Frequently Asked Questions Concerning Trusts

What is a trust?

A trust is a legal document that gives instructions for what you want done with your estate when you die.  You will name a trustee that administers the trust for your beneficiaries.  While you are still living, you retain control of the trust.  If you become incapacitated, rather than having the courts decide how your affairs will be managed, your named successor trustee will take over managing your trust.  Upon your death, probate will not be necessary.

If I have a will, do I also need a trust?

Yes.  Having a trust will see to it that if you become incapacitated, your affairs are still managed on your terms.  If you have no trust, a court appointed personal representative will take control of your estate and make the decisions for you.  In the event of your death, your estate will not have to go through the process of probate. 

What is probate and why should I avoid it?

Probate is a process that takes place when you die where the court will sees to it that your debts are paid and will distribute your remaining assets according to your will.  If you do not have a will, state law is used to determine the distribution of assets.  Probate generally takes a long time, is costly and your affairs become public rather than remaining private.  Your family will have no control over your estate.

Do I lose control over my assets if I have a trust?

No.  You are the named trustee and beneficiary of your living trust.  Your assets belong to the trust and since you administer the trust, you retain control.  If you do not have a trust and become incapacitated or die, the court will take control of your assets rather than your family.  Consulting with an experienced Los Angeles trust lawyer is the first step toward ensuring your family has control of your estate.

Can I change the terms of my trust?

This depends on what type of trust you have.  An Irrevocable Trust does not allow changes to be made to the trust while a Revocable Trust can be changed or revoked at any time.  At Kerendian & Associates, Inc., we can detail all of the different types of trusts for you so that you can make an informed decision about what is best for your family.

If you need questions answered concerning estate planning, wills, probate and trusts, contact a Los Angeles Trust Attorney without delay.