In the State of California, if an individual dies with over $150,000 in assets and no living trust, it is likely that the estate will be probated. That’s all fine and dandy, but what does it mean for an estate to go through the probate process?
In short, it means a headache (or several headaches), depending on your tolerance for frustration and stress management. While we certainly do not mean to frighten you, the attorneys at Distinct Law Group make honesty our top priority. That means we make it an obligation to tell all of our clients the TRUTH, no matter how bad they want to hear differently.
As noted above, if an individual passes away with an estate that is valued over $150,000, there is a good chance that the estate will need to be probated. This means that a probate court will make decisions regarding the contents of the estate and oversee the distribution of the estate assets. Included in the courts power is the ability to appoint a trustee, administrator and /or probate referee. Furthermore, the probate court will have power over the estate and the assets. The court will make final decisions on what actions need to be taken, how long the probate will last, which parties will get the assets, which parties need to be involved and who will be responsible for disbursing the assets once the probate court has made its determinations.
As you can imagine, this process is both time consuming and can be extremely costly. Additionally, the court is limited with regard to its personal knowledge of the deceased parties wishes. If the court does not know what the deceased wanted to do with their assets, then there is no way to ensure that the assets you acquire over a lifetime will be given to the parties that you want and in the manner that you want.
Distinct Law Group is here to assist you by ensuring that your hard earned money and property is passed down to the individuals, groups and organizations that you have chosen. After a comprehensive assessment of your estate, the attorneys at Distinct Law Group provide you with an individualized and unique estate plan that includes a living trust, will, power of attorney and healthcare directive.
How will this help you? By putting your assets in a living trust, you call the shots and take the power out of the hands of the probate court. In your living trust and will, you decide on what property will be included, who will inherit your assets, when the inheritance takes place, etc. You are also given the opportunity to name a trustee, which is the individual or entity that you want to oversee the distribution of your estate upon your passing.
Creating a living trust and will is an extremely cost effective way of making sure you have control over your assets and the distribution of your estate. Rather than put the power in the hands of someone you do not know, have a living trust and will created by the attorneys at Distinct Law Group. The will and trust will give you the peace of mind that you deserve and protect your loved ones from having to deal with the pitfalls of the probate process after your death.
If you are interested in discussing the benefits of creating a will and trust, call Distinct Law Group, APC today!