Q: Why do I need an Estate Plan?
A: An Estate Plan prepares for when you are deceased or you are unavailable. It creates a plan for the following:
(1) If you are incapacitated:
(2) If you are deceased:
Q: What's the difference between a Trust and a Will?
A: The differences are outlined as follows:
Q: What is a Trust Administration?
A: Trust Administration is the process an individual or family will go through when a loved one passes away with a trust in place. The Trustee is tasked with administering the trust, and this can be confusing and daunting. Having legal counsel can be very helpful during this time.
Q: What is Probate and how do I avoid it?
A: In short, Probate is a court process where a Decedent's will is proven before a court. Similarly if there is no will it will also require a lengthy court monitored procedure. The Decedent's estate is then administered so as to manage the estate's property, settle the estate's debts, taxes, distribute assets to beneficiaries, and to provide a final accounting of the estate.
There are several ways to avoid probate. Depending on what the value of the estate is usually a living trust is the best method but one may use joint accounts (joint ownership), beneficiaries accounts, and summary or small estate procedures as alternative methods to avoid probate.
Q: I have a Living Trust, but it's over 10 years old. Do I need to have it reviewed?
A: There have been numerous changes made to the law with respect to Trusts as recently as 2013. It's a good idea to have your Living Trust reviewed every 5 - 10 years to capture the advantages of these changes, as well as your most recent information. If you have moved, you will want to make sure your new home is included in the trust. It's also a good opportunity to update any other life changes such as added children.
Q: How long does it take to create an Estate Plan? What information will I need?
A: It depends on how quickly you supply detailed information. Generally, we can turn around a Trust within a few weeks, as long as all processes go smoothly. You will need to provide personal information including financial, home ownership, and after-life wishes. We will walk you through the process and answer any questions you may have along the way.
Ed Fong Attorney at Law
3626 Fair Oaks Boulevard Suite 300, Sacramento, California 95864, United States
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