Wills and Trusts

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Wills

A will is an important part of estate planning. There are various reasons to have a will, even if you have already established a trust. The will names the person trusted to handle the transfer of the property and assets, and also directs the transfer. Another roll of a will is to appoint a guardian for minor children, or dependents with special needs. A will is also the place for the decedent to clarify the status of a former spouse or step-children, to help avoid disputes or confusion in the matter.

Every state has its own legal requirements to ensure the validity of a will. In California, if a will is not found to be valid, the estate will be considered “intestate, “ and be distributed according to California statutory law, which will most likely not be according to the wishes of the decedent. Contact Attorney Aaron Gregg today to ensure that you have a last will and testament that is valid. Mr. Gregg can help you also select an executor for your estate, make choices to avoid excessive taxation, and comply with all statutory requirements. Seventy percent of people die without a will. It is never easy to think about death, but the truth is, most people need a will, especially those who:

• Have assets of $100,000 or more
• Have minor children
• Have dependents with special needs

Preparation of Comprehensive Wills

A simple will may not be enough to keep an estate out of probate. The comprehensive will is more inclusive, and can minimize the time and expense associated with probate. In the state of California, comprehensive estate planning is crucial.

A well-drafted will can provide multiple benefits to your surviving heirs. Attorney Aaron Gregg will guide you through the process of determining the best strategy for distribution of your assets. He will ensure the estate you worked so hard to build will be protected for your family. Assistance is available for:

• Drafting a will
• Disposing of property
• Naming an executor
• Defining powers of attorney
• Listing property and benefits
• Creating an advanced health care directive

A will is an essential part of your estate plan. It is the best way for you to make your intentions known. In most cases, a will is used in conjunction with a trust to minimize the expenses of probate. Mr. Gregg will work directly and personally with you to ensure that all your estate planning needs are met. Contact attorney Aaron Gregg today.

Trusts

Trusts are created to allow your family to transfer assets, such as title estate property, without the time and expenses associated with going through probate. In California, the probate process is not only expensive, but time consuming. In order to avoid probate, it is important to have a properly formulated estate plan, including trusts. Attorney Aaron Gregg is an experienced estate planner, and can help you to determine what trusts are needed to ensure your property transfers effortlessly to your heirs when the time comes. Contact Mr. Gregg today to begin the process of finding the best solution for your estate planning needs.

Choosing the best plan for your estate is an individual process. There are a variety of trusts that can be created to help minimize administration, probate, and litigation costs. Properly prepared trusts can be important tax-saving plans in the transfer of property. Many other types of trusts are also available, including:

• Implementation of Trusts
• Grantor (Living) Trusts
• Spousal Trusts
• QTIP Trusts
• Educational Trusts
• Survivor Trusts
• Family Trusts
• Special Needs Trusts
• Life Insurance Trusts
• Irrevocable Trusts

Advantages of a Living Trust

A living trust is an important part of estate planning that allows you to remain in control of your estate in life, and reduces the hassle of transferring ownership after death. Avoiding probate costs in the transfer of assets will also help maximize the value of your estate for your heirs. Implementing the trust is also very important. A living trust can be designed to manage your assets for you, should you become incapacitated or otherwise unable to manage them yourself. In the event of a disability, there are other possibilities to provide wealth management, such as power of attorney, but nothing is as flexible as a living trust.

Another advantage of a living trust is to help to manage wealth for those who are not familiar with handling money, or who do not have the time for proper management. Creating a living trust and then having a trusted advisor named as the trustee could help manage wealth by investing assets and handle general financial affairs.

Owning real estate in different states is another reason to consider having a living trust. Putting real estate into a trust prior to death can help to avoid estate administration from states in which the decedent was not a resident.

If you are considering creating a living trust to help manage your estate or want to begin estate planning, contact Fullerton estate planning attorney Aaron Gregg today to schedule a meeting.