Choosing a trustee is an important part of estate planning every time the trust is used. This person acts as a fiduciary real and is needed to engage in the estate settlement process in accordance with the directives given in the will.
A trustee needs to be established for each type of trust. It includes a living, wills, revocable trusts, and irrevocable life insurance trusts. Each type includes trustee, trustor, and receiver. Apart from it, you need one more person for California Estate Planning and that is a qualified lawyer.
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The trustor is the person who sets up the trust. The trustee is the person responsible for completing estate and look after the distribution of inherited property. Recipients are identified in the Last Will to accept property owned by the trustor.
All estate assets that are not transferred to the trust must undergo the probate process. The exception to the rule is when an asset was gifted before death or task recipient is established.
The probate process typically takes four months or more to complete. Complications arise when a person dies without writing a Will or if heirs contest Will. With trusts, estate settlement can take place quickly, with the assets transferred to the heirs within 45 to 60 days.
There are many benefits of establishing an asset protection trust estate. Aside from being able to avoid probate, property inheritance is often exempt from inheritance tax. The Trustees are responsible for completing the process much faster and less hectic producing desired results.