Some Simple Facts About Estate Planning

TRUE OR FALSE? Only people who are wealthy or advanced in age need an estate plan?

FALSE! Everyone can benefit from an effectively designed estate plan; and making the proper arrangements for the distribution of your assets upon death is what estate planning is all about.

Rosetta N. Reed, Bakersfield lawyer for wills and trusts explains:

The fact is, all people have an estate plan, whether they realize it or not. If your wishes are not set forth in a legally accepted will or trust, your estate plan is created by default. California has laws that govern the distribution of a person’s estate if they die without a will (i.e. dies intestate) or a trust. So the question becomes not whether you have an estate plan or not, but whether you have an estate plan of your choosing or one that is imposed on you by law.

Most people rely on the most basic estate planning device to accomplish that goal of making provision for distribution of assets after death…the “last will and testament”.

And a will isn’t a “bad” thing. A person can achieve all of their goals of distribution through a will. And sometimes that’s the best way to go. But there is one huge drawback to the will…it must go through probate.

Does my trust end when I die?

No. Actually, because a trust is basically a piece of paper, it can’t physically die. That’s why it doesn’t have to go through probate. Although a will is a piece of paper too, it is a document that directs how the assets of you, the owner of such assets, are distributed when you die. Death is the event that triggers probate. In a living trust situation, the trust itself is the owner of your assets (even though you retain complete control over them), and they remain in your trust until your beneficiaries (including minor children) reach the age(s) at which you want them to inherit, or to provide for a loved one with special needs

Law Office Of Rosetta N. Reed

4900 California Ave, Bakersfield,

Bakersfield, CA 93309

Phone. 661-377-1869

Email. Lawyer4wills@usa.com