Legal Question in Wills and Trusts in California

Re: Estate Planning vs. Living Trust

Thorough estate planning these days involves more than just creating a will. For example, you will want to Nominate Guardians for your minor children and create Advanced Health Care Directives and Durable Powers of Attorney. If your assets exceed a certain amount, a living trust is a great idea to minimize taxes and avoid probate.

Please visit my website at stevensonlawoffice.com for more information or call my office to discuss further.

Re: Estate Planning vs. Living Trust

Estate planning is the process that leads many into living trusts.

Re: Estate Planning vs. Living Trust

The term "Estate Planning" is the broad term that concerns, among other things, your plan to transfer your "estate" (your wealth) upon death. The main documents are "wills" and "trusts." When comparing these two approaches (wills vs. trust documents), in general: wills are cheaper, easier to manage during your lifetime, and simpler. In general: trusts and related documents avoid probate (wills do not for the second spouse to die), can save more estate taxes for the wealthy, are more private, can delay distributions to young adults, and solve inheritance issues for problematic beneficiaries.

When all is said and done, it comes down to simplicity and low cost vs. more features and complexity at a higher cost.

If you need further assistance, please do not hesitate to contact me.

Sincerely,

Kai H. Wessels, Esq.

(Every situation is different. The above is intended solely for informational purposes and not to be relied upon as legal advice.)