If you are new to the world of wills and trusts, it can be very overwhelming to get to grips with everything. When someone creates a revocable living trust, a successor trustee is named, and this is the person who will handle the trust after the creator of the trust dies or becomes incapacitated. Therefore, getting help and advice from an Orange County estate planning attorney is crucial.
Essentially, as the successor trustee, you will be waiting until it is your time to step up and manage the trust and with the help of an Orange County estate planning attorney, the trust will be created in a clear way to facilitate your work as a successor trustee.
As the successor trustee, there are a number of responsibilities you will need to be aware of and ensure the smooth functioning of the trust and to learn what to expect when you become a successor trustee and how an experienced estate planning attorney can help you in this role, here are some checklist you need to keep in mind.
This is not a comprehensive list and your attorney will be able to inform you of the full actions required of you.
Review Legal Documents
One of the first steps you will take as a trustee is to acquire and review all of the estate planning documents — these documents will likely include the Trust agreement, Power of Attorney, Health Care Directives, and Living Will.
Reviewing these documents allows you to correctly identify all beneficiaries, as well as how assets will be distributed among them. It may also help to retain a list of the beneficiaries’ names alongside contact information and social security numbers.
File Necessary Trust Documents
As a successor trustee, you will likely need to file the original will with a Probate Court. The will should be filed within days of the death of the trust creator.
You may also need to record the Death Certificate, which will ensure that the deceased’s name is removed from property tax rolls and that ownership of property may be transferred without issue.
To perform your duties, you will also need to acquire the taxpayer identification number for the trust. This information is essential for paying any inheritance or estate taxes.
Depending on the state of residence, you may be required to file a Notice of Trust with a Probate Court. This document will notify any creditors of the death and the existence of a trust. If creditors are unsecured, they will likely be cut off from any funds in the trust.
Acquire Authority to Act as Trustee
Before you can act as a successor trustee, you must take the necessary steps to prove that you have the authority to do so. Typically, you can prove your authority by providing one or more of the following:
Without any of the evidence mentioned above, banks or brokerage firms will not allow you to make any decisions pertaining to the trust.
Notice Requirements
In many states, beneficiaries need to be notified within a certain amount of time that you have accepted your role as trustee. Depending on the state, a beneficiary can also request a copy of the trust agreement, which must be provided unless you have a valid reason not to do so.
You may also need to take the following actions to ensure that the trust is properly handled:
Keep Track of Assets
One of your main duties as a trustee is to find the decedent’s assets and take possession of them. An organized trust or will should detail all or most assets. However, in some cases, this list, also known as a schedule, will not exist or will be incomplete.
In these situations, you will have more work to do to locate all assets and ensure they are distributed as intended, you may get help from a trust attorney in Orange County if you feel overwhelmed because you will likely need to search through the deceased’s bank and investment documents, stock certificates, and federal or state income tax returns.
Collecting this information will help you determine ownership and allow you to take possession of the assets easily. During this process, you will also need to change the name on any existing accounts to your own so that you can take control. At this time, you should also file any necessary claims, such as Veterans and Social Security benefits.
To better organize the trust, you should carefully compile the Trust Inventory, which will include the value of the trust assets at the time of death. You might also decide to send a copy of this inventory to all beneficiaries.
Administer and Distribute the Estate
Upon collecting all assets, you will control the distribution of the trust property according to the Trust Agreement. Alongside your trust attorney in Orange County, you will come to understand how the estate taxes are to be paid or if there are any debts still owed.
The remaining funds and assets will then be distributed as the decedent intended. It may be required that some assets are held on trust for a beneficiary. As a trustee, this means you will continue to maintain and accurately administer the trust during this time.
As a successor trustee, it is essential that you maintain precise records of the trust property to ensure that it is properly collected and distributed in accordance with the Trust Agreement. You may be held liable if debts or funds are not properly managed.
