Trusts

A Living Trust is a legal entity that takes effect in the event you become incapacitated or pass on. A Living Trust is a revocable trust that during your lifetime can be changed at will or be completely revoked. The creators of the trust are typically the primary trustees of the trust during their lifetime. You will appoint a successor trustee to takeover if you and your spouse become incapacitated or pass on. The successor trustee is typically an adult beneficiary of your trust or the guardian you appoint in your will to look after your minor children. Any property owned in the name of the trust will be treated by all parties as if you own the property in your own name. Therefore, you can use, encumber or sell any property owned by the trust so long as you are alive. There are no ongoing fees to maintain the trust and the trust does not have to file any special tax returns.

Benefits of a living trust in the event of incapacitation include authorizing your spouse or the successor trustee to act on your behalf with regards to managing your share of the assets owned by the trust. If you have children, the successor trustee will manage the assets for their benefit until they come of age. In the event of a death, the surviving spouse or successor trustee will be able to oversee the transfer of your share of the Living Trust assets to your heirs, per your instructions, without the need to go through the court administered process of probate.

Note that it is often important to include instructions on how to prevent disputes in carrying out the provisions of a living trust after death. Examples include a “no contest” clause, which states that anyone who disputes the trust will be disinherited.

At the Law Offices of Esther Hopkins, we are proud of our personal approach and the ability to give each client our undivided attention when it comes to living trusts. This helps ensure that our legal solutions match the needs of the client in a practical, understandable manner.

For a consultation regarding a living trust, family trust, a charitable remainder trust, a revocable trust, or an irrevocable trust in Southern California, call the Law Offices of Esther Hopkins.

Wills

Despite the efficacy of trusts in avoiding probate court and ensuring a smooth transfer of assets with minimal tax liability, it is usually good practice to also have a will. A will instructs the courts how to distribute assets that have not been covered by a trust or any other estate planning mechanism.

When it comes to determining guardianships for minor children and accounting for property that has not been deeded to a trust, a will is requisite. A will also accounts for transfer of heirlooms and other tangible assets such as antiques that may not be part of a revocable trust or other asset transfer tools.

A will allows you to name the individuals, trusts or charitable organizations to receive your assets when you pass away, to nominate an executor to administer your estate in probate, to determine if such executor is to be bonded or not, to nominate a guardian for your minor children, and to furnish instructions concerning extended medical treatment if you are unable to communicate. Importantly, having a will alone will not allow you to avoid probate.

At the Law Offices of Esther Hopkins, we are attentive and proactive when it comes to carefully addressing our client’s known and unforeseen needs. Every client is unique yet every client shares similar wishes for their estate as well as similar unknowns looking years ahead.

For a consultation regarding the purpose of a will, the differences between a will and a trust, and how to take the next step, contact us.

The Law Offices of Esther Hopkins is a California estate planning and business law firm serving the communities of Thousand Oaks, Camarillo, Newbury Park, Oxnard, Simi Valley, Westlake Village, Agoura Hills, Calabasas and Los Angeles.

To set up an appointment or to get answers to your questions right away, call us at 818-597-3500.