In California, the number one goal in estate planning is to avoid probate. California has one of the most rule driven, expensive and time consuming probate systems in the nation. As a result, it makes great sense to avoid probate in the first place.
How does one avoid probate? The best method in California is through the use of trusts. Creating a revocable, or “living trust,” is like creating a corporation. For a couple, think of a trust as a corporation with two shareholders and two managers – the husband and wife. Just like if the head of a corporation dies, the corporation does not cease to exist. The successor managers take over and everything keeps on operating as before. The head of the corporation does not own the assets, the corporation owns everything. The same is true with a trust. Title to assets are held by the trust, so if the individual, or both spouses die, the successor trustee steps in and takes over. There is nothing to probate because title to the assets are held by the trust, not the individuals.
If you would like more information concerning estate planning, including how to avoid probate, contact Antelope Valley estate planning law firm Thompson | Von Tungeln (TVT) at (661) 426-2499 or visit their websites at www.EstatePlanningSpecialists.comwww.EstatePlanningSpecialists.com and www.Medi-CalHelp.com.www.EstatePlanningSpecialists.com is a comprehensive online resource for personal wealth management solutions through wills and revocable trusts. www.Medi-CalHelp.com is a comprehensive online resource for long term nursing home care for the middle class. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve clients with the creative, effective and custom solutions they demand.