Wills
A will can be a traditional "stand alone" will or a "pour-over" will that works in concert with a revocable, inter vivos "living" trust.

1. Stand-alone will - A stand alone will indicates who will administer your estate and provides direction on how to divide your assets and may direct the appointment of guardians. But, a stand alone will does not avoid probate and will not protect you from conservatorship. A stand alone will may include a testamentary trust - which is a trust incorporated into a will that comes into existence after you die, but again this testamentary trust must be probated.
2. Pour-over will - A pour-over will works in conjunction with a living trust. The primary purpose of a pour-over will is to transfer assets to your living trust that have been erroneously left out of your trust at your death. Other benefits of a pour-over will include dividing up personal assets, directing the appointment of guardians for your minor children, and providing memorial instructions at your death.

Revocable Inter Vivos "Living" Trust
Trusts that take effect during your lifetime are inter vivos trusts or better known as living trusts. Living trusts are amendable and revocable which allows the grantor to cancel or change them during the grantor's lifetime. In many cases, the grantor also serves as trustee and beneficiary during the grantor's lifetime. Living trusts are a popular way to provide lifetime financial management, to transfer assets at death, and to avoid probate.

Durable Power of Attorney for Property/Financial Management
A durable power of attorney for property/financial management gives one or more people the power to manage your financial and property affairs. This legal document should name the person to act as your agent and their powers to act on your behalf. For younger and healthy persons, you may prefer a "springing" durable power of attorney which "springs" into effect upon your incapacitation. A springing durable power of attorney will specify the process for determining when you are considered incapacitated.

Advance Health Care Directive
Typically, an advance health care directive combines a health care power of attorney and an advance directive into a single, comprehensive document. The health care power of attorney enables the person you name as your agent to authorize a variety of medical treatments for you if you are incapacitated. The advance directive portion determines your end-of-life choices. The advance health care direction also includes optional provisions for organ donation and physician selection.

Property Deeds and Trust Funding Documents
It is very important after setting up a trust to properly fund your trust. "Funding" the trust often includes transferring title of your assets to the trust. The most often overlooked asset is real estate. Here in California, you should have a grant deed that transfers your real property to the trust. The transfer of real property to a living trust is exempt from transfer taxes and property tax reassessment. A certification of trust is used to communicate the trust information to third parties that hold investments and other assets. Sometimes, banks, investment companies, etc. will have their own title transfer forms. It is very important to follow through with the proper transfer and funding of your trust assets because the trust directs those assets that are in the trust's name at your death.

Business Continuity Planning
Small businesses are often the largest asset in the estate, but ironically, are frequently overlooked in estate planning. There are a myriad of estate planning options for business owners but some of the most frequently used are the following:

• Key Person Life Insurance
• Business Continuation Planning Using Life Insurance
• Spousal Lifetime Access Trust (SLAT)

Disclaimer

The Law Office of Clare Chesley publishes this web site for informational purposes only. The information provided does not constitute legal advice. We take care in providing and maintaining this web site, however, we do not guarantee that the information is correct, complete, or up-to-date.

Furthermore, this web site does not create an attorney-client relationship and you should not act or rely on any information in this web site without seeking the advice of an attorney.

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The Law office of Clare Chesley, Estate Planning and Trusts, is located in Monrovia, CA serving the San Gabriel Valley and cities of Alhambra, Arcadia, Azusa, Baldwin Park, Bradbury, Burbank, Claremont, Covina, Duarte, Eagle Rock, Flintridge, Glassell Park, Glendale, Glendora, Highland Park, Irwindale, La Canada, La Crescenta, La Verne, Los Angeles, Los Feliz, Monterey Hills, Monterey Park, Montecito Heights, Montrose, Mount Washington, Pasadena, Rosemead, San Dimas, San Gabriel, San Marino, Sierra Madre, Silverlake, South Pasadena, Temple City, and West Covina