HELPFUL RESOURCES
* This information is for general purposes only. You should always consult with legal and financial/tax professionals. Attorney Robert Mansour is not an employee of Trust & Will. Robert Mansour is a California attorney and independent contractor providing guidance to Trust & Will clients. Robert is one of many attorney advisors nationwide who provide independent guidance to Trust & Will clients. This web page was prepared by attorney Robert Mansour.
TO MAKE AN APPOINTMENT, PLEASE USE THIS LINK
TO MAKE AN APPOINTMENT, PLEASE USE THIS LINK
DEED SERVICES
Remember, if you have real estate, you must transfer that real estate to your living trust. Simply listing your real estate (or any other asset) on a "Schedule of Assets" is not sufficient. A new deed needs to be recorded (along with any applicable tax forms). We recommend the following services that can prepare and record new deeds for you.
IMPORTANT: After you've changed title on your real estate, ask your homeowner's insurance company to add your living trust as an "additional insured" to your policy (same for earthquake and umbrella insurance).
IMPORTANT: After you've changed title on your real estate, ask your homeowner's insurance company to add your living trust as an "additional insured" to your policy (same for earthquake and umbrella insurance).
Use code "Mansour" for $10 off
Click here for My Legal Depot. (for California, Arizona, Nevada) |
Click here for UDeed.
Nationwide service available. |
TRUST FUNDING GUIDE
Along with all your Trust & Will documents, they will send you a "Trust Funding Guide" if you created a living trust. Please review this guide carefully. At the end of the guide, there is a document called "Bill of Transfer" that basically "assigns" all your personal property and other miscellaneous assets to your trust. This is a good "catch-all" (backup) document that you should also date and sign. It can also be notarized if you wish. This document may be helpful if you forgot to add an asset to your trust. Also, make sure your "Schedule of Assets" is complete. This should contain a list of all trust assets. As you accumulate assets in the future, add them to your schedule (initial and date next to anything you add). Remember that assets listed on the schedule of assets are NOT actually in your trust until you change title on the asset. See videos below.
THE TWO FUNNELS GRAPHIC
This "Two Funnels" graphic was created to help clients understand how their assets will pass once they create a living trust. Remember, your trust is not finished until it is signed and notarized. It does not exist until that happens. The date of the trust is part of its name. For example, "Smith Family Trust, dated January 12, 2024." Some assets go "in" your trust. That means you have to literally change the name on the asset (file a new deed, go to bank and change account name, etc.). Other assets pass through the "Beneficiary Forms" funnel. These assets should have beneficiaries listed. In many cases, naming your trust as beneficiary might make sense. For example, we generally advise clients to make their living trust the beneficiary of life insurance (assuming you want your trust to control the proceeds of the life insurance). For retirement accounts, it's generally best to name human beings as long as they are not minors. Also naming a spouse usually has tax advantages. You might also consider naming your living trust as beneficiary of retirement accounts (primary or secondary). That could be helpful if minors are involved. Consult with your CPA and attorney before making such decisions. To see the "Two Funnels" graphic, click here.
BUSINESS INTERESTS
If you have a business interests (LLC, Corporation, or Sole Proprietorship), you generally need to "assign" your interests in said business to your living trust. That makes it clear you want the business to be owned by your trust and distributed along with all your other trust assets. However, before doing so, you need to make sure your LLC or Corporation does not prohibit such an assignment. Typically, if there is only one owner (or spouses), that's not a problem. However, when you have more than one business owner, there may be restrictions against doing so. Assuming you are able to "assign" your business interests to your living trust, you can use this form as a sample. Also, if you have an LLC or corporation, you may need to prepare documents on the business side including a Unanimous Written Consent of the board and shareholders. You should void out your old stock certificate and issue a new one reflecting trust ownership, update the stock ledger, etc. We encourage you to contact a business attorney to help with these matters (you can try attorney Roger Doumanian who is a referral partner of mine. You can mention my name as Roger knows me well).
INSURANCE RESOURCES - LIFE, AUTO, HOME
Life insurance can be very helpful to your family if something should happen to you. This is especially important if you have minor children or other family members who depend on your income etc. Does your family have enough to pay off the mortgage? Do you have enough to pay for your children's schooling? Will your family be financially strapped? Consider naming your living trust as the beneficiary of your life insurance policy. A simple "level term policy" is usually a great and relatively inexpensive option. Also, make sure you are protected with auto and home insurance. You may also want to consider an "umbrella policy" for additional protection. Our clients have had a good experience with Policy Genius.
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The 4 Basic Tools of Most Estate Plans (approx 10 mins)
Estate Planning Webinar (approx 45 mins)
Understanding Your "Schedule of Assets" (approx 5 mins)
Business Interests and Living Trusts (approx 4 mins)
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Differences Between Wills and Living Trusts (approx 6 mins)
Funding Your Living Trust (approx 5 mins)
Basic Overview of a Trust-Based Plan (approx 7 mins)
The Trust & Will Estate Plan Binder (approx 2 mins)
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* Keep in mind that laws change and the information contained in these above videos may not be completely up to date.
* Make sure you check with professionals when doing your estate plan.
* We may receive a small commission from the services recommended above. However, that does not affect your fees.
* Make sure you check with professionals when doing your estate plan.
* We may receive a small commission from the services recommended above. However, that does not affect your fees.
