People will often seek to set up a living trust containing money and property so that their children will inherit it when they pass on. California law recognizes living trusts and these are often used as alternatives to wills. In fact, it is often more beneficial to create a living trust than a will with respect to property distribution. In contrast to distributing assets via a will that is subject to probate, a living trust is not subject to probate. Avoiding probate is often the best estate planning strategy in California.
Avoiding Probate
A testator who drafts a will directs how assets will be distributed upon his or her death. In that circumstance, the will must be “probated,” unless the testator’s estate is $150,000 or less. With the high cost of real estate in California and because probated property is based on the property’s value and not the testator’s equity in the property, most property passed through a will would be subject to the governance of a California Probate Court.
Considering a living trust? Speak with the Hayward estate planning lawyer.
Avoiding Probate
A testator who drafts a will directs how assets will be distributed upon his or her death. In that circumstance, the will must be “probated,” unless the testator’s estate is $150,000 or less. With the high cost of real estate in California and because probated property is based on the property’s value and not the testator’s equity in the property, most property passed through a will would be subject to the governance of a California Probate Court.
Considering a living trust? Speak with the Hayward estate planning lawyer.
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