DO YOU NEED A WILL?

 More than 50% of Americans don’t have a will! A great majority of those people probably need one. Do you?
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Of course you are concerned about who will be the guardian of your children if you pass away, of course you care who will get your assets when you are gone, of course you care if your last wishes are executed. OF COURSE YOU NEED A WILL!

Too many people are reluctant to get a will because they think they will get to it later, maybe they think that it is something morbid and they don’t want to do think about it.  Although many people claim to not need a will, it is a very practical thing to have. A will gives instructions to be carried out once you pass away. It allows you to choose the guardian of your children, choose the beneficiaries of your will, choose how your assets will be distributed, and allows you to choose who exactly will execute all of that.

Some people are unsure whether they even need a will if they already have a living trust. California law allows residents to have both a living trust and a will. But are both advisable? Yes!

A living trust, although an important part of estate planning, may not accomplish all your wishes. For one, a living trust does not allow you to name the guardian of your children once you pass away.  Secondly, a living trust may not include all of your assets. That is why most people with a living trust have a pour over provision in their will stating that all those remaining assets should be transferred to the trust.

All in all, both a living trust and a will are important parts of estate planning and something that you should look into getting before it is too late. If you don’t have an estate plan or you have a living trust but no will- CONTACT US today at one of our three office locations: Los Angeles Office at (213) 687-8080, Orange County Office at (949) 200-4612, or our Glendale/ Montrose Office at (818) 248-0006. You can also visit our website at www.burnsattorneys.com .

Why You Need to Create a Living Trust -Don’t wait until it is too Late-

Over half of adult Americans do not have a will or living trust!  Do you want a stranger deciding who gets everything you worked so hard for after you die?  Do you want to have court fees and attorney fees and estate taxes eat up what you wanted to leave behind?  This blog will focus on living trusts, which are a quick and inexpensive way of taking care of your wishes for what YOU have earned and acquired during your life.  

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Have you been swaying between creating one and thinking you have still got time?  As the above statistic shows, more than half of every American adult thinks the same and never get a chance.  Why leave such an important task until it is too late?

Completing a living trust can give you peace of mind. It can give you the reassurance that your loved ones will get your estate. It can give you the comfort of knowing that your loved ones will avoid the burdens of going to probate court. It can give you the ability to maintain your privacy and avoid the inconvenience of a conservatorship. A living trust can accomplish all this and put your mind at ease.  An experienced attorney in the field of Will and Trusts can ensure that you, your estate, and your loved ones are in good hands.

AVOIDING PROBATE COURT

Many people wait until it is too late. If you do not create a living trust your loved ones will be subject to probate proceedings to acquire anything from your estate. Your loved ones will already be in a difficult situation as is and requiring them to go in and out of probate courts is not something that they should be burdened with. This is even more so if you own real estate in more than one state, as your loved ones would have to deal with probate proceedings in more than one state. In addition, living trusts prevent the need for a conservatorship or guardianship. The restrictions placed on conservatorships and the need to go through that legal process may be easily avoided by a living trust.

MAINTAINING PRIVACY

Additionally, probate proceedings are public information and anyone can have access to anything filed with the probate court. This lack of privacy is something that doesn’t sit well for many people. A living trust would give your loved ones the privacy they need in these difficult times.

TAX ADVANTAGES

There are also tax advantages to getting a living trust. For one it grants ability to avoid estate, income, and gift tax. The value in getting a living trust is enormous.

Fortunately, getting a living trust is only a simple call away. Get an experience attorney in the field of Wills and Trusts on your side to draft your living trust can ensure you and your loved ones a blissful tomorrow. If you or someone you know is interested in getting a living trust, CONTACT US at (213)687-8080 or visit our website at www.burnsattorneys.com .