Living Trusts and Wills
Trusts can be used to transfer assets before death and avoid probate. There are a few different types of trusts; revocable trusts, commonly called “living trusts,” are a popular means of avoiding the probate process. If a person transfers all of their assets to the trust, they own no assets at death. This way, no assets go through the probate process.
A Living Trust also states your decisions if you become medically incapacitated during your lifetime; who will make decisions about your property and other items; who will act as guardian of your children.
Why do you want a living trust?
The most common reason for setting up a living trust is to avoid probate for your estate.
Compared to the cost of probate, a living trust seems like a reasonable instrument to create. In California, an attorney may charge a percentage of the estate’s fair market value to take care of a probate case.
Do I need a will?
Whether to have a will is an individual decision. A will can direct who gets your assets. A Pour-over Will, as part of an estate plan, is a safety net that puts any assets (up to a total value of $184,500) into the living trust if you have not done so. Having a will can also limit the time creditors have to file a claim against the estate. It can name a guardian to care for your children, name an executor, and specify how debts will be paid.
Revocable Living Trust:
- Living Trust Package:
- Will for each spouse/partner
- Durable Power of Attorney for each spouse/partner
- Advanced Health Care Directive for each spouse/partner
- Final Arrangements for each spouse/partner
- Client Info Sheet
The Living Trust is presented to you in a binder with dividers, and is printed on bright, acid-free paper.