Estate Planning

Revocable Living Trust. The Trust is the main document in most estate plans.  It is used to manage and distribute assets absent a conservatorship or a probate.  A trust is an entity in the eyes of the law. Similar to a person or a corporation, the trust can own and manage assets.  The Trust owner (Trustor) determines how the Trust assets are managed, and also when and to whom the assets are eventually distributed by the manager of the trust (Trustee). 

Wills.  One of two different types of wills is commonly used in an estate plan.  Generally, Wills are probated if the assets include California real property and/or if the value of the probate assets exceeds $167,000.

Pour-over Will.  This Will accompanies a Trust, it does not act independently of a Trust.  The Pour-over Will acts as a “safety-net” by leaving all non-Trust assets to the Trust after death should they have been inadvertently left out of the Trust while the Trust owner was alive. 

Last Will and Testament.  This Will nominates and Executor and then directs your Executor to dispose of probate assets in accordance with your written wishes. It is an instrument that can name guardians for your minor children.

Durable Power of Attorney. This document is a formal appointment of an agent to conduct your financial or business affairs on your behalf if you cannot do so yourself. “Durable” means that the Power of Attorney will remain in effect even if you become incapacitated.

Advance Medical Directive. In this document you formally appoint a person to make personal care and health-care decisions for you when you lack the capacity to make them for yourself. The Medical Directive should also include the owner’s instructions on “end-of-life decisions.”