What quarantine projects did your family get done this year? Most families baked, painted a guest bedroom, or even took on a large backyard renovation. It is hard not to look around at what needs to be updated in your home when you are stuck there all day. Your Estate Plan is no exception and probably also needs a renovation. What has changed in your life since you last looked at your Estate Plan? It is important to note that everyone in California needs an Estate Plan of some sort and it needs to be kept up to date as your life changes. Further, if you own real property or have minor children, a Revocable Living Trust is essential to your plan. Read on to discover three good reasons why you need a Trust!
- Avoid probate
Probate is the legal process of transferring assets of a decedent to his or her heirs. The Probate process can be expensive in terms of both time and money. In California, an average probated estate will take up to two years from date-of-death to the final distribution of assets.
- Save Money
Probate can be expensive due to court costs and legal fees, all of which are determined by law and non-negotiable. By protecting your assets in a properly funded Trust, your family will avoid the costs and fees incurred with the Probate process.
- Privacy
One of the biggest differences between a Will and a Trust is the privacy offered. A Trust is a private document and a Will becomes public record after your passing.
A common concern from clients is the cost of establishing an Estate Plan. Our office is proud to accept legal insurance from Hyatt Legal Plans that allows us to serve teachers, nurses, pilots, home improvement store employees, and many more for little to no fee.
If your employer does not offer a legal insurance plan, we are still happy to serve you. Chamber members and referrals receive a $275 discount (not to be combined with legal insurance). To learn more about our services and to schedule a virtual consultation, contact us today at (760) 438-0558.