Without any estate plan, the state of California will assume control of your assets in the case of your death. Interstate succession will then determine their distribution. A poorly planned estate can result in increased costs and procedural frustration for your family. A skilled trust and will attorney can help you avoid probate.
Oak Tree Law attorneys are experienced in California trust and will law. With our knowledge of estate planning, we can help ensure that your loved ones assume control of your assets after your passing.
Contact us or call 800-535-1627 if you have questions about establishing a living trust or will.
Avoiding Probate
Complications from a poorly planned estate may not become apparent until after your passing. The result may be probate, a court procedure to settle your financial affairs. A family member must petition the court to become executor. The entire process can take over a year and be much more expensive than administrating a trust or will.
Most estate plans don’t require the supervision of a court since assets owned in a living trust will not be probated. A judge will oversee the proceedings. Your wishes can be enacted quickly and statutory fees of up to $165,000 avoided.
Your Living Trust
While protecting your assets from probate, a living trust will also reduce federal estate taxes. The trust will grant a successor trustee the power to manage financial affairs for your benefit. It will also establish an exemption trust to benefit your spouse.
The living trust document names the trustees and nominates any institutions or individuals as successor trustees in case of your incompetence. Your distribution plan will be established and will account for any beneficiaries or gifts. Assets are then transferred into the trust, which remains revocable while you are living.
Your Will
A will specifies who receives your assets once you pass away. It also specifies your executor, or the person who will administer your estate. For estates valued at under $100,000, a will may be sufficient for your estate planning. But without one, any gifts you wanted to make or non-family beneficiaries you designated will be denied.
If you have a living trust, you will also need a pourover will. Quite simply, this will ‘pours’ your assets into the trust if they weren’t transferred before your death. The distribution plan will then be initiated. However, if the assets total more than $100,000, probate will be required.
Specialists in Trust and Will Law
Estate planning can be complex. And sorting out these matters after your death can be overwhelming for your loved ones. Contact us or call 800-535-1627.