Estate planning is important for many reasons. Some of the more important reasons are:
- It allows you to set forth how and to whom your assets are to be distributed at your death, which conforms to your wishes;
- It can minimize or eliminate costs of probate;
- It can minimize estate taxes;
- It can provide for your care in the event of disability;
- It can allow you to maintain control of your assets both during life and after death.
- It can preserve assets for your heirs in the event long-term nursing home care becomes necessary.
WillsA will is a written declaration, which directs the distribution of your property after your death. An executor named in your Will manages the property in your estate. The executor pays any bills of the estate and distributes the property to beneficiaries designated in your will. Using a Will virtually…
Revocable TrustThe concept of the revocable trust (sometimes referred to as a “revocable living trust,” “living trust,” or “grantor trust”) is similar to a Will in that it directs the distribution of assets at the time of your death, but it does so without the involvement of probate court. In addition…
Supplemental Needs TrustSupplemental needs trusts (SNT), also referred to as special needs trusts, allow a beneficiary who is receiving needs-based support in the form of Supplemental Security Income (SSI) and/or Medi-Cal to keep their benefits, while allowing the trust assets to be invested for the beneficiary’s needs. There are two main types…
ProbateLosing a loved one is a sad and stressful time. Those left behind must often figure out how to transfer or inherit property from the person who has died. Probate is a court proceeding when someone passes away (the “decedent”) to pay the decedent’s debts and transfer the decedent’s property…
Trust AdministrationTrust administration takes place when an individual who has died (the "decedent") had a revocable trust. The administration is the process in which the trustees manages the trust property according to the trust document’s terms and for the benefit of the beneficiaries after the decedent’s death. Some trust administrations are…
ConservatorshipA conservatorship is a court proceeding in which an individual or organization is appointed to oversee the personal care and or financial matters of an adult physically or mentally unable to handle either or both alone. The individual or organization appointed by the court to provide the physical and or…