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"Standard" Trusts

WHOM IS IT FOR?: Generally appropriate for a single person or a married couple or other couple with an interest in real property (home or land) OR over $150,000 in other assets but whose assets total less than the estate tax exemption amount (currently $5 million but back to $1 million on January 1, 2013 if Congress and the President fail to act). The Standard Trust is the most common type of living trust we prepare.

With a Standard Trust, assuming it is properly prepared and your assets are properly titled (i.e., "vested") in the trust, the dreaded probate court process is avoided. This is the number one reason people with a home or over $150,000 in assets come to see us to have a trust prepared.

This type of trust goes by many different names including: Living Trust, Revocable Living Trust, and Inter Vivos Trust, among others.

This is generally the type of trust other people you have heard from will have for the same reasons you are looking into having one prepared for yourself.

With a Standard Trust, you still own your property. You can buy, sell, invest, borrow or do anything else with your property that you could do prior to creating the trust. Or, like most people, just go on living where you are but with the assurance that your house and other assets will go to whomever you want with a minimum amount of time and expense when you pass away.

If the value of your estate is close to or exceeds the federal estate tax exemption amount, or if you have a complex family situation (e.g., children from previous relationships), an A and B Trust or an A/B/C Trust may be more appropriate.

To view a video by Long Beach Estate Planning Attorney John T. Anderson on the different types of trusts prepared by The Law Office of John T. Anderson, Click Here.

Please contact our office for more information on estate planning and Standard Trusts.

DISCLAIMER: The information contained in this website is intended to inform the reader, generally, of issues in California estate planning, trust, and probate law and is not to be the final resource, and should not be considered legal advice. The information is not intended to be all-inclusive. To obtain detailed information or advice regarding a specific legal problem, you should contact a qualified attorney in your geographic area and state. Although attorneys John T. Anderson, Lisa R. Norman, Erin M. Anderson, and John T. Anderson, Jr. (“Attorneys”) intend that this website be correct, complete, and up-to-date, they do not guarantee it to be. It is not intended to be a source of legal advice, thus the reader must seek out specific advice, from competent counsel. Attorneys do not intend links on this website to be referrals or endorsements of the linked entities. Sending e-mails to John@trustlaw.ws or other e-mail addresses associated with attorneys or staff at The Law Office of John T. Anderson does not create, and receipt does not constitute, an attorney-client relationship. No representation is made that the quality of the legal services provided by Attorneys exceeds that provided by other lawyers. To the extent that this website is deemed an “advertisement,” Attorneys advertise only in California and do not seek to represent a person based solely on that person’s visit to this website. Attorneys are licensed to practice law only in California and are willing to appear in courts only in California. Attorneys maintain one office located in Long Beach, California.

The Law Office of John T. Anderson
1741 E. Wardlow Rd., Long Beach, California 90807

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