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Frequently Asked Questions
- What is "my" estate?
- Your estate consists of all property or interests in property which you own. Some
examples are those assets which are in your name alone, such as bank accounts, real
estate, stocks, bonds, furniture, furnishings, or jewelry. An estate also includes assets such
as life insurance, IRAs, qualified retirement plans and some annuities.
The value of your estate is equal to the "fair market value" of each asset that you
own, minus your debts including a mortgage on your home or a loan on your car. The value
of your estate is important in determining if your estate will be subject to estate taxes upon
your death.
- What is estate Planning?
- Estate planning is a process. It involves your family and other individuals. In some cases
charitable organizations of your choice are also included. It involves your assets as well as
the various forms of ownership that those assets may take. You will consider:
- How your assets will be managed for your benefit if you are unable to do so.
- When certain assets will be transferred to others.
- To whom those assets will pass.
- Your needs and your welfare - planning for your own personal and health care if you are
no longer able to care for yourself.
- A will and other documentation.
- Who needs estate planning?
- Anyone who possesses assets. You should designate the person who will have the responsibility
for the management of your care - including the authority to make health care decisions on
your behalf. You should also designate the person who will have the responsibility of managing
and/or distributing your assests in the event of your death or incapacity.
[California law provides for the court appointment of persons to take responsibility for your personal
care and assets. California also provides for the distribution of assets in your name to your
heirs pursuant to a set of rules to be followed if you die without a will.]
- What is a Living Will?
- The "Living Will" is what many people know as the "Right to Die" clause
and refers to terminating life support if your life is being sustained by artificial means. This
decision, made by you before needed, is now being upheld by the courts. There is no question
today that the " Living Will" is a legally accepted document.
The "Living Will" is not an order to act, it is simply your right to act.
Only you or your family decides when your living will is to be used.
- What is a Living Trust?
- In California, any estate of more than $100,000.00 must go through probate. Almost anyone
in California who has any equity in real property has a more than $100,000.00 estate.
The probate process is rarely completed within a year and often takes as long as three or four
years or more. It can diminish your gross estate by 10 percent. There are other disadvantages
to probate - discord among family members, lack of privacy - as everything is a matter of public
record.
The single most important reason to have a living trust is to avoid the long delays and huge
costs usually associated with probate. Even spouses and adult children, who are in the
mourning process, are not well-equipped to handle these stresses.
You relinquish ownership of your assets when you transfer them into your trust, but
you still retain total control over these assets - as you retain total control of the trust.
You may buy, sell, rent, lease, exchange or do anything with those assets you could do as
owner.
At least one-third of all written wills are successfully contested by heirs. The theory is that the
will is "outdated" and that if the person could be brought back to life to review the
events that have taken place since the will, he or she would change the contents of the will.
A properly funded Living Trust, however, is basically unchallengable. Unlike the will, the living
trust may be easily changed at any time by simply striking out or adding a section and
initialing it.
It's important to know that the cheapest living trust may not be the least expensive.
Some "bargains" that are offered do not include everything you need to make the trust
work for you.
Consult an attorney for more information about the most suitable estate plan
for your needs. The materials contained in these pages are for informational purposes only
and are not legal advice.
Transmission of the information is not intended to create, and receipt
does not constitute an attorney-client relationship between the sender and the receiver.
Internet subscribers and online readers should not act upon this information without seeking
professional counsel.
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