What happens if I die without a will?
The California Probate Court will decide who should administer your estate and determine who will become your minor childrens' legal guardian. The State will decide how your money and belongings should be distributed.
What are the benefits of a Living Trust?
A Living Trust bypasses probate, and with it, delays and expenses. A Living Trust provides important supplemental legal documents that allow someone to care for you should you become incompetent or incapacitated without court-appointed conservatorship. A Living Trust can avoid estate taxes. A Living Trust can provide specific instructions for your loved ones who may not be able to use their share of your estate properly, such as: a. You minor children. b. Elderly dependent parents c. A beneficiary with drug or alcohol problems, or mental, physical, or educational special needs.
Why should I have a Will if I Have a Trust?
Assets constantly change; between the time that you create your Trust and the time you pass away, you probably will not have the same possessions with the same monetary values.Our Trust includes a Pour over Will that will cover all of the above.
Why Do I need to assign Durable Financial Power of Attorney?
Durable Power of Attorney allows your trusted Agent to manage your assets when you cannot. If you do not have such and agent, your personal wealth can be catastrophically reduced since bills that are unpaid lead to late fees being imposed.
Why do I Need an Advanced Health Care Directive?
It is important for someone can act on your behalf if you are alive but non responsive so that your potentially life-saving healthcare decisions are made. If you have a previous Trust that was created in 2003, it is outdated because Congress has since passed the Health Insurance Privacy and Accountability Act (HIPAA), which makes it incredibly difficult for physicians to share confidential, patient information. In the event of your incapacity, physicians now require a Directive authorizing them to share your information with your appointed Agent, and explicitly waiving HIPAA.