income will be Read More >>
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