Myers and Porter, California Estate Planning Lawyer & Attorney - Probate, Wills, Trusts

How long does it take to prepare a Living Trust?

Your living trust, pour-over will, durable powers of attorney and transfer documents can be prepared in two to three weeks. If needed, we can prepare your estate plan in less time.

Who qualifies for a Living Trust?

If you have real property worth over $20,000 and/or personal property worth over $100,000. A trust will save you the costs and time required by the probate process.

How can a Living Trust eliminate or reduce estate tax?

Generally, if your estate is worth more than $1,500,000 (for year 2004), there will be an estate tax liability. The estate tax rate begins at 37% and goes up to 48% of your estate’s value. If you are married a trust can allow your spouse to double the unified tax exclusion. A will generally will not allow this tax advantage.

If your estate is or may be subject to estate tax, then there is a number of advanced estate and tax planning techniques which can save your estate thousands of dollars.

What happens if I become mentally incapacitated?

At the time you establish your trust, you will select who your successor trustees are and they will administer your estate for you if you become incapacitated. If you have no trust, then a conservator must be appointed for you. This is a legal process and thus may be expensive, time consuming and stressful.

Do I also need a Will?

Yes. We will prepare a pour-over will which is designed to work with your trust. All of your smaller assets which you did not put into your trust will be gathered up and “poured” over into your trust at your death.

What will happen if I die without a Will or Trust?

Your entire estate will go through probate and the state decides who gets your property. The state has a formula of dividing your property which, in most cases, is not what you would have wanted.

Why should I have durable powers of attorney?

There are two durable powers of attorney, one for health care decisions and one for property management decisions. By executing durable powers of attorney, you will be able to select those people that you would want to make health care decisions and property decisions when you cannot make them yourself. You can specify what your desires are toward life support and other treatments, as well as make organ donations and direct the disposition of your remains. You will also avoid the difficulties of going to court to determine whether or not you are capable of making health and property decisions. This is often a costly and awkward situation to place your loved ones in.