Inheritance and Probate Topics (May, 2005)
Article for THE LEGAL CORNER: ANSWERS TO COMMONLY ASKED QUESTIONS REGARDING THE LAW.

WHAT DOCUMENTS OTHER THAN A LIVING TRUST ARE USUALLY INCLUDED IN A COMPREHENSIVE ESTATE PLAN?

LEGAL DOCUMENTS USUALLY INCLUDED IN A COMPREHENSIVE ESTATE PLAN INCLUDE:
- A Living Trust to avoid probate on your death and to avoid a court conservatorship in the event of your incapacity;
- A Last Will and Testament containing a provision to "pour over" any assets left out of your trust into the trust;;
- An Advance Healthcare Directive;
- A Durable Power of Attorney or Springing Power of Attorney;
- An Assignment of your personal property assets to your trust;
- A summary or "Certification" of Trust; and
- A Deed to transfer any real property owned by you (including house, condo, undeveloped land and timeshares).

DOESN’T A LIVING TRUST ONLY BENEFIT MY CHILDREN/HEIRS AS IT AVOIDS PROBATE AFTER I HAVE DIED?

While it is true that the primary economic/cost saving benefit of a Living Trust is avoiding the Court Probate process and the expenses (approximately 8 to 10% of everything you own) most people are unaware of the significant lifetime benefit that a Living Trust provides - provisions to avoid a Court conservatorship in the event you are incapacitated. If you suffer a stroke or are incapacitated by Alzheimer’s, dementia, etc. in the absence of a Living Trust, Court proceedings separate and apart from a probate proceeding are required. That process, known as a conservatorship is also time consuming and very expensive. A Living Trust provides you with the opportunity to designate a spouse, child or other third party to act as your "Successor Trustee" and handle all of your affairs without the necessity of the legal process known as conservatorship. Examinations to apprise the Court of whether you are incompetent or not, Court hearings to determine who should be appointed your representative and continuing obligations to account to the Court for the handling of your financial affairs can all be avoided by a properly prepared Living Trust.

The information contained herein is general information about the law only. The law is subject to change. If you have a specific legal question and want your question(s) answered, consult with an experienced attorney.