Living Trusts in California

Posted on June 26, 2013 by admin

Living Trusts in California. There is an increasing number of people in California who apply for living trusts in order to protect their properties from the long-drawn probate process and to pay lesser tax.

Creating a living trust is a worthwhile endeavor to a person who has a significant amount of money and property. Properties will be transferred by their owner (who is the grantor) in the trust to be managed by a trustee and distributed to its beneficiaries. While the owner is alive, he/she can be the grantor, trustee, and beneficiary of that trust. When the grantor dies or becomes disabled, a named successor trustee will implement what is stated in the trust.

For married couples, they automatically become co-trustees of the properties that they have accumulated together. However, for properties that they had when they were still single, a conservatorship has to be created in order for the living spouse to gain access to the property. Putting all the properties in one living trust eliminates the problem.

In case of properties that were not included in the trust, a pour-over-will can be created as a stopgap to the potential legal loopholes that can occur.

A living trust in California only covers properties within the state. If a person has other properties in other states, he/she has to create another living trust applicable in that state.

Living trusts in California are governed by the Californian Probate Law. A lawyer who is allowed to practice law in California can draft the living trust document.

Directions to Daniel R. Mortensen
MORTENSEN LAW OFFICE
Tax, Trust & Probate Attorneys, P. C.
22807 Lyons Avenue
Newhall, California 91321
(661) 799-9225
(661) 799-8838 fax

Super Jobs For You gives information on how to get a job and how to hire good people. If you are looking for a Die Casting Job look at this website. This Die Casting Blog will give you more information you can use for manufacturing.

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How To Prevent Probate with Living Trust

Posted on June 19, 2013 by admin

How To Prevent Probate with Living Trust? When a person dies, his/her property will be probated. Probate is the legal process of distributing properties to the intended heirs. The bad thing about probate is that the heirs will have to spend a lot of money, time, and energy into this process. Some people thought that the process will be easier when there is a will. However, it even gets more complicated when there are other people who challenge the veracity of that will and have a claim to the dead person’s inheritance. Furthermore, legal probate court can be viewed by the public, so it is possible for an invasion of privacy as far as properties are concerned.

To avoid this kind of problem, it is more prudent to make a living trust in place of a will. A living trust is a legal document that clearly defines who is the grantor (and often times, also the trustee) of the trust, and its beneficiaries. Properties can be given while the grantor is alive is dead, or if the grantor is dead, the successor trustee can distribute the properties. With this kind of arrangement, heirs do not need to go to probate courts.

To make a living trust, a person has to make a living trust document (also called a declaration of trust). Then he/she must transfer the properties (real estate, bank accounts, jewelry, business ventures and investments, art collections) in the trust. After the document is made, it must be kept in a safe place for future reference.

Super Jobs For You gives information on how to get a job and how to hire good people. If you are looking for a Die Casting Job look at this website. This Die Casting Blog will give you more information you can use for manufacturing.

Directions to Daniel R. Mortensen
MORTENSEN LAW OFFICE
Tax, Trust & Probate Attorneys, P. C.
22807 Lyons Avenue
Newhall, California 91321
(661) 799-9225
(661) 799-8838 fax

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How to Prevent Probate

Posted on June 12, 2013 by admin

How to Prevent Probate. There are no standard rules or guidelines regarding probate in the United States and in other parts of the world. In fact, some US states differ from others on how they govern this issue. There is one common denominator though and that most people prefer not to probate their will. This is due to the stress brought about by the dragging legal proceedings and the huge expenses necessary to go through probate. In the state of California, probate can be avoided by a number of ways.
1.

  • Living Trusts

    • To prevent probate on all your properties, one can make a trust document where it is indicated who will be the successor trustee once the decedent passes away. The next step is to transfer the ownership of the property to the decedent himself and name him the trustee. Once he dies, the successor trustee is responsible for transferring the assets to the beneficiaries without the need for probate.

    2.

  • Joint Ownership

    • Another way to avoid probate is to have joint ownership of a property. A “right of survivorship” allows the surviving owner to gain sole ownership of the assets without going through court proceedings.

    3.

  • Payable-On-Death (POD) Accounts

    • Money in bank accounts or in security deposits can be placed under the ‘payable-on-death’ accounts. After the decedent’s demise, the POD beneficiaries get the money directly from the bank without the need for probate.

    4.

  • Transfer-On-Death (TOD)

    • Securities (stocks and bonds) and vehicles can be registered under the TOD or beneficiary. Both kinds of assets don’t need to undergo probate. The heir can claim the stocks and bonds from a brokerage company while vehicles are directly given to the beneficiaries.

    Super Jobs For You gives information on how to get a job and how to hire good people. If you are looking for a Die Casting Job look at this website. This Die Casting Blog will give you more information you can use for manufacturing.

    Directions to Daniel R. Mortensen
    MORTENSEN LAW OFFICE
    Tax, Trust & Probate Attorneys, P. C.
    22807 Lyons Avenue
    Newhall, California 91321
    (661) 799-9225
    (661) 799-8838 fax

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    Why Avoid Probate?

    Posted on June 5, 2013 by admin

    Why Avoid Probate? Probate is a process supervised by the court that necessitates the validation of the will left behind by the deceased. This is the law’s way to make sure the heirs get their inheritance without any legal hitches. However, many believe that it is less confusing and less stressful to do without probate.

    There are two major reasons why it is wiser to avoid probate.

    1.

  • Probate proceedings take a long time to conclude. Most cases last for eight months while some may take a year or so. During this time, no one among the beneficiaries may get their supposed heirlooms. In other words, the inheritance is tied up. What’s even more annoying is that the delay in the proceedings is usually caused by clerical work since there are tons of paperwork that needs to be accomplished.

    • 2.

  • Probate is very expensive. More often than not, the expertise of lawyers and executors are necessary. Once you hire them, you need to pay them. Many view this as a total waste of hard-earned money. Some executors waive their fees if they also receive an inheritance or a portion of the properties of the decedent.

    • More expenses arise if there are complications in the probate process like complaints, lawsuits and tax problems. When these occur, lawyers and executors may seek for higher fees as approved by the presiding judge even if the requested amount is more than what the state law requires.

    Because of the two reasons stated, many prefer to avoid probates. The following are alternative but legal ways to do so:

    •

  • Living Trusts

    • •

  • Joint Ownership

    • •

  • Payable-on-Death Bank Account Designations

    • •

  • Transfer-on-Death Securities Registration

    • •

  • Transfer-on-Death Vehicle Registrations

    • •

  • Simplified Probate Procedures

    • Super Jobs For You gives information on how to get a job and how to hire good people. If you are looking for a Die Casting Job look at this website. This Die Casting Blog will give you more information you can use for manufacturing.

    Posted in Business | Tagged , , , , , , , , , , , , , | Leave a comment