WILLS & TRUSTS  CALIFORNIA

Everyone has heard of a Will, but many people are unaware of all the nuances of a Will. During your life, if you draft a Will, you choose who will receive your assets upon your death. If you do not have a Will, the state of California has a Will for you. The California Will is referred to as intestate succession which is a law that governs who will receive your assets and how much of your assets a person will receive, upon your death.

 

A Will is initially cheaper to prepare than a trust, but a Will still goes to probate court, and in the end, you will pay more in time, costs, and lack of privacy due to probate. Even though a Will does not avoid probate court, having a Will is better than no Will at all, since you are able to choose who your assets will be distributed to, instead of leaving that decision to the State of California. 

 

Why settle for a better option when there is a best option, which is a trust. There are many types of trusts and the most common is a revocable living trust. Although, a trust is more expensive than a Will to initially prepare, in the end you will save because a trust, unlike a Will, avoids guardianship court during your life and probate court upon your death. A revocable living trust is similar to a Will in that you are able to choose who will receive your assets upon your death with the added benefit that you will have complete privacy of how your assets will be efficiently distributed through the trust.

 

The attorneys at Law Office of John Park are also highly experienced in advanced estate planning techniques as well. There are many types of trusts for all different types of situations, including asset protection, high-net-worth planning, estate/gift tax planning, etc. Other types of advanced trusts are:

 

  • Irrevocable trusts

  • Asset Protection Trusts

  • Dynasty Trusts

  • Medicaid trusts

  • VA trusts

  • Retirement trusts

  • Life Insurance trusts

  • Charitable trusts

  • QDOT trusts for nonresident aliens

  • Gun Trusts

  • GRAT Trusts

  • Special Needs Trusts

  • Many others

 

Each estate plan and type of trust is unique and customized to each client’s individual needs and circumstances. Make sure you contact the attorneys at Law Office of John Park today to discuss your customized estate plan.