Estate planning involves important decisions about your family, your finances, and your future. The resources below provide general information to help you begin understanding common estate planning topics.
Please remember that every situation is different. Legal advice should always be tailored to your specific circumstances.
Consumer Education Resources
The State Bar of California provides educational materials that may help you begin the estate planning process:
The California Judicial Branch also provides a helpful Self-Help Guide with information about court procedures and legal processes.
Frequently Asked Questions
What is the Difference Between a Revocable Living Trust and a Will?
A revocable living trust and a will serve different purposes.
A revocable living trust can help manage your assets during periods of incapacity and may allow your estate to avoid probate after your death if it is properly funded. It also provides privacy because trust administration generally does not occur through a public court proceeding.
A will, on the other hand, typically requires probate to transfer assets after death. A will also does not provide authority for someone to manage your assets if you become incapacitated.
A trust generally requires more upfront planning than a will because assets must be properly transferred into the trust. However, the additional planning may provide significant benefits for your family and loved ones later.
If I have a revocable living trust, do I still need a will?
Yes. A revocable living trust is typically accompanied by a pour-over will.
The purpose of a pour-over will is to transfer assets that were not titled in the name of your trust at the time of your death. This may happen because you acquired new assets, intentionally kept certain assets outside the trust, or simply overlooked transferring an asset.
A pour-over will also allows parents of minor children to nominate guardians.
What assets are included in my estate for federal estate tax purposes?
For federal estate tax purposes, your estate generally includes most assets you own or control at the time of your death.
These may include:
- Real estate;
- Business interests;
- Bank accounts;
- Investments;
- Personal property;
- Retirement accounts; and
- Certain life insurance benefits.
Your taxable estate is generally calculated after considering applicable deductions, including debts, administration expenses, certain expenses, and available marital and charitable deductions. Estate tax applies only to the extent your estate exceeds the exemption amount established by federal law at the time of your death.
Disclaimer
The information provided on this website is for general informational purposes only and is not intended to constitute legal advice. Laws change frequently, and the application of legal principles depends on the specific facts and circumstances of each situation. You should consult with qualified legal counsel regarding your individual needs.