Why Everyone Needs at Least a Living Trust

There is one thing we all share in common: our days on this planet will come to an end - probably by surprise. That is about as basic a 'common denominator' as you can possibly get. To protect our loved ones from having to endure years of court procedures and legal fees, the Revocable Living Trust ('RLT') is a widely-used way to avoid the two related court proceedings known as Probate and Conservatorship, and to pass our assets on to one's loved ones with favorable tax planning.

WHAT IS CONSERVATORSHIP?

Conservatorship is court proceeding. It arises when someone cannot manage their financial affairs and it's time to have someone 'step in'. Maybe they've suffered a stroke or are in a coma or some other disabling condition. The court can appoint a 'Conservator' over the person or the estate or both. The conservator's job is to temporarily manage the financial affairs and property of the person they have been appointed for. This is often done by someone who's either a professional (a bank, a CPA, attorney, etc.) but sometimes it might be a family member who has the experience to warrant a court appointment. The conservator is given legal powers by the court that remain in place until the person recovers and is able to regain control over their financial affairs, or until death, whichever occurs first. Many times a person who has undergone a conservatorship proceeding may be placed in a residential treatment facility and the person who has been appointed as their conservator will manage their finances, bills, obligations, contracts, housing and other financial decisions on their behalf.

WHAT IS PROBATE COURT?

Probate is also a legal proceeding. When a person has died with no will the court supervises the estate, ordering property distributed according to the deceased person's instructions, or if there is no will, then according to local state law. An executor or personal representative is appointed by the court and he or she has the responsibility to report back to the court as matters are accomplished. Tax returns are prepared and filed. Bills are paid. Mortgages are satisfied. When the court is satisfied that all of the heirs have been identified, the bills, taxes and debts paid off, the remainder is distributed to the persons entitled under the Will. Dying without a will is dangerous. It can trigger distribution of assets that you do not control and may not have wanted.

LIVING TRUSTS AVOID THESE PROBLEMS.

With a Living Trust in place, you avoid both Probate and Conservatorship proceedings. That's because once you execute the trust and transfer ownership of your checking account, savings account, home and other property into the trust's ownership, the trust is in fact the 'owner' of the property. You of course are both the trustee (administrator) and the beneficiary during your lifetime. Under the trust, you decide who will take over as trustee afterward, and you alone decide who gets what and when. The successor trustees may be your most responsible child, a grandchild, a trusted fiend or relative or even a financial institution such as the trust department of a bank. With the Living Trust in place, you can simply bypass the need for either Probate or Conservatorship altogether.

If you are concerned about someone 'contesting' the trust, there is a way to avoid that problem. One way is to specifically disinherit someone by name so they can't later claim to a judge that you 'forgot them'. Another way is a way that I personally think is better. You leave that person a much smaller amount (say one dollar or five dollars) but no more, and you include a provision in the Living Trust that if any person contests your trust instructions, they are to be treated as if they died before you and are therefore entitled to nothing at all. This is an easy way to avoid having someone try to tie up your estate in litigation and at the same time penalize them completely if they choose to cause you any problems as to how you wanted to distribute your estate.

WHAT SHOULD THE LIVING TRUST OWN?

The Living Trust is a separate 'person' under the law and can own various kinds of property. Typically the kinds of assets that go in to a Living Trust include: your Personal Residence, Personal (not business) bank accounts, credit union accounts, certificates of deposit, brokerage or trading accounts, stock of subchapter 'S' corporations, personal furniture, tools and furnishings, and collections such as art, sculpture or other kinds of collections that may be of value. Basically, anything you want to avoid probate.

TAX PLANNING and THE LIVING TRUST.

There are some good opportunities for tax planning with the Living Trust. Using your Unified Credit, as of 2006 you are able to pass up to $2,000,000 (per person) down to your children. That's the number for single people. Married persons can each pass the same thing, so for a couple that means up to $4,000,000.

AVOIDING MISTAKES.

The most common mistake made with a Living Trust is the failure to properly 'fund' it. That means actually changing the ownership of your personal residence, personal checking accounts, etc. over to the legal name of your Trust. Some will establish a Living Trust, sign the appropriate documents (including the Power of Attorney for Health Care, the Pour-Over Will, Directive on Artificial Life Support, etc.) but never actually change legal ownership of their assets into the Trust.

