Living Trusts

Find the latest news on living trusts, asset protection, probate, estate taxes, trustees, and more.

Oct 7, 2011

Steve Jobs, the visionary computer technology innovator who died October 5, likely set up living trusts prior to his passing, ensuring that the distribution of his assets will remain private.

In March 2009, Jobs and his wife, Laurene, transferred their ownership of three residential Silicon Valley properties to two different trusts, Reuters reported.

Sep 15, 2011

A situation recently unfolded near the Texas town of Kerrville that demonstrates why it's wise to prepare for the possibility of an accident by drawing up a last will and testament.

Robert Porter, an 85-year-old World War II veteran, drove his car along a dirt road near his home to look at a pond when the car slid down an embankment and became stuck. Because the ground was so soft, the wheels could not get traction, and due to a preexisting back injury, Porter was not able to climb to safety.

For three days, the man was trapped in his car.

Jul 15, 2011

The University of Texas System Board of Regents has filed a lawsuit against actor Ryan O'Neal, alleging an Andy Warhol silkscreen portrait of late actress Farrah Fawcett in O'Neal's possession belongs to the UT System under provisions of Fawcett's living trust.

The portrait in question is one of two Warhol created and gifted to Fawcett, who bequeathed her artwork to the University of Texas in a living trust she established prior to her death in 2009. One of the two silkscreens now hangs in the UT-run Blanton Museum of Art in Austin.

Jul 1, 2011

Americans' fascination with the rich and powerful can be excessive but it is not without its merits, as their lives can teach valuable lessons and act as cautionary tales.

When it was revealed that former California Governor Arnold Schwarzenegger and his wife, Maria Shriver, were separated and considering divorce, the last thing on everyone's mind was how their living trusts would shake out, but one trust attorney states its importance.

"If the Schwarzeneggers divorce, it's likely that they will be gently guided by their attorneys' into updating their tru

Jun 24, 2011

Living trusts may be used to ensure that an individual or institution has complete control over the distribution of an estate. Assets can be placed in the hands of a person that is trusted or a favorite charity, in order to transfer ownership of funds to the right place.

Certain states allow individuals to hand over control of the estate by signing several documents, but others have more complicated processes.