Legal Question in Wills and Trusts in California

Re: Trusts

A "living will" usually refers to health care matters, and is meant to inform your doctors, friends and relatives how you want to be treated if you are hopelessly sick. There is a statutory form for the California Health Power of Attorney, which you can find in most business supply outlets, or you can read about it in books from your underfunded California public libraries. A "living trust" usually refers to an intervivos revocable trust, that is a trust you set up during your lifetime, to which you convey your assets, by which you direct the disposition of your assets in the event of your disability and death; and you can revoke it at any time. It is a handy estate planning device, but you should be sure you understand what you are doing when you set it up. It is probably worth the money to hire a lawyer to handle this for you. But since a well-informed client is a happy client, I suggest you also read up about this. California also has a statutory form for a simple will, which you should read about.

Re: Trusts

A living will and a living trust are two different documents. A living will gives someone else the power to "pull the plug," if you are ill and can't make your wishes known. A living trust allows you to pass your assets on to your children and avoid probate. A simple will allows you to select who your beneficiaries are, but does not avoid probate. Probate is the court supervision of the distribution of your estate. It is an expensive and time consuming procedure. A living trust makes things go more quickly and at a greatly reduced cost. If you own real estate (i.e. your home) a living trust makes the most sense.