estate planning

BASIC PARTS OF ESTATE PLAN

  1. Revocable Trust;Understanding Your Estate Plan
  2. Last Will (“Pour Over Will)
  3. Durable Power of Attorney – Financial
  4. Advance Health Care Directive
  5. Grant and Assignment Family Trust
  6. Trustees’ Certification of Trust.

REVOCABLE TRUST:   Distributes Trust assets without the necessity to obtain court approval  (which is necessary to probate a will).  However, application to the court is still possible.  Until death,  the Trust can be modified or even revoked at any time.

POUR OVER WILL:   Confirms that prior wills are revoked, and pours over or transfers all  property into the Trust that is not already in the Trust.

DURABLE POWER OF ATTORNEY-FINANCIAL:  Becomes effective in the event the person executing the Power of Attorney becomes incapacitated (e.g., severe injury or dementia or other  cause of mental incapacity).  Use while Trustor is still alive.

ADVANCED HEALTH CARE DIRECTIVE:   Serves as a living will and provides guidance in  the event of coma or persistent vegetative state, etc., and gives control over all of the health care decisions.  Hospitals like to have it in their file as it confirms who can make medical decisions.

GRANT AND ASSIGNMENT TO TRUST:   Confirms the nature and description of the property that is part of the Trust estate, except assets held in joint tenancy, and life insurance.

TRUSTEES’ CERTIFICATION OF TRUST:  Use instead of the Trust document to prove the existence of the Trust for banking or other financial purposes.  A summary of the Trust.

TYPICAL ESTATE PLAN PROBLEMS:

A. NOT SIGNED

B. REAL PROPERTY NOT TRANSFERRED TO TRUST

C. DISHONESTY OF ALTERNATE TRUSTEE

These opinions do not create an attorney-client or a broker-client relationship, or constitute legal or tax advice. Craig B. Forry, has been a California attorney since 1984 (SBN 113432), and a California Realtor® since 2004 (DRE  01446739), and is the founder of Forry Law Group, and a co-owner of CARES Realty, Inc.  Individual circumstances vary and professional advice is recommended before making any decisions concerning legal matters.  

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