Legal Question in Wills and Trusts in California

Re: Living Trust over $1Million

If all of the assets of the estate were funded into the trust, the fact that it is over $1 million (actually the number is higher right now) is does not send it to probate. The successor trustee of the trust must follow the terms of the trust, which will include the payment of any estate taxes.

If the trust is that large, it would probably be beneficial for the successor trustee to obtain some legal guidance as to the terms of the trust and the paperwork that must be done.

If the assets have not been funded into the trust, or if there are assets in excess of $100,000 that are not in the trust, then a probate will be required as to those assets.

Re: Living Trust over $1Million

if you are speaking of estate taxes it is only on the excess of approximatly 675,000 per person this year. if the second spouse of a married couple and have the correct wording in the trust, 2 times the individual amout. income taxes are not exempt but calculated diffently if in a trust v. an individual. there is additionaly numbers of questions which i would have to protect you interst and it will greatly depend on the trust and its content --- i am in northern calif. and would be happy to consult with you -- 925-945-6000

Re: Living Trust over $1Million

Assets that are properly funded into a trust are not subject to probate. The sucessor trustee to the trust will take over administration of the estate, but must follow strict administration rules.

If assets exist that are outside of the trust, they may be subject to probate if they exceed $100,000.

These rules are difficult at times to understand by the layman. You may want to retain an attorney to protect your interest.