Wills and Trusts

While no one wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones.

Estate planning is the act of preparing for the transfer of person’s wealth and assets after his or her death, or the plan to care for one upon the event of their mental incapacitation.

A surprising number of people think that estate planning is only for people with young children or for the wealthy. It is essential to have an estate plan if you have assets and loved ones whose future you are concerned about. Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled. Having an estate plan also makes things easier on families after a loved one has passed away. If leave your estate to your loved ones using a will, everything you own will pass through probate. The process is expensive, time-consuming, and open to the public. The California probate court is in control of the process until the estate has been settled and distributed. If you are married and have children, you want to make certain that your surviving family has immediate access to cash to pay for living expenses while your estate is being settled.

It is not unusual for the probate courts to freeze assets for weeks or even months while trying to determine the proper disposition of the estate. Your surviving spouse may be forced to apply to the probate court for needed cash to pay current living expenses. You can imagine how stressful this process can be. With proper planning, your assets can pass on to your loved ones without undergoing probate, in a manner that is quick, inexpensive and private.

Direct Legal, PC offers full service estate planning to help clients plan their estate to achieve their goals. We take pride in getting to know our clients, helping them identify their needs, and creating an estate plan that will achieve each of our client’s goals. We customize your revocable trust package to your specific needs, after consulting you and properly assessing your assets, wishes, and current circumstances.

Advantages of a Revocable Living Trust

• Avoidance of Probate: Probate is the legal process required to determine that a will is valid. Because probate is costly and time consuming, avoidance of probate is often cited as one of the primary benefits of a revocable living trust.
• Continuity of Management During Disability: Creating a Revocable Living Trust is probably the best way to ensure that your property remains available to be used for your benefit should you become physically or mentally incapable of managing your own affairs.
• Availability of Assets at Death: Assets in a Revocable Living Trust at the grantor’s death are available to raise cash to pay estate taxes, administration expenses, and other debts immediately after death, without waiting for a probate decree or issuance of preliminary letters.
• Lost or Destroyed Originals: When offering a Will for probate, all original Wills must be provided to avoid a presumption that the will was revoked. Since Revocable Living Trusts are not probated, multiple originals may be signed and one original may validate transferred property held in trust at death.
• No Interruption in Investment Management: One of the primary benefits of creating a Revocable Living Trust is the ability to provide uninterrupted investment management should the grantor become disabled.