I am passionate about utilizing Living Trusts, especially here in California…for anyone who owns a home or has children. Here are some of the things to consider:
1. Appoint short-term and long-term guardians for any minor children.
2. Review the title of your home to make sure it is vested properly; Either in your Trust, OR in Community Property with Rights of Survivorship, if you are married and don't have a trust.
3. Make sure you know where all important documents are located; whether your life insurance policy is up-to-date and has proper beneficiary designations, and whether any joint tenant property (bank/investment accounts) or other "transfer on death" type of assets are up-to-date.
4. Leave medical instructions, written down, for your family, on what to do if you are incapacitated.
5. Appoint someone to make both medical and financial decisions on your behalf, if you were to be incapacitated. (Medical Directive and Power of Attorney)
6. And last, but certainly not least, have legal instruments on how to properly distribute both personal and real property, and who will be charged with making those decisions. (Trustee if held in Trust, or Executor of your Estate if you are using only a Will)
An experienced Estate Planning attorney will be able to discuss the above items and help you to make the decision that is best for both you and your family. I would be happy to refer you to an attorney to assist you in this endeavor and provide you with peace of mind in the coming year. I promise you that is is far less costly to create a trust vs. using just a Will, or dying intestate. (without a will) Probate is costly and takes a long time, and a judge has to approve everything that is dispersed.
Happy New Year to all, and please make this a priority!
Karen
