Probate is the process by which the court system oversees the payment of your debts and the distribution of your assets. This is usually a long and complex process.

The average probated estate will incur probate costs of 4-8 percent of the estate's value. The Executor and the probate attorney have fees set by statute. Court costs and filing fees are several hundred dollars. Additionally, the Executor and probate attorney may ask for additional fees for tasks related to the distribution of the estate.

It is becoming common for probate to last 1-2 years. During this time, assets are frozen and beneficiaries must ask approval for necessary living expenses.

A living trust is merely a way to hold your property. However, it keeps your estate out of probate and allows your beneficiaries to get their rightful inheritance quickly and cost effectively.

You will maintain every right and privilege over your property as you had before the trust. You may put property into your trust or take it out of your trust at anytime.

1. The creator of the trust is the settler.
2. The person who manages the property in the trust is the trustee.
3. The beneficiary is the person for whom the trust was created. (The secondary beneficiary is who gets your assets at your death.) In most cases, you may be all three.

You may, at any time, amend your trust (change the beneficiaries, etc.) or outright revoke it.

No. A trust is a private document and is not made public at your death. A will becomes a public document that allows the world to know what your estate is and how it was divided.

Your chosen back-up Trustee, or if you are married, your Co-Trustee, automatically steps in and is legally able to manage your estate. If you have no trust, then a conservator must be appointed for you. This is a legal process and thus may be expensive, time consuming and stressful.

If your estate is over $60,000, then it will pass through probate.

The benefits of trusts are not only for the rich. In prior years, it was impossible to find an estate-planning attorney to prepare a trust for under $1000.00. At that price, many middle class families could not afford the protection of a trust. Now, attorneys can prepare trusts that are identical to those prior trusts, but at a fraction of the cost.

Yes. We will prepare a pour-over will that is designed to work with your trust. All of your smaller assets which you did not put into your trust will be gathered up and "poured" over into your trust at your death.

Generally, if your estate is worth more than $1,000,000, there will be an estate tax liability. The estate tax rate begins at 37% and goes up to 55% of your estate's value. If you are married, an A-B trust (also known as a marital trust) will allow you and your spouse to pass up to $1.2 million to your heirs, free from estate tax. There are other methods of reducing your estate tax, such as charitable trusts and trusts set up for your children or grandchildren. If your estate is or may be subject to estate tax, then there is a number of advanced estate and tax planning techniques that can save your estate thousands of dollars.

Your living trust, pour-over will and transfer documents can be prepared in two weeks. If needed, we can prepare your estate plan in less time.

Absolutely. An experienced estate planning attorney will meet with you and discuss your trust and then will prepare the documents.

An improperly prepared document can be disastrous to your estate and beneficiaries. The attorney will keep a notarized copy of all documents on file to protect you if you lose the original. An experienced attorney can give guidance to crafting a trust that fits your specific wishes.

Your entire estate will go through probate and the state decides who gets your property. The state has a formula of dividing your property that, in most cases, is not what you would have wanted.

Disclaimer: The purpose of this web site is to provide general information on an area of California law, which may differ from law of other states. It is not intended to give legal advice regarding any specific legal problem. Readers should know the law is complex and constantly changing. Therefore, anyone with a specific legal problem should consult an attorney.