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The term “probate” – which literally means “proving” – refers to the process wherein a decedent’s will must be authenticated, outstanding legitimate debts paid, and assets transferred to the beneficiaries. Probate is a judicial proceeding by which the court decides the rightful heirs and distribution of assets of a deceased.
One of the biggest misconceptions we hear from people is that they have a will so their estate wouldn’t have to go through probate. This is NOT TRUE. If there are assets in the deceased’s name at their passing, it doesn’t matter if there is a will or no will, the estate still needs to go through probate. Smaller estates with a value of $184,500 or less may qualify for a non-formal probate case.
Going through probate can be both more time consuming and expensive without a will than it is with a will. This is because your will can waive certain probate requirements (like having the executor post a bond or obtain judicial approval to have an estate sale). At the same time, probate without a will follows the governing state’s intestacy laws which may likely result in a less-than-perfect split of assets that not only may not be in line with your wishes but may leave many surviving loved ones unhappy.
Protect your legacy—book a free consultation with a Santa Clarita probate lawyer today.
Read our blog for more information on avoiding probate in California.
If someone passes away and they have minor children with no planning in place, state law will decide who gets what and when.
This is why it is so important for parents that have minor children to get a plan in place to protect their kids. Without legal estate planning documents in place, parents have no say what happens to their minor kids if something happens to them.
Here are a few reasons to set up a trust.
By avoiding probate using trusts, you could save your heirs time and hassle after you’re gone. By using trusts, you are protecting assets as they are directed to your named beneficiaries without going through the court in the probate process.
Using a trust can avoid making your financial affairs public record in probate court. Trusts are a private way to ensure your beneficiaries get the assets you intend for them while avoiding the scrutiny of probate.
Medicaid is often used later in life for long-term care solutions like assisted living or nursing home fees. Your assets need to be under a certain threshold to qualify for Medicaid care. A qualified elder law attorney can help you set up your assets in a trust to get the Medicaid assistance you need later in life.
You may be wondering if you need an estate planning lawyer in order to set up a trust.
There are many different kinds of trusts, and each one comes with its own set of pros and cons that may or may not be right for your specific situation.
Our Santa Clarita trust attorneys will give you the added security of knowing that you’ve carefully considered each potential arrangement and chosen the legal services and estate planning tools that best fit your intentions and goals. You can also make sure that any unusual details or complexities of your particular estate are accurately accounted for in the plan.
It’s never too soon to start estate planning. Unfortunately, the future is never completely predictable, and those who die or become incapacitated before creating an estate plan will have little say over how their assets are managed. Some worry that an estate plan they make now might not be sufficient in the future, but the plans you put into place now can be amended and adjusted for any future changes to your estate.
Get in touch with one of our Santa Clarita trust attorneys as soon as you are considering setting up a trust for your estate plans. This will give you the most time to ask questions and get the answers you need to make informed decisions. You can ask any questions you have now by calling for a free consultation.
A trust attorney can make the process of setting up a trust, considering who should manage it, and ultimately getting your estate plan in order easier, more efficient, and less time-consuming.
No two families are the same, so no two estate plans will be.
To discuss your custom California estate plan strategy, contact us. Let’s chat. We assure you that you will be able to communicate openly with us in a no-cost consultation, whether in English or Spanish.
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We are probate lawyers, but we are also parents. We have great resources on estate planning for parents, focusing on what parents can do to protect their children in emergencies.
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We understand that this can be overwhelming. Family estate planning forces uncomfortable conversations about preparing for unfavorable eventualities. Rest assured that we are as empathetic as we are knowledgeable.
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A revocable trust can be changed or altered. This is helpful because you may want to revise the conditions of the trust as life goes on. Meanwhile, an irrevocable trust cannot be changed once it’s finalized. Irrevocable trusts are useful because they avoid some estate taxes.
The person you have named as the trustee will determine how to manage the assets in the trust, including future investment decisions.
Many trustors, which are the creators of their trust, have themselves act as the trustee of their own trust while they are alive and well and can seek advice from professionals for investments.
Some trustors set up a professional investment manager to work alongside the trustee in order to ensure prudent asset management
You can transfer financial assets to a trust by contacting the financial institution that holds those assets. In most cases, you must provide them with the Certificate of Trust document. For other assets like real or personal property, you should consult our trust lawyers for guidance.
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