San Fernando Valley Probate & Estate Administration Law Blog

Californian residents may set up trusts for a number of reasons. Different people can be the beneficiaries and trustees, as well. We at the Law Offices of Alice A. Salvo can help you while you create a trust, starting by explaining the various types.

One of the less common types is a self-settled trust, also known as Asset Protection Trusts. In these trusts, the beneficiary and settler are the same person. In other words, you are the one benefiting from this trust. Generally speaking, this is a move that's made if one wants to protect trust assets.

Everyone knows what a Last Will and Testament is, but did you know that you can set up a trust in your California will? You can. Trusts of this type go by the name of testamentary trusts, but some people refer to them as will trusts or trusts under will.

SmartAsset.com explains that, just like with a living trust, you can make changes to your testamentary trust any time you wish during your lifetime by simply changing your will. Contrary to your living trusts, however, your testamentary trust only comes into existence once you die.

Few families exist without some sibling rivalry, jealousy or bad feelings that linger into adulthood, at least under the surface. One event that can bring those feelings to a boil is the death of a parent. It is not uncommon for families to dissolve into heated conflict during the division of a deceased loved one's assets, often leaving irreparable damage.

Interestingly, this does not only happen when the deceased leaves no will. In fact, a poorly prepared or vague estate plan may cause as much turmoil as leaving no plan at all. If you are ready to plan your estate but worry about how to avoid conflict among your heirs, you can take steps to divide your assets fairly.

You have always done the best you can for your loved ones in California, and we at the Law Offices of Alice A. Salvo know that you want the best for them even after you are gone. That means taking whatever steps are necessary to ensure that your heirs and beneficiaries receive their inheritance as soon as possible after you pass on.

The process of probating a will can take some time, during which your heirs will have to wait to receive the assets you have bequeathed to them. There is no way to speed up the probate process, but you can bypass it by setting up a living trust. When you make a living trust, you decide which beneficiaries are to receive which assets and you stipulate the conditions upon which this happens. If the condition is your death, then your beneficiaries will start receiving assets right away thereafter, independent of the probate process.