Why California families choose a living trust, what's inside the package, and the one step you can't skip.
Probate is the court-supervised distribution of your assets if you don't have a living trust, and it can be a long, expensive process that simply does not have to occur. Death is a difficult time for everyone concerned, and you may want to protect your family from having to go to probate court if there is a better solution in your case.
The probate process usually involves filing the deceased person's will with the local probate court, appointing an “executor” (sometimes called the “personal representative”) responsible for making sure the Last Will and Testament is followed, and often hiring an attorney to handle the paperwork. Executors and attorneys are allowed to charge “reasonable fees” for their services — fees that come out of the estate. Comparing that expense against the cost of creating and administering a living trust helps you decide whether a trust is the better solution for your family.
This document is tailored to meet the unique needs of your family and circumstances. It holds title to your assets during your lifetime and directs how they pass — privately, and without probate court.
The pour-over will transfers any remaining assets or property not previously transferred into the trust. It acts as a safety net to catch anything intentionally or inadvertently left out of your trust at the time of your death, allowing those assets to “pour over” into the trust so they are distributed according to its terms. This is also the important document that states your choices for a guardian if you have minor children.
Forms for record-keeping and collecting information about your personal and financial affairs: where assets are located, wishes for memorial services, and any other information you consider pertinent.
During his lifetime, Bob Smith is the only person who benefits from his trust. At Bob's death, his designated successor trustee — his wife, Jane — takes over and distributes Bob's assets according to his wishes, without a courtroom in sight.
Once your trust has been signed, a very important task remains: assets must be transferred to the trustee of the living trust. Your trust remains “unfunded” until you transfer your assets into it — and an unfunded trust doesn't avoid probate. People commonly place their real estate, financial accounts, proceeds of life insurance and annuity contracts, business interests, and other significant assets into the trust. Legal Express prepares trust transfer deeds for your real estate at your direction.
Legal Express provides document preparation services at your specific direction. We cannot select documents for you or give legal advice. Free attorney referrals are available.
