"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.

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