Wills and Living Trusts

Do You Need a Will or a Trust?

Wills and Trusts are documents that are a part of someone’s estate plan. What does estate planning mean? The word “estate” refers to your assets and the stuff you own. Everyone has an estate, whether you have a lot or a little. The word “planning” means putting together paperwork before you die so that your assets will transfer to your loved ones in the simplest, fastest, and most cost-effective way possible and to avoid probate.

What Happens if You Don’t Have an Estate Plan?

If you die without an estate plan in place then this is called dying “intestate” and the outcome will vary depending on what type of assets you own at your death. If your property does not have a means of transferring to someone upon your death then the State of California has a set of laws (California Probate Code) that will specify who gets your property and how much of it. 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.

What Documents Should You Have?

The type of documents you should have depends on your situation and the type of assets you own. Options could be:

• Last Will & Testament

  If you don’t own real estate and don’t have minor children then maybe drafting a Will could be sufficient for your situation. A Will sets forth who you wish to be the beneficiaries of your property when you die and who you would like to be the personal representative of your estate when you die. To learn more about Wills click HERE.

• Living Trust

  If you own real estate and have minor children, then a Living Trust could help you avoid probate and take control of and manage assets for minor children. To learn more about a Living Trust click HERE.

• Do Nothing

  Not everyone needs a Will or Trust. If you don’t have any major assets or minor children to consider then maybe you don’t currently need any special paperwork for your situation. To be sure that doing nothing is the right thing you should contact our office for

Are You Ready for a Consultation?

If you would like to learn more about what type of estate plan is best for your situation contact us today for a free consultation.