Estate Planning Documents You Need In El Monte

A Guide To The Most Important Estate Planning Documents In California

As the name suggests, estate planning lays out future plans you have for your assets. However, there's more to estate planning than a last will and testament, and there are so much more options in California.

Let's discuss the most important estate planning documents, as often handled by our El Monte Estate Planning Attorneys.

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1. Will

Most people instantly think of a Will when they think of estate planning. A will is a legal document that specifies how your property will be split after you pass away. If you die without a last will and testament, your property will be distributed according to California's intestate succession rules, which may or may not be the same as how you would split it.

On the other hand, A Will must be allowed to probate to be valid. Probate in California is a time-consuming and costly process. Most Californians would rather not deal with it at all, so they combine a simple Will with the next most crucial estate planning component, a living trust.

Although it is possible to write your own will, the last will and testament is still a legal document and will require specific wording, phrasing, and signatures. Make sure to consult with an El Monte Estate Planning Lawyer, so you don't miss out on the details as are necessary for a valid Will.

2. Living Trusts

A living trust is a legal arrangement in which the trustee owns the property and manages it for the benefit of named beneficiaries. Your trust will detail how the property will be divided when you die or become unable to make decisions, as well as who will take over as trustee.

The advantage of a living trust is that all of these changes can be made without going to court. Living trusts are frequently used in conjunction with a Will, which catches any property that you didn't transfer to the trust for any reason.

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