Understanding Trusts In California And What They Can Accomplish
Alice A. Salvo is the lead trust attorney at the Law Offices of Alice A. Salvo and a Certified Specialist in estate planning, probate, and trust law as determined by the State Bar of California Board of Legal Specialization. She has been handling probate, trust law and estate cases for over 25 years.
What Problems Can Arise If You Do Not Have A Will Or Family Living Trust?
- Your money assets or property, such as real estate, may go to a person you do not want. If you do not have a family trust, then the state of California decides who gets what, using its rules, which may be totally different from your wishes.
- In general, most would like their spouse to inherit both joint and separate property. In a situation where you do not have a will or family trust and have only one child, California law divides your separate property equally between your spouse and child. If you have two or more children, then your spouse will receive a one-third interest and your children will divide the two-thirds interest by default. Having a family trust allows you to decide who will inherit. If you do not have a family trust, then the government (probate court) decides how your assets are divided.
- If you are separated and not divorced and you do not have a will, your estranged spouse will inherit your assets under Californian statutes.
- If you are single with no children and you pass away without a will, in California, all assets go to your next of kin regardless of whether you know them or not and whether or not you intended them to inherit. Suppose you had a sister or brother, and your father had other children from another marriage (even if you never met them). In that case, your sister or brother would share the estate with your father’s other children.
- If you only have a will, and own a home or estate valued over $150,000, then your estate will likely end up in California probate court, a costly and time-consuming situation. If you have a properly drafted family trust, then you can avoid probate. In that case, all assets are easily transferred to your heirs. Your heirs receive the maximum amount because there is no loss of estate funds due to the probate process and related legal fees.
Put Our Experience To Work For You
Having an experienced California living trust attorney matters when it comes to protecting your home and properties. Alice Salvo provides excellent value combined with efficient and effective estate planning services. She has represented and assisted thousands of clients, and many have posted testimonials and reviews on various respected websites. She helps protect the assets of grandparents, parents and loved ones.
Ms. Salvo has focused on estate planning for more than 25 years. To best serve you, she can meet in person or discuss your situation via telephone appointment. With today’s technology, distant clients may receive professional legal services and speak directly to Ms. Salvo by using our remote capabilities.
Benefits Of A Living Trust
These documents do more than protect the transfer of your property after death. A revocable living trust helps you control retain control of your assets as you are allowed to serve as trustee. If you place ownership of your assets such as:
- Copyrighted works
- Business control
- Real estate deeds
- Financial assets
Into a living trust, then those assets are protected against estate taxes after your death.
Do You Have A Living Trust? California Law Is Complicated.
Ms. Salvo effectively handles matters using email, fax, phone and standard mail. Additionally, she “appears” telephonically in courts throughout California, via CourtCall. This makes it possible to take your case throughout the state. CourtCall usually reduces the legal fee for the client by eliminating travel costs for the attorney.