Wills & Trusts

Wills

 

A will is a document in which you indicate who you want to receive your assets after death. Wills have other purposes, including nomination of guardians for your minor children, creating trusts, setting out procedures for resolving disputes over tangible personal property, and simplifying procedures in a probate action.

If you have less than $100,000 in probate assets, a will could be your most viable option.

Revocable "Living" Trusts

A revocable "living" trust creates a legal entity into which you transfer your assets to avoid probate.  Probate is typically the most expensive, time consuming an d inconvenient way to distribute your assets when you die.  This type of trust is very flexible and contains your instructions for what you want to have happen to your assets while you are alive, during incapacity, and upon your death.

If you meet any of the following criteria, a revocable trust may be your best option:

1.      More than $100,000 of probateable assets.

2.      You have children.

3.      You own property outside California.

4.      You own a business.

Irrevocable Trusts

When it comes to helping you minimize or eliminate estate tax, or providing help and guidance to children until they are a particular age or if they have special needs, you have some of the following options:

Children's Sprinkling Trusts:

When a minor child is to receive an inheritance, a responsible trustee can ensure that the funds are managed wisely.

Charitable Trusts:

A trust can be used both to enhance the value of your charitable giving and to facilitate more effective tax planning.

Life Insurance Trusts:

By designating a trust as the beneficiary of your life insurance plan, you may be able to achieve several advantages, such as tax avoidance and estate liquidity.

Special Needs Trusts:

This type of trust enables you to set aside funds that will be managed for the benefit of a person with special needs.