Over the last twenty years there has been an increase in individuals choosing to draw up a living trust rather than a Will.
Both documents have similar functions. Both documents allow an individual to appoint someone to manage his or her estate after death. In a living trust, the person is known as a ‘Successor Trustee and in a Will, the person is called an “Executor’.
Both documents name your beneficiaries. A Living Trust provides lifetime and after-death management. It will provide for a successor after your death or if you become incapacitated. Court intervention is not necessary. A Living Trust can avoid probate on your assets and prevent your financial affairs from become public record. It must be actively managed once it is created and it is more expensive to set up than a Will.
A Will is a document that must be signed and witnessed. It states where the assets will go upon your death.
If you are in the process of planning your estate and are not sure what is best for you, contact an experienced Riverside Estate Planning attorney who will discuss the pros and cons of each document and help you understand which one best meets the needs of you and your family.
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Once again I have been asked about a trust for a pet. Pets are part of one’s family and plans should be made if something happens to the pet’s owner. According to California Probate Code Section 15212, it is legal to authorize a pet trust fund.
A pet trust is created and names a trustee to take care of the pet. This should be a trusted friend or family member. The trust provides a specific amount of money to pay for the pet’s food and care after the owner dies. The trust can be included in a will or living trust.
If you have a loving pet that you consider part of your family, and you want to make sure he or she is provided for in the event of your death, contact a Riverside County Estate Planning attorney who is familiar with pet trusts. After all, your pet is always there for you now, why shouldn’t you be there for it later on?
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California law considers a handwritten Will (also known as a Holographic Will) valid if it is entirely in your own handwriting or is created using a fill-in-the-blank form from an office supply store.
Besides being completely in your own legible handwriting, it must be dated. Assets and property that you are leaving must clearly indicate who inherits it. It does not have to be notarized or witnessed. See California Probate Code Section 6111. A typed Will, however, must be signed by two witnesses.
Upon your death, the court will require your personal agent to verify that the Will was indeed written by you. Probate is required if the state is more than $100,000 in assets or $20,000 in real property. To avoid probate contact an experienced Riverside County Estate Planning attorney to discuss creating a Living Trust. Keep in mind, a handwritten Will is better than nothing.
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Today, most households have at least one pet. Who takes care of the pet if something should happen to the owner? I know many people who treat their pets like they were children. Good news for these people. You can set up a pet trust to provide money to take care of your pet after your death – see California Probate Code Section 15212.
A trust can be set up designating a specified amount of money to be used for the care, health care and feeding of your beloved dog or cat. This trust can be provided through a will or living trust. If your pet is important to you and you worry about his or her care in the event of your death, contact an experienced Estate Planning attorney who can help you set up a trust so you do not have to worry about your furry little friend.
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For those of you who do not know what a living trust is, let me explain. A living trust, also known as an inter vivos trust, is written before the creator dies. A living trust does not help assets avoid probate.
It is important to understand that signing and notarizing documents does not end the process. If you are the trust’s creator, you must visit your bank to change title and ownership of certain assets from your name to the living trust’s name. By doing this now, you can save time and effort for those taking care of your estate after your death.
Before drawing up a living trust, you must understand the people involved, which include trustees and beneficiaries. You should be aware of how to transfer assets into the living trust and the reasons living trusts are used to keep assets.
If you are considering a living trust, you should contact an experienced Estate Planning Attorney who can help you and answer any questions you may have. No one likes to think about death, but planning will save your beneficiaries aggravation and time later.
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