Lifetime Effort. The implementation of a "living trust" is likely to be more time consuming and far more tedious than would be the case with only a will. The single most common defect in the implementation of a "living trust", where the goal is to avoid probate, is the failure to transfer ownership and title of assets into the name of the trustee.

A "trust" is generally entitled to a fee for services performed similar to those performed by an executor, although the level of compensation is not set by law. executor may hire an attorney to assist in the administration of a probate estate. Similarly, a trustee may hire an attorney to assist in the administration of a "living trust" following the death of the grantor.

Because living trusts are not under direct court supervision, a trustee who does not act in your best interests or in a prudent fashion accountable to you or your beneficiaries may, in some cases, be able to take advantage of the situation to a greater extent than would be possible had the trustee been under direct court supervision, which provides such safeguards as court accountings and, in some situations, a bond.

The person you appoint to handle the trust after your death - the successor trustee - simply transfers ownership to the beneficiaries you named in the trust. Much of the time, this can be accomplished in a few weeks. When all of the property has been transferred to the beneficiaries, the living trust ceases to exist.

There are some good reasons to have a living trust, which your lawyer can explain. Many times, people who are in the business of producing living trusts portray the probate process as something to dread. It is not. In some states, probate can be time-consuming. In other states, it is not so time-consuming. Although probate can take some time, usually most of the estate can be distributed to the beneficiaries in the meantime. In addition, a trust does not prevent taxes from being owed.

A-B trusts are a type of Living Trust set up by someone who is married (in California, typically one trust for both spouses) and is designed to reduce or eliminate the Federal Estate (Death) Tax that would normally be incurred upon the death of the second spouse to die. Keep in mind that everything has disadvantages, including A-B Trusts. Initial cost, complexity, and maintenance costs after the first spouse dies are some of these.

The formality involved with third parties in having to provide them with a copy of the trust agreement and delays caused in their accepting the acts of the Trustee.

No. Because you have complete control of all assets in your trust, you are free to manage your Trust in any way. Also, because your Trust is revocable, you have the right to make any changes in it while you are alive and competent.

Unlike a testamentary trust, a revocable living trust does not need validation by the probate court because the trust was created and your assets transferred while you are still alive. A revocable living trust also allows you to transfer your assets to your heirs without a court order because you appoint a successor trustee (such as your child, trusted friend or other relative) to take over as the trustee upon your death or legal incapacity and provide him/her with a distribution plan.

A will is a legal document which takes effect only upon your death. A will is designed for one purpose: to dispose of your assets upon your death. Probate and administration are the legal process of proving that your will is valid, paying your creditors, and transferring property to your heirs. A will must go through some type of probate proceeding even if the probate procedure is simplified because the estate is small.

There are many living trust programs or "kits" are available in today's marketplace. Many of these are perfectly fine documents, assuming that your situation and desires fit the cookie cutter langue on the forms. However, if your situation is unique, or does not fit the language of the kit trust, your estate plan may not accomplish your goals. Additionally, trusts and estate panning involves complex legal concepts that lawyers spend years to fully grasp.

The LapBAND is reversible; the VSG is not. Unfortunately this turns out not to be much of an advantage of the LapBAND, as the only reason to remove a LapBAND is for complications. If you have questions that have not been answered by this FAQ, please send them to me and I will try to answer them for you.

A Living Probate, sometimes referred to as a "conservatorship" or "guardianship," is a proceeding in the probate court designed to protect you in the event you become mentally disabled and unable to effectively manage your financial affairs. Because you are no longer able to sign your name or transact business, the probate court has to appoint someone to manage and assume your financial affairs for you.

A "Living Trust" is usually a Will substitute. The Trust avoids the delay and expense of probating a Will. Your estate remains confidential, rather than being a public Probate Court record. Tax saving provisions are often included. A "Living Trust" is like having your own corporation. You put all of your assets ? family home, bank accounts, etc. ? into the Trust (the "corporation"). You name yourself as "Trustee" (the "President").

No. It is a common misconception that estate tax savings can be achieved with a "living trust" but not with a will. While use of a "living trust" will avoid probate proceedings, avoiding probate does not mean avoiding estate taxes. The assets in a "living trust" are part of a person's gross estate for estate tax purposes just the same as probate assets.

The main disadvantage is that we don't have long-term data to document that weight loss will be maintained. The sleeve may stretch out, resulting in weight regain. Another disadvantage is that the operation is not reversible, in that part of the stomach is removed and thrown away. It can never be replaced. (On the other hand, there should be no reason to want to put it back).

One of the most significant disadvantages is the expense. Probate is expensive. The estate attorney and personal representative (i.e. your executor or administrator) can collect combined fees of approximately 5% of the gross value of your estate.