WILLS & TRUSTS
LEGAL ASSISTANCE FOR WILLS & TRUSTS
If I Don't Have A Will Or A Trust Will The State Take All My Assets When I Die?
The process of sitting down and physically planning what to do with your assets & heirs can be very daunting. In fact, if not done properly, your will could be seen as invalid. That's why when you need help with writing a will or trust, you should turn to Cameron Law Office
and call (916) 254-7305.
Difference Between Trusts And Wills
Both a Will and a Trust determine who will receive your estate after your death and who will be in charge of your estate. However,there are significant differences.
A handwritten Will must be all in the Will creator's handwriting and be signed by them and should be dated. A typewritten Will must be dated and signed in the presence of two witnesses who are not beneficiaries and signed by the witnesses following legally prescribed requirements in order to be valid. If a Will is not properly witnessed, it is not valid even though it is signed and correctly states its creator's wishes. A Will must be administered through a court proceeding known as Probate. Probate is a court supervised procedure and involves the appointment of the personal representative of the estate, collection, listing and valuation of estate assets, payment of the decedent's taxes and other bills and ultimately the distribution of the estate according to the provisions of the Will.
In contrast to a Will, a Trust is signed and notarized. A trust does all the same things as a Will, but in addition, it provides for lifetime management of your estate as well as distribution after death. It does not require probate and is not court supervised. A trust is more expensive to set up initially, but it is generally less expensive to administer than a Will in Probate.
Will & Trusts FAQs
Which Is Better A Will Or A Trust?
There is no set answer to this question that suits all circumstances. Many people choose to use a trust because it avoids probate and is generally less expensive to administer. Which one is a better for you will depend upon your estate planning budget, the type of assets you have, the size of your estate, your distribution plan, family dynamics and various other factors.
Will A Trust Protect My Assets From Creditors?
Generally, a trust does not provide any protection from creditors. With a few exceptions, putting your assets into a trust will not protect your assets from creditors.
Can I Prepare My Own Trust Or Will?
You can, of course, prepare your own Will or trust.However, if it is not prepared, executed and funded properly, your Will or trust may not be valid or it may not produce the results you want to achieve. The problem is that any defects or problems may not be discovered until after you die and, at that point, it may be difficult or impossible to fix any problems that arise.
This is not true. California has a statutory priority for distribution of your estate if you do not have a Will or a trust. Only if you die without surviving spouse, descendants, or any next of kin does your estate get distributed to the State.
Will A Trust Save On Estate Taxes?
The Estate Tax is a tax upon the distribution of your assets and property after death. You should first consider whether your estate is even large enough for there to be any estate taxes due. The estate tax law provides for an exemption for estate’s under a certain value. Only estates over that amount are subject to estate taxes.Following are the exemption amount for decedents who died in 2017 is $5,490,000 and$10,000,000 for those who die in 2018.
There are highly technical rules and regulations for determining if and how much estate taxis due. Also, special and technical language must be included in your Will or trust in order to take full advantage of the available tax exemptions. However, these provisions will make the administration of your estate more complicated.
These are just a few of the questions commonly asked. I will gladly discuss these and other issues with you if you allow me to assist you with setting up or reviewing your estate plan.