29 May Do I Really Need a Will or a Trust?
Wills vs. Trusts
Often we will put off what we don’t understand and that includes our legal affairs. Most people are often overwhelmed when it comes to making a decision about their assets and what to do with them after they die. Making a decision about how to take care of your loved ones after your death is a question that many of us have. We will try to make it easier by explaining the differences between Wills and Living Trusts to help you make the decision that is best for you.
Important Facts About Wills
Wills are legal documents that will allow you to choose who receives your belongings and assets after you die. Below are some points about Wills:
- Beneficiaries are the recipients of your property in which you designate.
- In a Will you can nominate a guardian to care for and raise your minor children.
- A Will allows you to choose the person you want to manage the distribution of your assets. This person is called an Executor or a personal representative.
- If you have a gross estate worth less than $150,000.
- You don’t own any real estate.
Can I Make Changes In My Will At A Later Time?
You may change your Will as often as your life circumstances change. Whether you want to add a new child to your Will as a Beneficiary or replace your Executor with someone else, California Document Preparers can prepare a Codicil to reflect these changes.
What Happens If I Don’t Have A Will?
In California, if you die and do not have a will then your assets go into probate. The law determines who will receive your property. The laws of “intestate succession” provide for the transfer of property to relatives if a person dies without a will. The law will also determine how much each person will receive. The court will take action where you have failed to do so. The court will not take into account what you may have wanted if there is not a Will presented at the time of your death. If you have no living relatives, then the property may go to the government.
What Is Probate?
Probate is the court-supervised process of distributing an estate when a person dies with only a Will or if there is no Will at all after death. It can be expensive and involves a long process. Probate fees are based on the gross estate and not the net estate. Probate fees are set by statue. Probate will not consider any outstanding debt when calculating fees and costs.
Avoid Probate With A Living Trust
A Living Trust will avoid the probate process, avoiding the time and expense associated with probate court proceedings. To avoid probate court, a person or a married couple can place assets into a Living Trust and keep control over their property. All property transferred into the Living Trust will be left out of probate court. If you leave any of your property out of the Living Trust, then it can be subjected to probate. The Living Trust actually owns your property but you control it and can make changes to the Living Trust as you wish.
Benefits of a Living Trust
There are many benefits of owning a Living Trust and California Document Preparers makes creating a Living Trust easy, affordable and offers several Revocable Living Trusts. You and your family will have security and peace of mind knowing that your assets are protected in a Living Trust. Some benefits are:
- Avoid Probate Court and the time and expense associated with it.
- Easy and quick transfer of your property to your loved ones.
- Helps avoid or reduce certain estate taxes.
- Provides the special needs of a person who receives public benefits without endangering those benefits.
- Uninterrupted management of the estate should you and your spouse become incapacitated.
Avoid Probate Court With A Properly Executed Living Trust
Probate is triggered when a person has a probate estate worth $150,000 or more. A Will is great for a person who has very few assets and no real estate. If a person has $90,000 in savings and owns no real estate, the person can avoid Probate with Beneficiary designation at their bank. They will need a Will, a Power of Attorney and Advance Health Directive and HIPAA authorization.
California Document Preparers can help with these at an affordable cost. If you own real estate, then our Living Trust Package is the best choice.
California Document Preparers offers several Revocable Living Trusts:
- Non-Traditional Couples
- Special Needs
- A Joint (Disclaimer)
California Document Preparers helps you avoid Probate with a Living Trust package that is the answer to control and secure your assets. Our Living Trust package comes with the Will package plus a Revocable Living Trust, for only $499 plus $120 per property. For more information or to contact us at one of our three locations visit: http://www.CaDocPreparers.com. California Document Preparers offers low cost, fast, and accurate document preparation services. Don’t wait any longer!