NO! You will not lose control of your assets that are in the trust.
You will be the trustee of your trust during your lifetime. You are able to buy, sell and borrow just as you were when your assets were held in your name as an individual. Here is more information regarding setting up a trust.
If you still have questions, please contact our Trust Attorney in Los Angeles today to schedule a consultation.
Posted in Trusts
Tagged assets, consultation, control of assets in trust, lifetime, Los Angeles, setting up a trust, Trust, Trust Attorney, trust law, trust lawyer, trustee
If you do not have a trust there will undoubtedly be a probate proceeding upon your death. Probate is a court supervised proceeding necessary to transfer your assets to your heirs. The probate proceeding is costly in terms of both time and money. Furthermore, all probate proceedings are public record.
Having a trust in place insures a less costly and smoother transition of assets to their designated heirs.
For more information about setting up a trust, please contact our trust attorney in Woodland Hills.
Posted in Probate, Trusts
Tagged designated heirs, probate, probate court, probate proceedings, public record, setting up a trust, transfer of assets, Trust, Trust Attorney, Trusts
Trusts have become popular estate planning tools, but they are traps for the unwary, and especially for an uninformed trustee. Whether it is designed to provide for family members, endow a charity, or manage real estate, the person who creates the trust (called the “trustor” or “settlor”) usually has specific wishes and demands and expects that they will be closely adhered to. It is the trustee’s duty to make sure that happens.
Being a trustee can be a thankless job; it can even thrust a person with good intentions into the crosshairs of litigation. If you are asked to serve, weigh your decision carefully – a trustee’s work may become both complicated and contentious. These tips may be helpful.