What is estate planning?

Estate planning is the process of putting your affairs in order so that your loved ones will have the information, guidance, and resources they need in the event of your incapacity or death. We will create documents that reflect your wishes for distributing your assets when you pass away and appointing agents to handle your financial affairs and health care decisions if you are incapacitated. It also allows you to choose who you would like to be guardians for your minor children. Having a plan allows you to make these important decisions and avoid probate.

What is a revocable living trust?

A revocable living trust allows you to name beneficiaries who will receive your assets when you pass away and avoid the expense and inconvenience of probate. The trust is “revocable” because you can change it at any time. The trust is “living” because you make it when you are alive. You will continue to have control over assets in trust and will see no difference in how you manage your financial affairs.

Why do I need a trust?

If you own a home or have any children, you and your loved ones will benefit from a living trust. If you do not own a home or have children, a will may be sufficient.

What are other advantages of a revocable living trust?

A trust allows you to decide at what age beneficiaries, such as minor children, may receive money and other assets following your death. In addition, since probate is not required, using a trust to distribute your assets after death is faster and protects your privacy. A trust can also empower a successor trustee to manage your assets in the event you are incapacitated.

If I have a trust, do I also need a will?

If you have a trust, it is important to also have a pour-over will to address any assets outside of the trust. This ensures that these assets are also distributed according to your wishes. If you have any minor children, a guardian is also named in the pour-over will.

Do I have to file my trust with the court?

A revocable living trust is not filed with the court. If you own a home, title to the home is transferred into the trust and recorded with the county where the home is located. We record this document for you as part of our estate planning package.

Can I make changes to my revocable living trust after it is created?

You may modify your revocable living trust with amendments or restatements. The name of the trust does not change, and assets that are already titled remain in the trust. You may also revoke your trust completely.

When should I make changes to my estate planning documents?

It is time to update your estate planning documents whenever a significant life event occurs, such as buying a house, getting married or divorced, and having children or grandchildren.

What happens if I don’t have a trust?

If you don’t have a trust, your beneficiaries go to court to probate your estate. Probate is a legal process where the court oversees the distribution of your assets. It involves gathering of all assets, paying off debts, and distributing any remaining assets according to the terms of your will, or according to state law if you did not have a will. While this process attempts to be fair, your assets may not be distributed to your beneficiaries the way you would have wanted. Probate can be expensive, contentious, and time-consuming.

What is the cost to probate my estate?

The total cost depends on factors such as the size of the estate, type of assets, and complexity. Under California law, attorney and personal representative fees are taken out of the gross value of your estate: 4% of the first $100,000; 3% of the next $100,000; 2% of the next $800,000; and 1% of the next $9,000,000. For example, the fee to probate a $900,000 estate would be $42,000.

What is a power of attorney for finances?

A power of attorney enables you to name another person to handle your financial affairs if you become incapacitated.

What is an advance health care directive?

An advance health care directive allows you to name another person to make health care decisions if you become incapacitated. It also provides specific instructions about your preferences for health care, end-of-life decisions, organ donation, and other health issues.

Why should I use Law Offices of Marcella A. Bell for my estate planning needs?

Our firm provides high qualify, affordable estate planning services to people with a wide range of assets and needs. We offer extensive experience and professionalism to every client, and customize our support to individual needs and concerns. Our estate planning package is comprehensive. They include revocable living trusts, wills, powers of attorney for finances, and advanced health care directives. We strive to make this important process simple and convenient for our clients. We look forward to serving you.

Law Offices of Marcella A. Bell

213-637-9810

info@lawofficemab.com