Who Needs an Estate Plan?

It is sometimes said, “The only person who doesn’t need an estate plan is someone who has no assets, no family, and who will never die or become incapacitated.”

Below are some of the issues commonly addressed in an effective estate plan:

   1. Who will control my financial affairs if I become incapacitated?

   2. Who will make medical and end-of-life decisions for me if I am unable to do so? How can I ensure that the person I appoint will have access to all of my medical information?

   3. What happens if I die before my children are able to care for themselves? What if the person I want to raise my children is not financially responsible?

   4. How can I ensure that my estate assets are distributed according to my wishes? Can I specify my final arrangements?

   5. How do I structure my estate to minimize or eliminate the costs and delays of probate?

It’s difficult to imagine anyone to whom one or more of these issues would not apply.

Living Trust vs. Will: Though both wills and trusts are legal documents to manage your estate, they are created under different laws. Trusts fall under contract law, and wills under testamentary law. Contract law is held to a stricter standard than testamentary law, which means that a living trust generally supersedes a will.  Call 661-977-3371 to make an appointment to set up your family living trust with this month’s promotion. Visit our website at www.camulivingtrust.com.

LIVING TRUST:

Takes effect while you’re alive

Skips probate court

Easy to change

Name guardianship & custodianship

Assets transfer immediately

Stays private

Affordable with CaMu

vs.

WILL:

Takes effect at death

Goes through probate court

Easy to change

Names guardianship of children

Transfer of assets can take time

Becomes public

Affordable

​