Legal Question in Wills and Trusts in California
need help please answer
My wife and I don�t have a will. We are in our 30�s and have three kids under age 5. We own one home that we currently rent out that has about 300k in equity, and we rent the home we live in in another town. We both have some kind of retirement through the union, our savings are small under 10k, and we have two newer vehicles. I am not sure what type of will we need. What would you recommend a simple will, living trust, revocable, irrevocable?
1. The issues are custody of the kids if something should happen to the both of us. Could there be a joint custody between my family and my wife�s?
2. How do we make sure that our assets are spent on our kids care, and not wasted?
3. The last issue is if something should happen to me first I know my wife couldn�t pay the bills and most likely she would move in with her parents and end up selling our home to her father for less than it�s worth, or barrowing money from her father and her father would ultimately foreclose on the house. How can I structure the will to make sure that my kids get what I worked for and not my wife�s family?
2 Answers from Attorneys
Re: need help please answer
I HIGHLY recommend that you review the information that we provide on our site www.No-Probate.com, many of your questions can be answered there.
We are estate planning specialists so we would ALWAYS recommend a trust. The important things to remember are that (1) if you have over $100K in GROSS assets, your estate will be probated and (2) a will can direct yur property, but it does NOT avoid probate.
Probate is expensive (set fees, non-negotiable) and can take up to two years to complete. There can be no sale of the proprty or other titled assets until the Probate is completed.
If you would like to discuss a family trust, as well as other types of trusts that can save your beneficiaries taxes, please contact me at your earliest convenience at 626-578-0708 or via our site www.No-Probate.com
Re: need help please answer
You need a trust to insure that your half of the property (this is a community property state)is used as you want it to be.
As far as who takes care of the children, that is decided by a written document, usually the will.
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