What A Trust Can Offer You That a Will Cannot?

Although a trust and a will are both important components of any person’s estate plan, there are several different things that a trust can offer you that a will does not. Some of the most common benefits of a trust over a will include:    It allows you to avoid the probate process, including the… Read More »

Bob Marley Estate Battle Continues Decades After His Death

Thirty-three years after reggae legend Bob Marley’s death from cancer, lawyers are continuing to battle over his estate. Marley, a Rastafarian, did not leave a will for religious reasons. As a result, he left a probate mess that continues to this day, according to an article on insurancenewsnet.com. There have been multiple lawsuits filed in… Read More »

Should You Serve As Trustee?

Maybe you’ve been named as trustee of an estate and are wondering if you should take on this responsibility. The first factor to consider is whether you have the time to do so. Administering a trust typically involves all of the following duties, and sometimes many more: Locating and protecting trust assets Collecting life insurance… Read More »

Advice for Non-Professional Trustees

Acting as a trustee for a trust created by a close friend or family can be complicated. A recent article discusses three common mistakes made by non-professional trustees that can be easily avoided. First, a non-professional trustee might not provide complete records and reports. Many states require trustees to maintain records of all income and… Read More »

Do I Need To Pay My Trustee?

The issue of trustee compensation is sometimes a confusing one. Not every trustee expects to be paid. Conversely some trustees expect compensation. A recent article discusses the “when and how” of trustee compensation. Trustee compensation is determined in the trust documents. When setting up the trust, the trust creator can specify whether there will be… Read More »

What if Your Trustee Becomes Incapacitated?

Estate planners often discuss how trustees can help when a person becomes incapacitated. However, few conversations discuss what to do when a trustee becomes incapacitated. A recent article discusses how to deal with trustee incapacity. From the start, those creating trust accounts should consider the possibility that a trustee may, at some point, become incapacitated…. Read More »

Tips for Successor Trustees

Under California law, there are certain steps that a successor trustee must take in order to keep himself out of legal trouble. A recent article discusses several of these steps. First, in accordance with California Probate Code Section 16061.7, a successor trustee must provide written notice of their succession within 60 days of the death… Read More »

Do You Need a Living Trust?

Living trusts are touted as a solution to the cost and time associated with the process of probate. As a recent article explains, however, living trusts are often sold to individuals who do not need them. Living trusts are typically not cheap, either. Whereas a simple will generally costs around $300, an estate plan with… Read More »