Funding the trust means that you will record a new deed on your home in the county where the property is located. You'll also visit your bank or credit union and sign new signature cards as the 'trustee' of your Living Trust. If the bank or credit union needs a copy of your trust, remember that it is a private legal arrangement. So instead of allowing them to copy all the private provisions, simply provide them with a photocopy of the 'Abstract' (sometimes called the 'Certification') which sets forth the powers of the trustee and indicates who established the trust, etc.

Your Living Trust can literally save your surviving family members thousands of dollars in legal costs, probate fees, conservatorship fees, and months and months of administrative time. With a Living Trust as the owner, assets may be transferred relatively quickly and with a minimum of involvement by outsiders who might otherwise disrupt your plans for the loved ones you wish to benefit.

Michael Potter, Esq. is an attorney and national speaker whose presentations are an uplifting mix of humor, inspiration and practical strategies. His practice is focused on business and estate planning, accelerated retirement planning, identity theft, creating a tax-free inheritance, and core-values-based multiple-generation legacy planning. His e-mail address is WealthPreservation@cox.net. For more information see http://www.wealthadvisors.net

10 Important Topics to Know About Estate Law

When is it a good time to start an estate plan? In short: Now. The only time you can establish an effective estate plan is while you are alive and have legal capacity to enter into a contract. We can't predict when something will happen to us, but we can take steps to protect our loved ones and ourselves when they do. Talk to an experienced estate lawyer in Houston to learn how to protect your estate and your family. In the mean time, here are 10 important topics you should know about estate laws.

1) Definition of Estate

An estate is defined as all the property, real and personal, owned or controlled by an individual at the time of their death. This property may be in your name, held in a partnership, in a joint ownership, or through a Trust, and all other assets that would be paid upon your death, such as through life insurance.

Your estate includes:

1. Real property and things attached to it

2. All personal property

3. All businesses and business interests

4. Powers of appointment

5. Life insurance and annuity contracts, pension benefits, IRAs, etc.

6. All debts and obligations owed to others

7. All debts and obligations owed to the person or estate

8. All other claims against others

An estate does not include assets transferred to an irrevocable Trust during your lifetime. When assets are transferred to the Trust, you no longer own or control those assets, your Trust does. It is important to discuss your plan options with an experienced estate lawyer in Houston who can help you take an inventory of your personal estate.

2) Wills vs. Living Trusts

A will transfers property held in your name to the people and places you assign them to. You name an Executor to carry out your wishes and a Guardian for your children. A will goes into effect at your death and after it has been submitted to the probate court.

Unlike a will, a Living Trust is effective as soon as you make it and remains in effect throughout your lifetime. You select a person to carry out your instructions as the Trustee however, typically you are the Trustee. One or more persons are named as the Successor Trustees to take over if anything happens to you. Creating a Living Trust can help minimize, and sometimes avoid, expensive and lengthy probate.

3) Texas Probate Laws

Having a will does not prevent probate. Even with a written will, the court will want to validate your will and allow others to object to it.

The court considers several factors when validating your will:

1. Is there a latter version of the will?

2. Was the deceased mentally capable of making the will?

3. Is the will the result of fraud, mistake, or undue influence?

4. Was the will properly signed?

5. Is the will a forgery?

6. Are there any pre-existing contracts that make the will invalid?

7. Are there other claims against the deceased's estate that impact what the beneficiaries under the will would receive?

Probate is not mandatory in Texas. However, most banks and other institutions will not release assets or funds until the courts assign titles to assets, since they are afraid of being sued if someone lies to them about being a beneficiary. An order from a probate court will protect them from this liability.

4) Non-probate and Probate Properties

Property listed in the deceased's name only, without co-owners or named beneficiaries, is considered probate property. Any documents of ownership that are payable to the estate are also probate property. This includes real estate, vehicles, bank accounts, financial securities, employee benefit plans, foreign property, social security benefits, etc.

Non-probate estates include property owned in joint tenancy with a right of survivorship. These pass directly to the survivor if the documents are accurately prepared by your estate lawyer. With named beneficiaries, a life insurance policy, annuity, IRAs, 401(k) accounts, and other assigned accounts can bypass probate. These assets are transferred directly to the beneficiary who is named in the policy or account documents from the company or bank holding them. Assets put into a Trust while you are alive also avoid probate.

