More Than 30 Years of Experience Preparing Wills and Trusts
Whatever the size of your estate or the nature of your personal situation, an experienced lawyer can be useful in helping to plan for your future. Attorney Philip John Gold has experience working with blended families, families with special needs, business owners, domestic partnerships, unmarried couples including same-sex couples and people of all ages.
In general, every individual or family member should have either a Will or a Living Trust for the following reasons:
- To pass your property at death to the persons or charities you wish to receive your estate
- To protect minor or disabled family members at your death
- To provide income for a family member who lacks money management skills during that person's lifetime
- To make the transfer of your assets to the beneficiaries as easy and inexpensive as possible
- To minimize family disputes at your death
- To minimize estate and income taxes as much as possible
What is a Will?
A will is a document executed by the individual giving directions as to the disposition of the person's property at his or her death and specifying who is to act as executor. It may contain provisions concerning other matters such as who will be guardians of any minor children, who is nominated as a conservator in the event one is required, and other wishes of the decedent.
If the assets of the deceased person who is a California resident total in excess of $100,000, a probate must be established in the County where the decedent resided. Each state has their own probate laws which must be followed if the decedent is a resident of that state. Most states tend to have similar rules but they may be significant differences in some situations.
Types of Trusts
Irrevocable Trust — An irrevocable trust cannot be revoked or amended. It usually includes an initial completed transfer of property for the benefit of a third party (not the person who established the trust) and depending on its purpose, it requires the trustee to be someone other the person who established it. They are often used by high net worth individuals or for some Special Needs Trusts.
Revocable Trust — A revocable trust is used for most estate planning. It can be changed by the preparation of amendments to the original trust and it can also be revoked. It is used to determine the family members, the friends, and the charities that are to receive property upon the death of the person who created the trust and it can be used to manage the assets of the trust by the Trustee for the benefit of the named beneficiary during his or her lifetime.
Special Needs Trust — Special Needs Trusts are created to provide funds for a disabled person who is receiving public benefits and would be disqualified from continuing to receive the benefits under a regular trust or gift of property. For more information, see our separate section on Special Needs Trusts.
Pet and Equine Trusts — Animal lovers are often quite concerned about the welfare and ongoing care of their dogs, cats, and horses upon death. Setting aside money to ensure care for an animal after your death is a wise and prudent step for many individuals.
The Advantages of Using Trusts
Trusts have several advantages compared to wills.
- Trusts avoid probate, thus bypassing the court and often resulting in much shorter periods of administration.
- Trusts may be significantly less expensive to administer then probate estates.
- Trusts provide for management of your assets during your lifetime if you become disabled and are unable to do so yourself. This may avoid a conservatorship, which is costly and involves court supervision.
- Trusts are private documents. Probated Wills are a matter public record, can be viewed by anyone, and all of the property is listed.
- Trusts provide many choices and can be constructed for almost any situation
Will and Trust Substitutes
A deceased person's property may pass directly to individuals in the event the property is held in joint tenancy, has a designated beneficiary, or is a "payable on death" account.
Call Today for a Free Initial Consultation
Contact Philip John Gold, Attorney at Law, for a free initial consultation. Our toll-free phone number is 888-763-3296 or you can reach us by e-mail. We have been serving clients in Newport Beach, Orange County, and surrounding areas of Southern California for more than 30 years.
