Palo Alto Trust Administration and Probate Attorneys

Why You Need an Estate Plan

Every adult needs an estate plan, even if they are young and in good health. Passing away without crucial estate planning documents in place will result in your having no say in how your assets will be distributed. Instead, your estate property will be distributed in accordance with California’s intestacy laws. 

When you die without a will or trust, your assets will be proportionately divided amongst your most immediate surviving relatives. If no family can be located, the state may inherit your property. 

Formalizing a trust or will allows you to decide how and to whom your assets will be distributed. Each tool has its own distinct considerations.

Trust Administration

We generally and heartily encourage our clients to create living trusts to hold their assets throughout their lifetime. In this arrangement, you will typically serve as your own trustee and have the ability to move assets in and out of the trust while you are alive. When you pass away, your chosen successor trustee will assume management of the trust. You can also appoint an alternate trustee to help you manage the trust’s affairs when you do not wish to or are unable to do so yourself.

A trust’s assets can often be efficiently and frictionlessly distributed to beneficiaries upon the death of the trustor. Assets may include cash, stocks, investments, real estate, personal effects, and more. Trust assets are not subject to probate and are in most circumstances subject to less “red tape.” 

Trusts also allow for enhanced flexibility. You have increased control over when and under what circumstances assets are distributed to beneficiaries, even after you have passed away. For example, you might choose to specify that certain assets will be held for minor children until they are of a predetermined age. 

Your successor trustee is legally obligated to distribute the trust’s assets in accordance with terms set forth in the trust agreement. These terms are revealed only to the trustees and beneficiaries, preserving your privacy and maintaining discretion. When a trust is appropriately implemented, your successor trustee will also be responsible for settling any outstanding debts or obligations once you have passed away. 

Our Palo Alto trust administration and probate attorneys can help you set up your trust and assist successor trustees with each stage of the asset distribution process. We are also available to serve as your successor or alternate trustee.