Orange County Probate Administration & Trust Fund Attorney
Probate refers to the legal administration of property or estate of a deceased person by an agent or representative under the jurisdiction of the local county probate court.
Probate administration involves the following procedure:
- 1) The court appoints a personal representative of the estate (Typically someone named in the will or person calling for probate). Notices about public hearing are sent to family, relatives and heirs. The Probate Code lists people who have priority to petition or become executor.
- 2) The public hearing will resolve any conflicts or objections related to the validity of the will or to issues related to estate inheritance.
- 3) The assembly, securing, valuation and sorting of the property & estate of the deceased person.
- 4) The payment of debts against the estate or assets (Debts, Creditors, Funeral Expenses, Taxes, etc.).
- 5) The distribution of the remainder to any estate beneficiary.
Advantages of probate administration:
- Probate is controlled by an impartial judge.
- Creditors are required to submit claims against the estate within a short specific amount of time.
- The estate executor is generally required to prepare an activity report against the estate.
Disadvantages of probate administration:
- It costs more for probate administration than to administrate a living trust.
- It usually takes longer for probate administration than to administrate a living trust.
A trust fund is legal arrangement that provides sustained benefits from one person to another person, entity or organization.
What are the types of trust funds?
- Limited Term Trust (Lasts for a specific time period)
- Life Insurance Trust (Holds policies on life of a parent)
- Privacy Trust (Conceals ownership of assets)
Trust Fund Terms:
- Successor Trustee - a person who manages and controls a trust after its trustee dies or is incapacitated
- Grantor Trust - a legal entity an person creates to hold and control their assets
- A Trust - part of an AB trust or a marital residuary trust, used for estate planning
- QTIP Trust - a Qualified Terminable Interest Property Trust is set up to provide spouse with income for life
- Income Trust or Income Fund - an investment trust where income producing assets are held for the investor
- Irrevocable Trust - a trust which cannot be altered without the involvement and consent of the beneficiary
- Revocable Trust - a trust that can be amended or terminated by the person who created it at any time
Wills are documents that allow a person to have their estate managed and distributed under court supervision through a process called probate. Probate has an undeservedly bad name, because at times it is extremely beneficial. It can be time consuming and it can be expensive but sometimes the cool and impartial head of a judge prevents many problems.
ESTATE PLANNING | Reduce Estate Tax, Create Successor Trustee or Beneficiary, Protect Your Family & Assets, Reduce Family Disharmony. Important documents: Power of Attorney for Health Care, HIPAA Declaration, and Living Will.
POWER OF ATTORNEY | General, Limited, Durable, Springing, Financial, Medical
PROBATE & TRUSTS | Orange County, CA, Probate Administration, Trust Fund Attorney.
BUSINESS PLANNING | Develop Systematic Process to Increase Revenue, Decrease Costs and Protect Assets
RETIREMENT PLANNING | Qualified Planner, Employee Benefits, Pensions, Protect Business Assets.
ASSET PROTECTION ATTORNEY | Legal Asset Protection Attorney Services for Living Trust, Family Limited Partnership, LLC & Lawsuit Protection.
TAX PLANNING | Personal & Business Tax Planning for Retirement & Deferred Tax Plans.
CHARITABLE TRUSTS & GIFT PLANNING | Legal Plannning for Giving Donations to Trusts, Foundations & Non-Profit Organizations.
PRIVATE FOUNDATIONS | Creating a Charitable Trust, 501c3 Tax Exempt Status
ELDER & SENIOR LAW
Gerard W. O'Brien - Probate Administration & Trust Fund Attorney in Orange County including: Anaheim & Anaheim Hills, Brea, Buena Park, Cypress, Fountain Valley, Fullerton, Garden Grove, La Habra, La Palma, Los Alamitos, Orange, Placentia, Seal Beach, Stanton, Tustin, Villa Park, Westminter, Yorba Linda and other cities in Orange County, CA.