WHAT HAPPENS IF I PASS AWAY & MY CHILDREN ARE MINORS?

Your children will go to a guardian. A guardian is an adult who will take care of your children when they are minors, under the age of majority, when both their parents are deceased. If you do not nominate a person, the Probate court will appoint someone to be the guardian of your children and their estate. A nomination of a guardian can be named in your Last Will and Testament or in a separate document so the Probate court is aware of your choices.

There are two (2) types of guardians: guardian of the person and a guardian of the estate. They can be the same person or different people. You determine who will be in charge of your child and their estate. The Probate court will grant the guardianship according to your wishes or according to the laws of the state of California if your wishes are unknown.

Note: The above is general information and you should consult with an attorney to answer your personal questions and to have your estate plan drafted.

DOES A TRUST AVOID PROBATE ON OUT-OF-STATE REALTY?

Yes. You can avoid probate on out-of-state realty by transferring those properties into your California trust. For example, if you own land in Arizona and New York, you can avoid probate in both Arizona and New York by transferring these out-of-state assets into your California trust.

Each state has their own laws regarding transferring property into and out of trust. You may need to consult an attorney in the state where you own real property to determine the best course of action.

Please feel free to set up a conference with us to discuss your estate planning needs regarding your assets in and outside the state of California.

Note: The above is general information and you should consult with an attorney to answer your personal questions and to have your estate plan drafted or reviewed.

WHAT IS GOING TO HAPPEN TO MY PETS WHEN I PASS AWAY?

Pets are often considered family members and it is important to think about what happens when you are no longer able to care for them. In order to make sure that your pets are properly cared for, determine what you want for your pets and who will care for them. Talk to family members and friends to see if someone is willing to adopt your pets after your passing. You can also consider setting up a Pet Sub Trust for your animal. A Pet Sub Trust is a trust that is created upon your passing to provide funding for the care of your pet. For questions, additional information, or professional assistance please feel free to call us at (619) 588-2828.

Note: The above is general information and you should consult with an attorney to answer your personal questions and to have your estate plan drafted.

WHAT HAPPENS TO MY PROPERTY IF I DIE WITHOUT A WILL OR A TRUST?

If you die without a will and/or trust, a probate would need to be opened if your estate’s assets are over a certain dollar amount without a beneficiary named on those assets. Your estate’s assets include all of your personal and real property.

California law will determine where your estate assets will go upon your passing. It is best to create a will and/or trust to express your intentions for how you want your property to be distributed.

Our office can help you with a probate, trust administration, drafting a will and/or trust. Please feel free to call us at (619) 588-2828.

Note: The above is general information and you should consult with an attorney to answer your personal questions and to have your estate plan drafted.

I HAVE HEARD OF THE TERMS SETTLOR, TRUSTEE, & BENEFICIARY. WHAT DO THEY MEAN?

A Settlor, Trustor, or Grantor all mean the person who creates the trust. 

A Trustee is the person who manages the trust.

A Beneficiary is the person who receives the benefit of the trust, this is the person for whom the trust is established for. 

You or you and your spouse can be all three: Settlor, Trustee, and Beneficiary of the trust. You and your spouse can be both the creators, managers, and beneficiary of your trust. If you are single, you alone could be the Settlor, Trustee (manager), and beneficiary of your trust. 

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MY CHILDREN ARE YOUNG, I DON’T WANT THEM TO HAVE AN OUTRIGHT DISTRIBUTION OF MY TRUST ESTATE WHEN I PASS AWAY, WHAT CAN I DO?

Periodic Distribution

You can delay distribution until your children reach a certain age. You can have periodic distributions during your children’s lives at specific ages or one payment to your children when they reach a certain age. 

Educational Trust

Many parents create an educational trust on their passing. An educational trust will place your children’s share of your estate into a trust to be used for their education. Your children’s educational expenses could be paid for from this trust. Education expenses can include: books, fees, transportation costs, tuition, and living expenses. You can determine what expenses you wish to paid for regarding your children. When your children turn a certain age, they would receive any remaining balance from their share of the educational trust, as you decide. 

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WHAT IS A UNIFORM STATUTORY FORM POWER OF ATTORNEY?

This is a Power of Attorney set out in California law that allows your Agent to make financial decisions on your behalf. Your Agent is the person you nominate to make financial decisions for you. The purpose of the Power of Attorney is to give full legal authority to your named Agent to manage your property when you are unable to or when you wish another to manage your financial affairs.  Should you become incapacitated, your Agent will use this document to manage your financial affairs.

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