It’s a sad truth about life, but at some point we will all die. The time and date of our death is usually uncertain and beyond our control. However, one thing that you can do to prepare for your death is to have a plan. Your personal property (real estate, bank accounts, investments, etc.) is called your “estate” and when you die you can have an estate plan already in place detailing how you want your property to transfer to someone else. If you don’t own a lot of personal property then maybe a Will is all that you need. However, if you own real estate and the gross value of your estate is greater than $150,000 then a Living Trust could have greater advantages than a Will. Contact our office for a free consultation to see what type of estate plan is right for you.
If you die without an estate plan in place this is called dying “intestate” and the State of California has a set of laws (California Probate Code) in place that will specify who gets your property and how much of your property, which may or may not be according to your wishes. Additionally, intestate estates typically go through an expensive, public and long probate process. Thus, an estate plan can help avoid the drawbacks of transferring property through probate.