Assets, such as real estate, may end up in probate court, if it is not held in a Revocable Trust. Placing assets in a revocable trust does not limit your ability to sell, transfer, or refinance it. Joint tenancy is not a substitution for a trust. Trusts can be an effective way to minimize estate taxes and protect your assets for generations to come. For example, minor children do not have the legal capacity to inherit. With a personalized trust, parents elect when their children receive their inheritance–at specified ages, for specified purposes and may include specific desired limitations. Without an estate plan, your minor children will be placed where it is “necessary and convenient” until guardianship proceedings are held. Again, you want to decide, not the government. Unlike a Revocable Living Trust, an Irrevocable Trust cannot be amended or revoked by anyone after it has been created. Whether you already know which trust is right for you or you need guidance, San Diego Estate Planning can help you plan for your future accordingly.

We may recommend that you execute a Will rather than a Trust if you do not have minor children, own real estate, and your assets subject to probate are under $150,000. At the very minimum, everyone over the age of 18 should have a will plan.

We encourage a broad discussion and work closely with other professionals, when you desire, in order to fully assess insurance protection, entity formation and other options to minimize your risk exposure and implement your legacy!