skip to Main Content

Estate Planning Summer Checklist

We get busy this time of year as families get ready for summer vacations. Here is an Estate Planning Checklist to review before your trip. 1. Living Trust.  Do you have one? Is it up to date? Successor Trustees. Are your successor trustees (the people who will manage your money and assets if you become incapacitated or pass away) still the ones you want? Or does your living trust name your neighbor…

Read More

9. Other Documents You Need

This is part 9 in my series, Estate Planning – What You Need to Know. Part 9 - Other Documents You Need. Pour-Over Will When you create a revocable living trust as the central piece of your estate plan, you should also include a pour-over will. A revocable living trust only controls property that you have transferred to it. If you die without transferring your property to the trust, such as real…

Read More

7. Funding Your Revocable Living Trust

This is part 7 in my series, Estate Planning – What You Need to Know. Part 7 - Funding Your Revocable Living Trust Now to get the benefit of your revocable living trust, you have to transfer your assets to your revocable living trust. This is called “funding your trust.” We tell our clients to think of their trust as a big container with instructions. The instructions will control how the assets…

Read More

6. Revocable Living Trust

This is part 6 in my series, Estate Planning – What You Need to Know. Part 6 - Revocable Living Trust. The solution for probate is a revocable living trust. A revocable living trust is a legal contract you make with yourself, or, if you are married in a community property state like California, with your spouse. The trust is a set of instructions on how you want your assets to be…

Read More

5. What If I Only Have a Will?

This is part 5 in my series, Estate Planning – What You Need to Know. 5 - What If You Have Only a Will? So maybe you’ve done some planning. You’ve executed a will. Is that enough? Maybe not. The will states who gets your assets, and if you have young children, it names the guardians to raise your children. That’s good and it’s certainly better than no plan. However, the downside…

Read More

4. Why You Need Guardians If You Have Young Children.

This is part 4 in my series, Estate Planning - What You Need to Know. Why You Need Guardians if You Have Young Children. If you have young children, the most important part of your estate plan is naming the guardians to raise your children if something happens to you and your spouse. Typically, the guardians are named in the will. If the estate plan has a revocable living trust, the guardians…

Read More

Vacation Planning

School is out or almost out and you may have lined up a vacation or two. Now is a good time to check to see if you have a plan in place to protect your family if something happens to you. Do you have enough life insurance for your spouse and children to make ends meet if something happens to you? Have you done a will to name guardians to raise your…

Read More

Is Your Living Trust Funded?

Although most families have not done their estate planning, many have, and many have established living trusts. The objectives in establishing a living trust are to avoid the high costs and hassles of a California probate and to provide an easy administration of the estate assets. Living trusts are great and will accomplish these objectives – if they are maintained.

Your estate will still go through probate, even if you have a living trust, if you have not transferred your assets to your living trust. We tell our clients to consider their living trust like a container. The trust will only control the assets that have been transferred to the container. If when you die, you left significant assets (real property, bank and investment accounts) outside the container, your loved ones may have to take your estate through probate. Probate is unwelcome to most families because it is expensive and generally takes at least a year in court.

Ask yourself these questions to confirm your assets are in your living trust.

Read More
Load More
Back To Top