Legal Question in Wills and Trusts in California

Re: When do we need a living trust?

With the type of property you mention, you will need to consult with an experienced estate planning attorney to come up with the right estate plan. A living trust would likely serve you well, and save probate fees and save estate taxes, but you also need to plan for business continuity. Thus, you should also consider using buy/sell agreements, life insurance, and/or a family limited partnership in your plan.

The final result should be a smooth running of the business(es) if something should happen to both of you, estate preservation, and care of the children.

Re: When do we need a living trust?

With that kind of property to protect you should have a detailed consult with an estate planning attorney. It could mean significant savings of both taxes and probate fees.