Q.. My father recently died, leaving his home in a Living Trust. He also left several bank accounts, which together total about $100,000. Our problem: the accounts were never actually transferred into his trust. Is there a way to deal with them without going through probate? A. Yes, there is. And, by the way, your… Read More »
Posts Categorized: Trust Administration
Should I Name All of My Children As Co-Trustees of My Trust?
Q. I am setting up a “Living Trust” and considering name all three of my children, together, as successor co-trustees. Do you have any thoughts as to whether that makes sense? A. Yes, I do. Your desire to treat all of your children equally, or at least not to appear to favor one over the… Read More »
Setting The Incapacity ‘Trigger’ in Your POA & Trust: Two Doctors or One?
Q. I am in my late 80’s and am updating my estate plan. I find I have an important decision to make: in my Power of Attorney (“POA”) and my Trust, if I ever lose mental capacity should I require the opinion of two doctors, or just one, to certify my incapacity before duties transfer… Read More »
Selling or Refinancing Your Home When Your Spouse Can’t Sign
Q. My husband has dementia and I wonder about my ability to refinance or even sell the home, as he cannot sign. The home is held in a Living Trust. Can you advise? A. The short answer is that, under these circumstances, it may be easier for you to sell the home than it would… Read More »
Decanting: A New Way To Reform A Trust After the Death of the Trustor
Q. My brother created a trust a few years back, naming our sister as one of his beneficiaries and me as the Trustee. He recently died and we now have a problem: our sister receives public benefits (Medi-Cal and SSI) and the receipt of an inheritance would cause her to lose those benefits. Is there… Read More »
Why Amending A Trust Isn’t Always A Simple Task
Q. My late wife and I set up a trust about 10 years ago, and now I want to change the Successor Trustee and remove a beneficiary. Is that a simple thing to do? A. Like so many things in life, it depends. Here are some of the considerations: Is It Amendable? Not all trusts… Read More »
8 Questions to Ask Before Agreeing to Be Trustee
Q. A close friend asked me to be the Trustee of his trust in the event of his incapacity or death. While it is an honor to be asked, I wonder what questions I should ask before accepting? A. It is indeed an honor, as it means that your friend trusts your judgment and is… Read More »
New Protections For Widowed Homeowners Facing Foreclosure
Q. I hear there is a new law which protects widows from losing their homes in foreclosure when a spouse dies. Do you know anything about that? A. Yes. I believe you refer to the new California law referred to as the “Survivor Bill Of Rights” (SB 1150), effective January 1, 2017. SB 1150 now… Read More »
Trusts Will Still Be Useful Even If Estate Tax Is Repealed
Q. I hear that the federal estate tax may be repealed during this administration. If that happens, will trusts still be a useful estate planning device? A. In a word, yes. But remember, the federal estate tax now only kicks in if your estate is valued at more than $5.49 Million at death (2017). At… Read More »
What Is a Life Estate Deed?
Q. My primary asset is my home, which I purchased about 40 years ago and now own free and clear. I would like to leave it to my children, but in a way that avoids the fuss of a probate or trust administration when I die. Is there some way to do this? A. Yes,… Read More »