Many estates go through the probate process after the decedent passes away. However, you may be interested in taking proactive estate planning steps to make things easier for your loved ones. Probate can be time-consuming and expensive depending on your individual circumstances.
By working with a Pasadena estate planning lawyer, you can increase the percentage of your estate that passes to loved ones outside of probate and discuss alternative options for estate planning tools outside of a will, such as a trust. A trust must be set up properly in order to avoid probate. A California living trust goes beyond what happens with a last will and testament. Your last will and testament is your set of instructions regarding who will receive your assets at what time and under what circumstances.
Wills typically require probate if you have personal property or own your home or have assets or investments greater than $184,500. If you set up a living trust, you can avoid expensive probate and ensure that the your assets go to the people you want. It is important, however, to properly fund the trust by transferring ownership of these assets into the trust. This is a common misstep in California estate planning and a big reason to consult with an experienced attorney.
A living trust may give you more control and flexibility over the future of your assets and an attorney can help you determine the best way to structure your plans to meet your needs with a California estate plan.Â
