Legal Question in Wills and Trusts in California

Re: What kind of Living Trust w/ first child on way in 8 mos.?

who are you???? if you are an attorney either go back to law school or get out of the estate planning area as you do not have sufficient knowledge to assess the poprer documents any individual has, i had more right after law school than you have now --- if you are not attorney don't ask these questions of us but get yourself a estate planning attorney, give him/her all, all of the facts and values and he/she will tell you your needs and alternatives --

Re: What kind of Living Trust w/ first child on way in 8 mos.?

The decision on what type of estate plan you need depends largely on the type of assets that you have and how much the assets are worth. For example, someone who rents an apartment and has not substantial assets might only need a will and not a living trust. On the other hand, someone who owns millions of dollars in assets might need one of the more advanced living trusts to avoid estate taxes upon death.

A typical estate plan for a property owner will consist of at least the following documents:

1. Revocable Living Trust

2. Will(s)

3. Advanced Health Care Directive (a medical power of attorney)

4. Durable power of attorney for financial matters

The living trust is the main vehicle to transfer your assets upon death and avoid probate. The will transfers any remaining assets to the trust that are not already in the trust and also is used to appoint guardians for minor children.

The last two items are to appoint people to make your health care and financial decisions when you cannot.

The question is whether to wait to establish your estate plan or do it now and amend after the child is born. I would talk to a local attorney about your situation. Personally, I wouldn't want to take the risk of waiting 8 months because who knows what could happen? After the baby is born, the attorney would probably charge a small fee to do the necessary amendments to reflect that you now have a child.

Re: What kind of Living Trust w/ first child on way in 8 mos.?

you should retain a qualifed estate planning attorney to assist you with developing your plan and properly implementing it so that the results are actually as you intend.

Re: What kind of Living Trust w/ first child on way in 8 mos.?

I agree with my the other answers. A living trust, if done incorrectly, can cause results that you are not expecting. Creating one as if you already have a child is not a wise idea, because you do not have a child.