After attending a seminar with Scott Schomer we realized that the time had come to get a trust. It is always recommended to seek legal advice from an attorney before filing legal proceedings. First, the trust does not have to pay the decedent’s debts first, nor is it subject to full probate. The trust will refer to this person as successor trustee or alternate trustee. Get help from A People’s Choice today.First, you must identify the trust successor trustee. If you die with a living trust in place, you'll have named a trustee to make sure your wishes are carried out. Mishandle this part of the process and the trust will continue to exist because the assets will not be distributed. If there was also a will, then the successor trustee may work in conjunction with the executor of the estate.Depending on the terms of the trust, it may be dissolved after all of the trust property has been distributed.


LDA #121 Ventura Co. Sandra M. McCarthy, founder of A People’s Choice, has worked exclusively in the legal field since 1976. Scott and his excellent team made the process simple and seamless. This information should not be considered legal advice as it is general in nature. You also need to make sure that assets acquired after the revocable living trust is established are transferred to the trust (or acquired in the name of the trust). In most cases this is necessary. If that is the case, the trustee will remain responsible for the trust until it is time to make the final distributions.Once all of the terms of the trust have been carried out, the successor trustee will then file federal and state tax returns for the trust account based on the trust income. To settle revocable trust assets after the trustee’s death, you will follow a process similar to probating a will but without the court process. Schomer was excellent in getting our family trust and estate affairs in order. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. The successor trustee must follow A People’s Choice can help you navigate the sometimes complicated process of how to settle a revocable trust after the trustee’s death. No pressure, just the plain facts. He is very passionate in making sure his clients get all that they need and we really appreciated it. If that happens, it can help to have at least one backup trustee. Schomer does an amazing job at explaining all the intricacies of establishing a trust. Closing a trust after the grantor’s death is much like probating his will.
Where Property Goes After Death Property can be viewed in two ways: It's either a probate asset or a non-probate asset. Look for a Schedule of Assets. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…We had contemplated updating our will and starting a trust for a number of years. Schomer Law Group, Los Angeles Estate Planning and Elder Law AttorneysA “living trust” is a trust that becomes effective during your lifetime, as opposed to only becoming effective after your death. A “living trust” is a trust that becomes effective during your lifetime, as opposed to only becoming effective after your death. Also, a section in the trust documents will indicate who will receive assets upon the decedent’s death. They may also challenge the trust if its signing did not follow proper legal formalities. Although during the living trust owner’s lifetime trust income is reported for tax purposes under the owner’s Social Security number, after the owner’s death, it must have its own federal tax id number or EIN.The next step for the successor trustee is to notify the trust beneficiaries. It is much better to transfer the assets into the Trust while you are still alive. My husband and I had put off doing this and Scott really made the process easy! Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Instead, the successor trustee will pay creditors through the decedent’s estate held outside the trust. Although this may be true, however, you will need an attorney if there is a trust contest. Moreover, court proceedings are typically unnecessary.An experienced document preparer can help you avoid making mistakes when settling a revocable trust. Best education you can get and the best gift you can give your family.We put off getting a trust for years.

Otherwise, the IRS will not recognize that the trust exists and the entire estate will be subject to taxation after the death of the second spouse. We are very relieved and happy to finally get our trust. With this in mind, there are a few differences you must know. Regardless of your relationships, a trustee is expected to remain a neutral party in every transaction affecting the trust.#estateplanning, #schomerlawgroup, #livingtrustatdeathWe need to update our Living Trust and attended Schomer Law Group’s seminar. Transferring title to the surviving spouse. Once the financial institutions verify both documents, they will participate in the distribution of assets as necessary.As long as you can get the documents you need for the process, you probably can administer an estate without an attorney. Beneficiaries have the right to request a copy of the trust. We are not attorneys and cannot select legal forms. To settle revocable trust assets after the trustee’s death, you will follow a process similar to probating a will but without the court process.


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