Answer: Yes. You have the same control over your assets, including the right to buy, sell or transfer those assets as you did before they were placed into the trust.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
Answer: Yes. Your assets in your living trust are totally accessible by you. You can spend them, give them away, transfer them into your own name or to other individuals, all without any restriction.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
Answer: Yes. Our joint trust provides that assets may be held by either spouse individually as their separate trust property, or as joint trust property. It is your choice when you set up your trust.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
Answer: No. It is simple to change or amend your living trust. Typically there are two types of changes that you might want to make to your living trust. The first type of change would involve making a minor change to your plan, such as a specific gift, change of beneficiary, or a change of successor trustee. Our office provides sample amendment forms as a part of your trust documents to assist you in making such amendments. You can also make minor changes by crossing out and changing any item and then having both Settlors (i.e. creators) initial and date the same. The second type of change involves more complex amendments where your trust would need to be amended as a result of serious health changes, family problems, dramatic change of assets, or to keep current with any changes in laws. This type of amendment should typically be made only after seeking professional advice. In the event of complex changes required, you should contact our office and we will be happy to review your trust and assist you in making any necessary changes.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
Answer: A traditional will is not required, but “pour over will” is highly recommended. We prepare a pour over will as part of every set of trust documents. The purpose of the pour over will is to capture any assets inadvertently omitted from the living trust and transfer them into the trust. If your assets are in your trust, you will never use your pour over will. Unlike the normal last will and testament, the pour over will simply directs your named executor to “pour over” any asset which you have failed to include in your trust, into your trust, for distribution under the terms of your living trust. However, the use of the pour over will to capture such assets requires a probate proceeding. Our office tries to be very thorough to ensure that all assets are transferred into your living trust so that no probate is necessary. You may wish to think of the pour over will as a safety net for any assets inadvertently left out of your trust.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
Answer: No. Funded living trusts avoid probate, wills do not.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
Answer: Once you have created your living trust, you can avoid probate on all of the assets that are transferred into the trust. By transferring your assets into the trust, your assets are then held by you as trustee of your trust and upon your death, the trust operates to provide for the distribution of those assets to your beneficiaries pursuant to your instructions to your successor trustee.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
Answer: Absolutely not. Most people who create their own trusts choose to be their own trustee while they are healthy and select a child as a “successor trustee” in the event that they become incapacitated or die. However, if you create your own trust you can also name a bank or trust company to be trustee of your trust and to manage your financial affairs in accordance with the provisions of your trust. Normally banks charge a fee for this service as a percentage of the assets in your trust. If you have created your own trust and do elect to have a special corporate trustee, you, or your successor trustee can also remove or select a new special corporate trustee should you or your successor trustee feel that the special corporate trustee is not acting in your best interests. Be cautious where parties such as banks or trust companies offer to “assist you” in setting up your trust since they will normally insert the bank or trust company as a present or future trustee in such a way that you or your children cannot change.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
Answer: No. Once the individual(s) who created the trust (i.e., Settlors) have died or become incapacitated, no changes are permitted in the trust.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
Answer: A successor trustee has a fiduciary obligation to follow the instructions provided in the living trust. The beneficiaries named in the trust have the right to take the trustee to court if the trustee fails to abide by those instructions.
DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.
The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.
