Many individuals are unsure what documents are needed when planning their estates. There are many options to consider when planning to pass wealth to loved ones. Additionally, many Californians have a specific goal of avoiding the expensive probate process when planning their estates.
In order to avoid probate, it is normally necessary to use a revocable living trust as your primary estate planning document. It is important to note that even when planning with a revocable living trust, a California estate plan must also contain a will.
Revocable living trusts are typically used by individuals that want to have a more efficient transfer of property to loved ones. Revocable living trusts often contain:
- Instructions for distributing specific assets to designated individuals or charities
- Trustee instructions for your care during any period of incapacity
- Creation of trusts for minor children, adult children, and surviving spouse
- Tax planning for retirement assets, real estate and investment accounts
Wills are typically used by individuals that may not have a large estate but still want to make sure that their assets are distributed to loved ones the way they want. Wills are also used for selecting a guardian for minor children.
Mr. Allen can help you design and draft an appropriate revocable living trust that meets your needs. He can also review your existing will and trust and update them if needed. We look forward to working with you through this process, so give us a call and we will be happy to help you.