DP LEGAL SOLUTIONS, LLC

When creating a  Living Trust , we encourage our clients to give careful consideration to choosing a Successor Trustee. Depending on the complexity of the estate, Trust Administration can take months, and it can require a significant time commitment. It also requires dealing with financial accounts, so it’s important to identify someone who is comfortable working with numbers. If someone has been named as the Power of Attorney and Agent for the Advance Healthcare Directive, it may make sense to name the same person as Successor Trustee—there’s a good chance by the time of death, he/she will already have some familiarity with the estate, which will help streamline the Trust Administration. Successor Trustee oversees the disbursement of the Trust The Successor Trustee will be in charge of overseeing the disbursement of the  Trust –essentially taking care of the assets for those who have been named as the Trust’s beneficiaries. The estate may include savings and other bro...

There’s a perception that Living Trusts are just for old people. Granted, there’s a little more immediacy as we get older and need to be thinking about how we’re going to distribute our assets to our heirs. But the reality is that nearly everyone—especially those with dependents—should have a Trust. Yet for a younger couple, it can be daunting to think of everything that needs to be included in the Trust. These couples also know that they will accumulate more assets over the years. They also may worry that something will happen to them before they can transfer their assets into the Trust. A Pour-Over Will: A Way for the Trust to accommodate these assets You may have heard of a “Pour-Over Will” that is often used in conjunction with a Living Trust. Under the terms of a Pour-Over Will, all property that passes through the Will at your death is transferred to—or  poured into –your Trust. It’s then distributed to those Trust beneficiaries you identified when you prepared...