If you’d like to learn more about being a trustee, call our team of legal experts today and request for an appointment.
from https://www.estateandtrustlawyer.com/what-you-need-to-know-when-you-become-a-successor-trustee
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When you are young and leading a fast-paced, constantly developing life, it can feel unnecessary to have a plan for your estate. But in today’s world of uncertainty and even global pandemics, it has never been more important to start your estate planning at a young age with your Orange County estate planning attorney .
Planning now will bring certainty and less stress to your loved ones should death or a serious injury occur.
While this is not a fun topic to dwell upon, it is a very important thing to think about and consider while you are mentally and physically able to do so. Each aspect of your estate, from a living will to estate taxes should be thought about and put into a clear plan.
Once you are over the age of 18, your family is no longer assumed to have power of attorney and they will struggle to assert their right to make necessary medical or financial decisions for you when you are not able to.
To avoid this often stressful and emotionally difficult process, ensure that you have an estate plan already in place with the help of an Orange County estate planning attorney.
What Exactly is Estate Planning?
There are several different components of estate planning and they extend beyond simply making a will and deciding what will happen with your assets after you die. For instance, your estate plan will also determine the power of attorney — the person who is in charge of difficult decisions should you become incapacitated from an injury or illness.
Having this plan in place will simplify things for your loved ones. Being able to rely on a clear estate plan will allow your loved ones and beneficiaries to avoid the expensive and time-consuming probate process.
Estate planning is also a straightforward process that is usually achieved with the assistance of an experienced trust attorney in Orange County . This process will typically involve the filing of important legal documents and your attorney will likely have experience in insurance and finance as well to better inform and guide you as you make decisions.
The following are some of the most common documents that you will prepare while making an estate plan.
Keep reading to learn why it is so important to review your estate plan.
Here are some essential reasons to review your estate plan:
Life is Unpredictable
When we’re young, it is easy to forget that life can take unexpected and even tragic turns. It is impossible to know when an illness or accident might strike. In most cases, your estate plan will not be needed for many decades. However, a well-made estate plan can provide so much guidance and support should the worst happen.
It is important to ask yourself, regardless of age, how you want your assets handled, and how your family will be taken care of if you are no longer there. By setting everything out in clear legal documents, your loved ones will not be left questioning what your desires would be.
Cheaper Plans are Available
You might also find that estate planning is less expensive when it is done at a younger age. For example, investing in life insurance at a younger age will often mean you pay more affordable rates, which can help you plan ahead with peace of mind that your family will be taken care of if you are no longer able to.
It really is never too soon to begin estate planning. Not only will you have more time to put your estate in order, but it will also put your mind at ease that your financial and legal desires are followed after death. If you’re looking for help in your estate planning, contact our team of legal experts to determine what type of estate plan is right for you and your family.
from https://www.estateandtrustlawyer.com/why-youre-never-too-young-to-have-an-estate-plan An estate planning attorney is a type of attorney that recognizes how to advise customers on obtaining their affairs in order to get ready for the possibility of mental handicap and eventual death. They have years of mentoring, proceeding lawful education and learning, and also experience. To learn more visit: https://www.estateandtrustlawyer.com/orange-county-estate-planning-attorney What an Estate Planning Attorney Does Estate planning does not begin and also end with a last will and testament. An attorney concentrating on this field will also draft living depends on, establish a strategy to alleviate or prevent estate taxes, and also work to make sure that your life's financial savings as well as possessions are risk-free from your recipients' financial institutions after your fatality. They can prepare power of attorney as well as health care directives that schedule somebody to take care of your affairs in case you ought to ever come to be psychologically incapacitated. They can aid you prevent guardianship or conservatorship problems if you need someone else to look after your affairs. High qualities to Try to find in Your Estate Planning Lawyer A general practitioner may not have the experience and also specialized expertise to help you with your one-of-a-kind family as well as economic circumstances. Look for an estate planning attorney that:
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About UsTop-rated Estate Planning Lawyer in Laguna Niguel, CA to help you dealing with disability issues, writing a will, setting up a living trust and establishing a power of attorney for medical decisions. At Parker Law Offices, we will guide you in planning your estate matters, including who you want to inherit from you and who will make decisions on your behalf for finances and health care. Archives
October 2020
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