Alice A. Salvo's Answers

What does probate mean?

Probate is a legal proceeding that is used to wind up a person's legal and financial affairs after death. When a loved one passes on, it is likely that some or all of his or her estate will have to pass through probate. This process can be complicated and time-consuming. A probate attorney should review the estate and advise you as to the most efficient and economic manner to transfer property to the rightful heirs and inform you of all the options available to administer and distribute the...

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Birth certificate name different than what appears on my Living trust. Other docs include my nickname. What changes r needed?

First quality documents should have you listed by only one name, the name on your on your birth certificate. Updating documents including a/k/a (also known as) provides clear communication and lets it be understood you have "more than one name". To eliminate any confusion it is advisable to have an estate planning attorney make the update(s).

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How to find a ethical lawyer for assistance executing a living trust

If you want to create a new trust than it is advisable to discuss this with an estate planning attorney. To find a trust lawyer check AVVO ratings, view credentials and a biography on the attorney's website. An impressive qualification is if the lawyer is a California State Bar "Certified Specialist" in Estate Planning, Trust and Probate Law. If they have practiced this area of the law for ten plus years would show stability.

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Can I start a trust at no cost?

If you have a loved one who is suffering from a physical or mental disability, a special needs trust (SNT) allows the disabled person to have unlimited access to the assets held in the trust. In addition to providing the proper care for the individual, these assets do not compromise the eligibility for additional government benefits. Usually the SNT is for inheritance, typically a home and cash/stocks. If you are living paycheck to paycheck and there is not going to be an inheritance then the...

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What is the difference between a WIll and a Living Trust?

A Will takes effect after you pass away. Generally, if your estate is over $100,000 and if you have a Will your estate may have to go through Probate. There are many types of trusts. A Living Trust is the type of trust that most people have. If you have a trust and have transferred your assets to the trust, then your estate will not have to go through probate. Probate can be expensive and take a long time. A trust takes effect immediately, no waiting to transfer the assets and has many other...

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Irrevocable trust

Is the revocable trust going to trigger taxes? To make a good decision more facts must be discussed. It is advisable to speak with an estate planning attorney regarding the concerns creating an irrevocable trust. An accountant (CPA) or tax attorney may also need to be consulted. Once an irrevocable trust is created, it cannot be changed or dissolved. The trustor cannot remove assets, change beneficiaries, or change the trust terms. An irrevocable trust can only be terminated with permission...

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Assest Search

If you would like to do an asset search consult with an experienced probate attorney. A good idea is to find a California attorney that is a Certified Specialist in Estate Planning Trust and Probate law - a respectable credential.There are different levels of asset search such as public records or locating difficult hidden accounts.