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The attorney’s job is to create a living trust (revocable trust) which fits the circumstances of the Settlor’s (Principal’s) family situation. This is easier said than done. There are numerous trust types under the heading, “living trusts” or “Revocable Trust Or Living Trusts.” Within the numerous types, there are numerous variations that must be drafted into the trust provisions. A careful attorney always presents to the client a complete questionnaire long before the first meeting to be able to ask the proper questions during the drafting process. Without incorporating all these facts, a trust might be less than effective.
Wills come in two basic types: Simple Wills that stand alone. The client fills out a questionnaire for Will drafting naming the various beneficiaries who are to receive property. Always included should be successor beneficiaries in the event the primary beneficiary(ies) does/do not survive the Testator (one for whom the Will is drafted). The Executor is named who is a trusted person with possibly successor Executors in the event that the first does not survive the Testator. These simple Wills are fine in that a Probate Court will carefully look over every aspect of the administration of the Will.
The other type of Will is known as a Pour-Over Will. This Pour Over Will’s sole purpose is to transfer everything that the principal wants to place into the Living Trust and not transferred during his/her lifetime into to his/her Living Trust after his/her death. Usually, the Testator will transfer during his/her lifetime everything that Testator wants place into the trust. The Pour Over Will accomplishes what the principal failed to do during his lifetime.
Upon the death of Settlor, the successor Trustee takes over the office of the
Trustee. This is done by recording the affidavit of Death of Settlor/Trustee
with the County Recorder Office for teal property, and preparing the affidavit
for the holders of personal property such as stockbrokerage firms, mutual fund
firms, banks, credit unions, and other entities that hold Settlor's assets.
These need not be recorded but should be signed before a medallion signature
guarantor where a stockbrokerage or a mutual fund company is involved.
Trust administration covers the same territory as does probate administration except that the Probate Court is not involved. Therefore, the cost to the client is less than the cost of the Probate process. The Trustee is highly dependent upon the attorney to guide the Trustee though all of the many complicated steps of working through the trust administration process. Therefore, there must be an excellent working relationship between the client and the attorney covering the assets of the Trust Estate. Both the attorney and the Trustee are working for the beneficiaries of the Trust Estate.
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POWER OF ATTORNEYS
These are very important documents giving a very trusted person the right to sign on the principal’s behalf. These should not be given lightly and without thoroughly knowing the person and his/her background. These should be recorded in the county of principal’s residence -
ADVANCE HEALTH CARE DIRECTIVES
These give a person the right to make health care decisions for the principal. It is very important to have these documents executed with agents being very trusted persons, usually someone who lives close by. The principal should list at least two or three such agents who can be trusted to carry out your desires on health care issue when you can not make them yourself. -
DEEDS FOR TRANSFERS OF REAL ESTATE
When establishing trusts, all real estate owned by the person setting up the trust should be transferred formally at that time into the Trust Estate since real estate transfers eliminate probate transfer costs more than any other category of assets. -
PROPERTY AGREEMENTS BETWEEN SPOUSES
Community Property Agreements should be drafted if all property held by the spouses is Community Property. If all property is not Community Property belonging 1/2 to husband and ½ to wife, then the Property Agreement should clearly state which item is Separate Property of the owner spouse, and which property belongs to the two spouses as Community property.
INHERITANCE LITIGATION IN ALL LOCAL AND APPELLATE COURTS
If problems between contesting parties can not be resolved by discussion among the parties and their attorneys, this office can help solve the problems by offering representation in either the local courts or in the District Court of Appeals or both. Our record is good in both forums.