A comprehensive estate plan is important to accomplish your estate planning goals. Your goals may be accomplished with an estate plan consisting of a Will, Durable Power of Attorney for Property Management, Advance Health Care Directive, and if you have minor children, a Nomination of Guardian for Minor Children. If you have more than a modest estate, your estate plan may consist of a Revocable Living Trust, Pourover Wills, Durable Power of Attorney for Property Management, Advance Health Care Directive and, if you have minor children, a Nomination for Guardian of Minor Children.

The following is a brief explanation of the documents referenced above.

1. Will - This document will name your Executor, the person who will handle your assets after your death. It also permits you to name beneficiaries, set up support trusts for minor children or other dependents, and designate when and how your gifts will be given. If your assets are in excess of $100,000, are not jointly owned or have a beneficiary designation, your estate will require a Probate proceeding.  A probate is a court proceeding wherein property is legally transferred from a deceased individual to another person or charity.  Probates are time consuming and, in California, quite expensive.

2. Living Revocable Trust -This document enables your estate to bypass probate, a court proceeding, thereby saving time and money in distributing your estate. This document will name you as initial Trustee, any successor Trustee, any guardians, beneficiaries and all other wishes you may have regarding the distribution of your estate.

3. Pourover Will - In the event you fail to include certain property in your trust before your death, this document will bring that property, up to $100,000, into your trust and that property will be distributed according to the provisions in your trust. If that property exceeds $100,000, those assets and those assets alone will require a probate proceeding.

4. Trust Transfer Deed - If real property is owned, it is important to transfer that asset into your trust. This is accomplished by recording a Trust Transfer Deed, transferring the property from you, to you as trustee of the trust agreement. Recording this Deed in no way interferes with your use of the property, sale or encumbrance of the property or property taxes.

5. Durable Power of Attorney For Property Management - This document will designate an attorney-in-fact, or agent, who will be allowed to run your business, and all of your financial affairs, including but not limited to money management and bill paying during your incapacity. The power of attorney takes the place of a costly, court-supervised conservatorship. The durable power of attorney is good until the time of death. At the time of death the Power of Attorney can no longer be used.

6. Advance Health Care Directive - This document also designates an attorney-in-fact, or agent, who will be allowed to make health care decisions for you if you become incapacitated at some point. This document also directs to ongoing medical treatment in the event of terminal illness, and whether life support is desired hen terminally ill.

7. Nomination of Guardian for Minor Children - This document specifically names a Guardian of the Person and Estate of your minor children, in order of priority.


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