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Posts tagged "Trust Administration"

David Bowie's death shines light on trust use in estate planning

After fans in California mourn the deaths of their favorite or most idolized celebrities, they often begin discussing the fate of those celebrities' estates. Unfortunately, most discussions concerning celebrity estate plans circle around the estates' deficiencies and, in some cases, squabbling families left in the throngs of probate. At first glance, it does not appear that David Bowie's recent death will incite any such distress among surviving family members. Most people believe that the singer and actor utilized at least one trust -- although likely more -- to ensure the smooth transition of his estate after his death.

A trust can be used to care for a pet in California

There are many things to think about when designing an estate plan. Much of the focus in estate planning will be on making sure intended beneficiaries are taken care of in California. This may involve creating a trust for one's heirs. However, many times people will forget about their pets and do not realize that pet owners can create a trust for their pets that they may unexpectedly leave behind.

Married couples affected by new trust administration laws

When couples marry, they are usually not concerned with financial matters at first. On the other hand, with their change from single to married status comes some potential tax advantages in California. However, tax advantages do not only apply while the married couple is alive, it also helps as far as administering an estate to beneficiaries in the future. Couples can do this through a smart trust administration strategy.

California trusts, trusteed IRAs offer distribution control

The reason most Los Angeles residents have an individual retirement account is to help supplement income in later life or, following an account owner's death, to add to the financial support of a surviving spouse. However, some California residents see IRAs as assets meant to be passed through an estate to heirs.

Does a California estate plan need a revocable living trust?

Legal documents used in estate planning have unique purposes. California advisers usually recommend that everyone creates a will. The same advice may not apply to revocable trusts, depending on individual estate plan desires.

Non-settlor trustee duties in revocable living trusts

California estate plans often include trusts that have dual roles. Assets in revocable living trusts benefit individuals during their lifetimes and reward beneficiaries when the trust creator, also known as a settlor, is no longer alive.

Who needs revocable living trusts?

Not every person requires a trust to complete an estate plan. Sometimes a will and powers of attorney cover everything necessary for an estate. In other circumstances, trust instruments are needed to ensure assets and heirs are protected from probate and, sometimes, even from an inability to manage inheritances.

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