The Woelfel Law firm is available to assist you in crafting your estate plan, and is also available to assist in probate matters. 
While many people think that an estate plan is only necessary if you have accumulated a substantial amount of wealth, this is simply not the case.  A simple estate plan is essential for the vast majority of individuals, and is particularly necessary for those with young children or children from a prior marriage, those who own a home or business, or those who have substantial separate property.  Estate planning has multiple objectives, but at a minimum serves the following important purposes: 

• It generally avoids probate when a trust is involved. 
• It can avoid a conservatorship if you are unable to manage your affairs.
• It can nominate guardians for your minor children.
• It sets forth your wishes for medical decision making and end of life choices. 

  The Woelfel Law Firm can prepare an estate plan that meets your individual needs.  Generally, estate planning for most individuals and couples includes the following documents:

Revocable Living Trust: A living trust (like a will) disposes of a person’s assets at his death.  However, unlike a will, a decedent’s assets will be distributed without the need for expensive and time-consuming court-supervised probate.  Probate is the court procedure that oversees the payment of debts and transfer of assets following a person’s death if the person owns real property in his name alone or as tenants-in-common, or their estate exceeds $100,000.  Probate is usually undesirable because of the costs and delays associated with the process. 

A living trust is a written agreement between the creator of the trust (the “Settlor”) and the person who is going to manage the trust (the “Trustee”). The Settlor moves his assets into the trust, with the understanding that the Trustee is going to follow the rules set forth in the trust to take care of the beneficiaries identified in the document. Usually, during the Settlor’s lifetime, he is also the Trustee and the primary Beneficiary. 
If you have children, a living trust can name a Successor Trustee to privately manage your minor children’s money in the event both parents pass away before the children are old enough to manage an inheritance.  A living trust can also designate how long the funds are in the trust, how money is distributed and how funds may be used. 

A living trust may also avoid the need for a conservatorship.  With a living trust, you appoint a successor trustee to manage your trust in the event you are unable to do so by reason of death, incapacity or personal choice.  If you become incapacitated, your Successor Trustee will be able to privately manage your assets in the trust in accordance with the instructions you provide in the trust documents.  Thus, a properly prepared and funded trust can enable you to avoid a conservatorship proceeding over your estate. 

For more detailed information about Revocable Living Trusts, you can review the State Bar of California’s informational article “Do I Need A Living Trust,” or contact the Woelfel Law Firm.   In some situations, a simple will may make more sense than a Living Trust, and the Woelfel Law Firm will discuss your individual circumstances and desires in crafting the right estate plan for you. 

Companion Pour-Over Will: A Pour-Over Will is a companion or a back-up to a Living Trust.  If you have property outside of your Living Trust when you die and it should be in your Living Trust, the Pour-Over Will transfers this property into your Living Trust. 

Durable Power of Attorney: A Durable Power of Attorney (“DPA”) appoints someone else to make financial decisions on your behalf in the event you become unavailable to handle your financial affairs.  Under the DPA, the appointed person has the authority to change withdrawals from retirement plans, terminate extraneous expenses, refinance real estate mortgages, arrange for long term care, or take any other financial action needed by the ill person. Also, if the ill person did not take steps to move his accounts into his living trust, the agent under the DPA can complete the transfer paperwork into the trust to avoid probate hassles at the ill person’s death.

Advance Health Care Directive: An Advance Health Care Directive (“AHD”) has two primary purposes: it (a) clearly states your feelings regarding life support (formerly known as a “living will”) and (b) nominates another person to communicate your wishes if you are unable to speak to your physician.  An AHD generally allows the appointed person to monitor your care and change hospitals or physicians if he believes you could receive better treatment somewhere else.  In an AHD, you may also note whether you are willing to make donations of your organs and whether you are comfortable having your agent make funeral arrangements.

Contact us today to discuss your estate planning needs.