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They do this to make clear the extent of the property that the Trustmaker intends to be included within the control and ownership of the trust.This schedule of assets (which, for convenience I’ll call Schedule A since that’s what it usually gets called) can be either temporary or permanent.The estate must be probated before the heirs receive their inheritances.This is a time-consuming process, and it can also be expensive.Litherland, Kennedy & Associates have been providing quality estate planning services in the Greater Bay Area since 1975.
Free Report on Living Trusts We have prepared an in-depth report that will answer most questions that you may have about revocable living trusts.Many people are under the impression that trusts are only useful for those who are very wealthy. There are trusts that are used to satisfy the objectives of the wealthy, but there are other types of trusts that are useful for people of relatively ordinary means. Incapacity Planning & Probate Avoidance When you have a revocable living trust, you can account for the possibility of incapacity late in your life.You could name a successor or disability trustee in the trust agreement.You may choose to have personal property pass to to heirs upon your death, or you may designate the personal property to pass upon the death of the surviving spouse.It is also possible for each party to create his or her own living trust.