Estate Planning & Wills
Are Your Assets Protected?
If you own a home or have assets worth at least $100,000, consider setting up a comprehensive Estate Plan to protect your family from unnecessary taxes and children from foster care in the event something happens to both you and your spouse.
A simple will offers only limited protection. A will goes through probate, a process by which a court examines your will and declares it valid. In California, the probate process can drag on for months and in some cases, years, before your family may be able to take possession of your estate. And if you own property in several states, multiple probate proceedings may be required to settle your estate in absence of a living trust. Moreover, a living trust is private, while probate is a public process, a plus if you don’t want people to know what you have.
Proper estate planning avoids the pitfalls of probate and insures that your estate actually goes to those individuals or charities you wish. A living trust can eliminate the costs and time involved in a probate and will protect your estate if you become incapacitated by avoiding a conservatorship. This means your estate will be managed as you see fit, not as a court-appointed conservator sees fit. More importantly, a well drafted living trust can help you and your spouse double the amount you can leave to your heirs tax free.
If you’re in the San Diego area learn more about Wills, Living Trusts or Estate Planning, please e-mail or call me at 858-633-0171 to schedule a free consultation.
