Can a Will hurt my loved ones?
A Will does not avoid probate if the gross value of the assets in your estate exceeds $208,850 at your death. If your estate is less than $208,850, a living trust may not be required for you and your family. You should consider our "Will Package" as a planning option.
What is the cost of Probate in California?
The cost of probate will take a large bite out of your estate. California Probate Code Section 10810 sets the maximum statutory fees that attorneys can charge for a probate. Higher fees can be ordered by a court for more complex cases. The fees are 4% of the first $100,000 of the estate, 3% of the next $100,000, 2% of the next $800,000, 1% of the next $9,000,000, and 0.5% of the next $15,000,000. For estates larger than $25,000,000, the court will use its discretion to determine the fee for the amount that is greater than $25,000,000. The fees listed ... Read More
Is a Living Trust right for my family and I?
Following are the benefits of a Living Trust. A Living Trust: Avoids probate, thereby avoiding delay, expense and the public nature of this formal proceeding of the Superior Court. Avoids the need for a conservatorship if you become incompetent or incapacitated. Offers potential tax savings. Can continue for the benefit of: Your loved ones; Minor children and elderly dependent parents; and, Adult children with drug or alcohol problems, mental, physical, or educational special needs, or developmentally disadvantaged adult children on SSI.
What are the advantages of a Living Trust?
Summary of the advantages of a Living Trust Whether you are single, married, divorced, or widowed, if your assets exceed $208,850 (or any amount if real estate is involved), your heirs will be forced to experience probate unless you have established a Living Trust. Avoid the delays of up to two years or more for settling the estate. No 120-day waiting period for notice of creditors. No need to file petitions and reports to the probate court as with a Will. The Trust can enable your heirs' income to continue without interruption after your death. All property or income is ... Read More
What are the disadvantages of living trusts?
Following are the disadvantages of a Living Trust. Living Trusts usually: Cost more to prepare and fund than an estate plan involving just a Will. Transferring assets to the Trust involves costs and paperwork (recording deeds and the like) not required for less elaborate estate plans, such as a Will. Administration of an Exemption Trust or Credit Shelter Trust (defined below) can involve additional effort for the surviving spouse. Refinancing real property that is owned by a Trust may require removing the property from the Trust before the refinancing, and then titling it in the name of the Trust after ... Read More
If I have a Trust, do I also need a Will?
Yes, for two very important reasons: As a safety net to "pour" assets into your Trust in case you have forgotten to put an asset into it. To provide for the care of your minor children or other dependents.
If I have a Trust, do I also need a Power of Attorney for finances?
See Durable Power of Attorney Section.
If I have a Trust, what if I can’t make a decision regarding my Healthcare?
See Advance Health Care Directive Section.
What is a Durable Power of Attorney for Financial Purposes?
This document allows you to designate someone as your agent or attorney - in-fact to make financial decisions regarding your property and assets. It gives them the power to sign your name without the need of incurring the cost and frustration of petitioning the probate court to have them appointed your financial conservator. There are two types of Durable Power of Attorney for Financial Purposes. An "immediate" power of attorney takes effect as soon as you sign it and continues in existence until you revoke it. A "springing" power attorney takes effect only after you become incapable of managing your ... Read More
Whom can I name as my power of attorney?
Anyone over the age of 18 years old can be designated as your attorney-in-fact. However, this is a very powerful document and we highly recommend that you choose a loved one you trust completely.
Did divorce invalidate my power of attorney?
You cannot assume that divorce or legal separation invalidates your Durable Power of Attorney for Financial Purposes (or any other estate planning document for that matter.) If you do not want your ex-spouse making financial decisions on your behalf, you should immediately revoke your power of attorney.
What is an Advance Health Care Directive?
An Advance Health Care Directive is a legal document that a person uses to clearly state his or her wishes regarding life-prolonging medical treatments such as artificial life support. In some states it can it can also be referred to as a "living will" or a "power of attorney for medical purposes." It avoids the cost and frustration of having your loves petition the probate court to have them appointed your conservator. It is arguably the most important document in your estate planning arsenal. It allows you to designate someone to act on your behalf if you are unable to ... Read More
