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Torrance, CA 90503
Phone: (310) 776-5604

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CA 92868

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Frequently Asked Questions

What is Estate Planning?

Estate planning is making a plan for yourself and your property in the event that you become incapacitated or pass away.

Why do an Estate Plan?

A proper estate plan is helpful to both you and your loved ones.

A proper estate plan is helpful for you because it gives you a choice. Without a proper plan, the estate and others are left to make medical and financial choices for you. With a proper estate plan, you get to choose what happens.

A proper estate plan is also helpful to your loved ones because it can make things easier for them. A proper estate plan can avoid probate, saving thousands of dollars in court fees and costs.

What Does A Proper Estate Plan Include?

A proper estate plan typically includes:

  • A Will
  • An Advanced Health Care Directive
  • A Durable Power of Attorney
  • A Revocable Living Trust

What Is a Will?

A will is a legal document which allows you to give instructions to be carried out after your death. (Learn more…)

What Happens If You Die Without A Will?

Dying without a will is also known as dying “intestate.” If you die intestate, California law will decide who inherits your property.  
(Learn more…)

What is a living trust?

A living trust is a written legal document often used for estate planning purposes.
(Learn more…)

One of the main benefits of a living trust is that they can facilitate a smooth and quick transfer of assets upon death.

What are the benefits of a living trust?

A revocable living trust is beneficial because:

  • It can help ensure that your assets are transferred quickly and easily upon your death without having to go through the time consuming and expensive probate process.
  • It can also help to ensure that your assets will be managed according to your wishes in the event you become incapacitated
  • Revocable living trusts generally remain private, whereas wills often become a part of public record.
  • Trusts allow you to dictate how your assets are used and give you flexibility in carrying out your wishes. For example, you can specify how you want your money to be spent in case you are incapacitated, such as defining the nursing facility you want to be in.
  • Can be used to hold assets in trust for young children until they mature

What is probate?

Probate is the legal proceeding that takes place when someone dies. (Learn more…)

How much does probate cost?

The cost of probate is set by state law. In general, the costs of probate range from 3% to 6% of the total estate value, but can go higher depending on the amount of work that needs to be done by the personal representative and the size of the estate.
(Learn more…)

What Other Probate Avoiding Techniques?

Living trusts are not the only means of avoiding probate.  Some other options include: joint tenancy, community property, pay on death accounts, gifts made during life and revocable transfer on death beneficiary deeds. Each technique has its own benefits and drawbacks so it helps to discuss these options with a professional.