One of the more popular misconceptions about estate planning is that if you create the right tool, such as a revocable living trust, you don’t need to create other tools. While having any kind of estate planning tool in place is good, relying on any one element is never something you should do. The reality is that an estate plan is like a well-crafted jigsaw puzzle. In order for you to get a complete picture, each of your pieces have to fit together with the others. This is especially true if … [Read more...] about Wills and Trusts in California: They Work Hand in Hand
Trusts
Why You Need a Will and a Living Trust
Both a revocable living trust and a last will and testament are important pieces of every estate plan. Though estate plans also include other tools, living trusts and wills are essential because they both cover different areas. When people in California create an estate plan, they sometimes ask if they can only create one or the other. While you are never obligated to create any kind of estate planning tool, choosing to create either a living trust or a last will and testament without creating … [Read more...] about Why You Need a Will and a Living Trust
Using Your Living Trust Properly: The Schedule of Assets
The essential idea behind a living trust is that it’s an instrument you can use to transfer your property after you die in a private, safe, and relatively cost-effective manner. Almost everyone creating a living trust can use these estate planning tools, and their flexibility makes them quite practical. Knowing that revocable living trusts are useful is a good place to start, but you will need to be prepared to take some specific steps to ensure that you create and use your trust properly. … [Read more...] about Using Your Living Trust Properly: The Schedule of Assets
How Can I Determine if I Need a Trust?
Quite often, the popular notion of a trust is that it’s a device used primarily by the wealthy. Trusts are for grandparents who want to leave their grandchildren healthy inheritances so those grandchildren never have to work their entire lives, or so the popular misperception says. But that notion is far from the truth. The reality is that trusts offer almost everyone the ability to take advantage of specific benefits not afforded by other estate planning tools. Whether you have a high net … [Read more...] about How Can I Determine if I Need a Trust?
Clearing Up Confusing Trust Language
The world of estate planning is full of obscure and confusing terms, especially when it comes to trust language. To those who have no background in the field, listening to estate planning attorneys talk about trusts can be like listening to two people from a different planet. The terms lawyers use and the concepts they discuss, though important, are not things that most people have a lot of experience dealing with. To give you a better understanding of trust language and how it applies to you … [Read more...] about Clearing Up Confusing Trust Language
Understanding The Difference Between Probate and Non-Probate Estates
The goal of any good estate plan is to protect as much of your property as possible and ensure that, once you die, that property is inherited or transferred in a manner that you choose. While some people know that probate is the set of legal requirements that have to be met before inheritors can become the legal owners of a deceased person’s property, it isn’t always clear what property has to go through probate. In short, your property will be divided into two general categories after you … [Read more...] about Understanding The Difference Between Probate and Non-Probate Estates
So You’ve Created a Living Trust: Now What?
Let’s say you’ve taken the time to consult with your estate planning lawyer and have decided that creating a revocable living trust is a good idea for you. You’ve gone to your lawyer’s office, signed the documents, and now have a brand-new trust ready to be used. What next? The next step is to begin transferring your property to the trust. Depending on the type of property you want to transfer, this process can be rather simple or somewhat complicated. Your attorney will tell you what you need … [Read more...] about So You’ve Created a Living Trust: Now What?
When Trusts Protect Against Incapacity
One of the more popular estate planning tools today is the revocable living trust. Even though a lot of people create these trusts to avoid probate, many people don't realize that these devices can also help protect them in the event they become incapacitated. A proper incapacity plan should be a key piece of every comprehensive estate plan. Knowing how your revocable living trust interacts with your incapacity plan is important if you intend to get the most from your estate planning … [Read more...] about When Trusts Protect Against Incapacity
California Trust Questions: What is Decanting?
While you may have heard the term used in discussions about wine, the word “decanting” has very specific legal meaning when you’re dealing with a trust. In the state of Florida there is no specific law that allows trustees to decant trust property and transfer the property to a newly created trust, but it may still be possible to do so. While you will want to speak to an experienced and qualified attorney about the particular details surrounding decanting, here are the basics you need to … [Read more...] about California Trust Questions: What is Decanting?
3 Common Ways to Transfer Your Home to Your Children: Pros and Cons
Your family home may well be the largest piece of property you own, and one that will form a large part of your estate. When it comes time to leave your home to your children there are several options available to you. Some options are more commonly employed than others, and like all other estate planning choices it’s best to discuss each of them with your attorney before you decide on the method that is right for you. Will Transfer If you create a last will and testament you can use it to … [Read more...] about 3 Common Ways to Transfer Your Home to Your Children: Pros and Cons
