Estate Planning
An estate plan is comprised of one or more documents that provide you with control over decisions about your financial affairs in the event of your death or incapacity. Such documents include wills, living trusts, powers of attorney, and living wills.
Anyone who owns property - a home, a car, bank accounts, stocks and bonds, jewelry, clothing, household goods, etc, or has minor children, or has a desire to ensure that financial affairs are taken care of needs an estate plan. Age, marital status or wealth doesn't matter when considering whether or not you need to plan your estate.
A will is only one part of the estate planning process. A will is a traditional legal document that simply allows you to name individuals to receive assets at your death, nominate executors to manage and distribute your estate and nominate guardians to care and provide for minor children. Other documents are needed to fully address your total estate planning needs.
WHAT IS A LIVING TRUST ?
A living trust is a legal document that allows you as trustee unlimited access to and full control of your assets during your lifetime, but also enables you to pass property after your death to friends, family and others. It allows you to appoint someone to make certain your property goes to the individuals that you choose.
A living trust is revocable during your lifetime, because you can change its terms or cancel it at will.
WHY SHOULD YOU CONSIDER A LIVING TRUST ?
A living trust avoids probate which is the administration of your affairs controlled by the state court- a public process which potentially consumes up to to 18 months and 10% of the value of your estate. Probate can be unnecessarily expensive because attorney fees and executor commissions are determined by state statutes. The distribution of an estate under a living trust may be acheived in less time and at a lower cost than through probate.
The advantages and disadvantages of a probate proceeding should be discussed thoroughly with a competent estate planning attorney.
The California State Bar has published a pamphlet entitled "Do I Need a Living Trust?" which provides more detailed information about trusts.
*** Disclaimer ***
The information contained on this internet site and its related links is not intended and should not be interpreted as legal advice, nor is it intended to indicate what the results will be in your case.
John Iaccarino, Attorney at Law does not seek to represent you based upon your visit or review of this internet site which may be considered advertising according to the rules of the California State Bar. You should not make a legal hiring decision based on promotional materials on the Internet or otherwise without first consulting people that you trust.