Let us assist you with living trusts, estate planning, wills and probate, and general legal issues arising from normal day-to-day life decisions. A living trust is a legal document created by you (the grantor) during your lifetime. Just like a will, a living trust spells out exactly what your desires are with regard to your assets, your dependents, and your heirs.
The big difference is that a will becomes effective only after you die and your will has been entered into probate. A living trust bypasses the costly and time-consuming process of probate, enabling your successor trustee (who fills basically the same role as an executor of a will) to carry out your instructions as documented in your living trust at your death, and also if you're unable to manage your financial, healthcare, and legal affairs due to incapacity.
A living trust is most appropriate for individuals who have complex financial or personal circumstances, such as substantial assets, a blended family, closely held business interests, or property in other states.
The big difference is that a will becomes effective only after you die and your will has been entered into probate. A living trust bypasses the costly and time-consuming process of probate, enabling your successor trustee (who fills basically the same role as an executor of a will) to carry out your instructions as documented in your living trust at your death, and also if you're unable to manage your financial, healthcare, and legal affairs due to incapacity.
A living trust is most appropriate for individuals who have complex financial or personal circumstances, such as substantial assets, a blended family, closely held business interests, or property in other states.
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Revocable trusts, commonly called "living trusts, " are an effective estate-planning tool for avoiding the costs and hassles of probate, preserving privacy and preparing your estate for ease of transition after you die.
Unlike in a will, assets in a living trust will generally pass to heirs sooner.
When estate planning is done properly, there is no probate.
However, the fact is that many people never quite get around to doing their estate planning before something happens.
We also handle probate in those situations where probate cannot be avoided.
Unlike in a will, assets in a living trust will generally pass to heirs sooner.
When estate planning is done properly, there is no probate.
However, the fact is that many people never quite get around to doing their estate planning before something happens.
We also handle probate in those situations where probate cannot be avoided.
Kristan has lived in San Diego since January of 2012.
Prior to moving to San Diego, Kristan lived in Northern California where she ran a successful business and estate planning law practice since 2004.
While attending UOP, McGeorge School of Law in Sacramento, California, she frequently sat on the banks of the river watching with envy as boaters of the Delta river- ways would zoom by.
One day she decided to purchase her first vessel, a 19 foot ski boat.
Kristan owned this vessel for about 10 years until she sold it.
Prior to moving to San Diego, Kristan lived in Northern California where she ran a successful business and estate planning law practice since 2004.
While attending UOP, McGeorge School of Law in Sacramento, California, she frequently sat on the banks of the river watching with envy as boaters of the Delta river- ways would zoom by.
One day she decided to purchase her first vessel, a 19 foot ski boat.
Kristan owned this vessel for about 10 years until she sold it.
A trust is a written legal document that allows your assets to be transferred to your beneficiaries when you die.
With a living trust, you transfer assets such as your home, banking accounts, stocks, etc. into the trust.
Most people name themselves as the initial trustee in charge of managing the trust assets during their lives.
Even though your assets are transferred into the trust, you remain control of your assets during your lifetime.
A successor trustee is named in the document who will manage the assets and distribute them upon your death.
With a living trust, you transfer assets such as your home, banking accounts, stocks, etc. into the trust.
Most people name themselves as the initial trustee in charge of managing the trust assets during their lives.
Even though your assets are transferred into the trust, you remain control of your assets during your lifetime.
A successor trustee is named in the document who will manage the assets and distribute them upon your death.
What happens to a living trust after the settlor (the person who created the trust) dies?
The person(s) or entity named in the trust as the successor trustee has certain fiduciary duties or obligations to fulfill.
If these actions are not undertaken, or are handled incorrectly, the successor trustee may be liable for any additional taxes due or may be liable to the trust beneficiaries for mistakes made, even if the successor trustee's actions were done in good faith.
Some of the successor trustee's actions are mandated by the terms set forth in the trust document; other actions are required under California law or federal tax law.
The person(s) or entity named in the trust as the successor trustee has certain fiduciary duties or obligations to fulfill.
If these actions are not undertaken, or are handled incorrectly, the successor trustee may be liable for any additional taxes due or may be liable to the trust beneficiaries for mistakes made, even if the successor trustee's actions were done in good faith.
Some of the successor trustee's actions are mandated by the terms set forth in the trust document; other actions are required under California law or federal tax law.
The last couple of years the estate planning arena has shifted and the focus, for many, is now on asset protection.
Here in California foreclosures are a popular topic but not so much for people with assets.
Estate tax law changes are always in vogue for people with money.
However, the number one hottest topic, the numero uno point of concern, the biggest area of questions is in the area of asset protection.
The questions start like this, I have some assets and no immediate threat of a lawsuit but I want to protect my assets.
Here in California foreclosures are a popular topic but not so much for people with assets.
Estate tax law changes are always in vogue for people with money.
However, the number one hottest topic, the numero uno point of concern, the biggest area of questions is in the area of asset protection.
The questions start like this, I have some assets and no immediate threat of a lawsuit but I want to protect my assets.
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