Category

Pour Over Will

Estate Planning 101: What does a typical estate plan include?

Estate Planning FAQ: What an Estate Plan from the Law Offices of Jack B. Friedell Includes.

Brought to you by the Law Offices of Jack B. Friedell.

Not all estate plans are equal. A typical California estate plan drafted by the Law Offices of Jack B. Friedell will include:

Living Trust
Last Will and Testament (pour over will)
Durable Power of Attorney
Advance Healthcare Directive
Assignment of Personal Property
Certificate of Trust
Declaration of Trust
Quitclaim Deed
Estate Organizer

A living trust in California will help keep your assets with your beneficiaries and away from the probate court.

A Will, also known as a pour over will, lets everyone know that you intend for all your assets to pour into your living trust.

A power of attorney will allow your agent to manage your financial affairs if you become incapacitated. Most importantly, it will allow your spouse to continue to make gifts or to move assets around to ensure that you qualify for medicare or Medi-Cal.

Your advance health care directive, or living will, takes care of your end of life decisions so those you love do not have to make the hard end of life decisions for you.

An assignment of personal property lets the world know that you intend for all your non-titled assets to flow into your trust.

A declaration of trust declares to the world that you intend that all your assets are to be trust assets. This is a great tool to protect your estate from a potential probate and bring property or assets into your trust that were left out during your life.

A quitclaim deed is simply a form that your estate planning attorney fills out on your behalf to place any real property into your trust.

Finally, an estate plan organizer keeps all your pertinent files together so that your trustee can locate everyone and everything necessary to properly administer your estate. Plus, funding instructions are included to make sure all your assets are properly titled and place into your trust.

For questions on the above content or for any other legal advice dealing with estate planning in California, a California estate planning lawyer can help. Please contact the Law Offices of Jack B. Friedell today.

The authors, publisher and host are not providing legal, accounting, or specific advice to your situation.

Why you should establish an estate plan today.

Take the first step in establishing an estate planTaking the first step in establishing an estate plan

Written by the Law Offices of Jack B. Friedell

Most people we come in contact with believe that an estate plan is important. When we ask them why, they typically don’t know why but heard somewhere that it was important. Then the conversation will end and move on to other topics such as sports.

A lot of people find it difficult to talk about estate planning. One reason is due to their lack of knowledge about estate planning. Another reason is that people don’t like to think about the things estate planning involves: death, taxes, end of life planning, etc…

Here are just a few of the areas that estate planning covers:

  • Revocable trust– also known as an inter vivos trust or living trust. All your assets are placed into your trust so that your estate can avoid a costly probate upon your death. The minimal price it costs to set up a trust is small compared to the cost of having your estate go through probate. A trust also ensures privacy, where as a probate is public and available to anyone.
  • Power of attorney – who will handle your finances in the event that you cannot manage them yourself? If you do not have a power of attorney set up and you become incapacitated, then the court will assign a conservator who will have power of attorney. Having a plan in place ensures that you decide who will handle your financial affairs.
  • Pour over will – A pour over will in California will provide directions that all your assets are to be placed into your trust upon your death. Basically, any asset not included or funded in your trust will “pour” into your trust upon your death.
  • Advance healthcare directive – An advanced directive, also known as a living will, allows doctors, family and friends to know your health care wishes so that if you are incapacitated there is a plan in place. You make the decisions ahead of time so that your family and friends are spared the pain of having to make potentially life ending decisions if you cannot. This includes directions on what to do if you are in a vegetative state. As many as 30,000 persons are kept alive in comatose and permanently vegetative states.
  • Finally, any good California estate planning attorney will help you transfer title to real property into your trust. A quitclaim deed is used to transfer your real property into your trust. If you have refinanced your home recently your home may have been taken out of your trust. It is important that your property is transferred back into your trust because the title company seldom does this. You will want to make sure what is probably your biggest asset is protected from probate.

Hopefully you can see the importance of having an estate plan in place. If you still have questions you can read more about estate planning on our estate planning 101 section.  If you are single but you own a lot of assets, you might want to consider an estate plan. If you are married, then an estate plan should be at the top of your to-do list. If you own a home in California, then a properly funded living trust will help your estate avoid probate. Take the first step today and educate yourself on the importance of an estate plan.

For questions on the above content or for any other legal advice dealing with estate planning documents in California, an estate planning attorney in Carlsbad, California can help. Please contact the Law Offices of Jack B. Friedell today.


The authors, publisher and host are not providing legal, accounting, or specific advice to your situation.