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Estate Planning
Law Offices
1609 Cravens Ave.
Torrance, CA 90501
Frequently Asked Questions
Common questions about Estate Planning and Medi-Cal Planning, Probate, Wills, Living Trusts, Conservatorship, and more.
What is the difference between a will and a trust?
Answer:
What happens if I die without a will?
Answer:
How can my estate avoid probate?
Answer:
Who needs a Power of Attorney?
Answer:
What assets make up my estate?
Answer:
- Publicly Traded Securities (stocks, bonds, mutual funds)
- Real Estate
- Ownership Interest in a business
- Personal property
- Vehicles
- Cash
- Retirement plans like an IRA or 401-k
- Life insurance death benefits
Do I still need a will if I have a living trust?
You may still need a will to capture any assets that may not have been transferred to the trust during your life. A “Pour-Over Will” will transfer assets to your trust. Once you establish a living trust, you must take steps to transfer all of your assets into the trust. Assets that are not in your trust, that do not have beneficiary designations or are not jointly titled with another individual, may still be subject to probate. You should discuss the transfer of tax-deferred assets, such as an IRA, 401-k, or pension plan, with an estate planning attorney or your tax accountant.
What questions do you have?
Client Testimonials
Elder Law Services was very personable and professional! We recommend them to anyone who is in need of Elder Law representation.
Elder Law Services was extremely informative, detailed, and professional in the completion of our Trust.