5) Payable on Death Property

Payable on Death accounts automatically pass on to the designated person without having to go through probate. However, during the life of the account owner, the payable on death beneficiary does not have an ownership interest in the account. Only after the account owner passes away does the beneficiary gain ownership of the account. The transfer can be completed by the beneficiary by providing the bank a copy of the death certificate.

6) Community Property with Right of Survivorship

In Texas, property acquired by either spouse during marriage is considered community property. Separate property consists of property owned by either spouse before marriage; property acquired during marriage by gift and nuptial agreements; and damages awarded to a spouse for personal injuries during marriage.

According to the Texas Probate Code, when one spouse dies, the surviving spouse already owns half of the community property. When a will is present, the deceased's half of the community assets are dispensed according the directions in the will. If a spouse dies without a will, Texas law dictates how their half will pass on.

1) The community estate property of the deceased spouse passes to the surviving spouse if:

a. No child or other descendant of the deceased spouse survives the deceased spouse.

b. All surviving children and descendants of the deceased spouse are also children or descendants of the surviving spouse.

2) If a child or descendant of the deceased spouse survives and the child or descendant is not a child or descendant of the surviving spouse, one-half of the community estate is retained by the surviving spouse and the other half is passed to the children or descendants of the deceased spouse.

7) Probate: How long and how much?

Probate length depends on the order your estate is left in. Well planned estates can get through probate in 3-6 months. Complicated estates that are disorganized can take years to gather assets, file taxes, and pay other debts. Debt disputes and lawsuits against the estate can also lengthen the probate process.

When everything is added up, probate can cost 3-7% of the total value of the estate. However, if your will is contested or the estate goes through other litigation, the cost can increase rapidly. An estate lawyer can help you get your estate in order and establish a plan that avoids the common pitfalls in probate matters.

8) Uncontested Will Probate

When a will is not contested, the named Executor visits an experienced estate lawyer in Houston who prepares a petition for the court. The petition is filed along with your will in probate court. The Houston estate lawyer must notify everyone named in the will as well as anyone who would have been legally entitled to receive property from you if a will did not exist. If the estate is in order and there are no objections, the court will approve the petition then:

1. Appoint a Executor

2. Order that taxes and debts be paid

3. Require reports be filed by the Executor to assure the property is accounted for and distributed in accordance with your will.

9) Duties of the Executor

It is the Executor's responsibility to gather the estate documents and file them with the probate court. Typically, the Executor hires an estate lawyer to assist and represent the estate during probate. After the proper documents have been filed with the probate court, the judge will issue letters of administration, which establish the legal authority of the executor.

After the letters are issued, the next stage of administration is identifying, collecting, valuing, and securing assets of the estate. An inventory of all assets and their value must be filed with the court. If the estate is large enough to require filing an estate tax return, similar information must be provided to the local and federal governments. A Houston estate lawyer can assist in preparing the inventory list, obtaining the valuations and preparing the necessary documents that need to be filed.

The executor must identify any outstanding debts owed to the estate and pursue collection of those debts. Once the will is determined to be valid by the probate court, the executor may begin to pay taxes and other claims against the estate. After all expenses have been paid, the executor can then distribute the estate to beneficiaries in accordance with the terms of the will and then close out the estate.

10) Estate Taxes

If estate taxes are due, a final tax return must be filed and the taxes paid before the estate can be distributed. Over 90% of all estates are exempt from federal estate taxes. In 2009 estates with a value of less than $3.5 million were exempt from estate taxes. The estate tax was repealed in 2010 and is planned to be reinstated in 2011 with an exempt amount of only $1 million. Congress frequently changes the tax laws and the estate tax is a heated topic currently being debated. If you have an estate that falls into this bracket, check with an experienced estate lawyer in Houston to make sure your estate plan is up to date.

Nichols Law is a board certified family law firm in Houston Texas.

Estate Planning - A Short Glossary

Drafting a will and planning for your estate is one of the most important decisions that you will make in your life. When you write a will, you are deciding how everything that you own will be passed on and who it will pass to in the event of your death. While some people avoid thinking about the future and the prospect of dying, estate planning is a smart decision that allows you to control and protect your estate even after you are gone.

When you decide to draft a will or create a trust fund, you will likely be bombarded with many legal terms that you may not be familiar with. This legal jargon can make estate planning seem overwhelming. On the contrary, it is a fairly straightforward process. Just knowing a few key terms and how they apply to you can clarify the estate planning process.

Estate: Your estate is all of the things that you own and owe, including all assets and liabilities.

Assets: Your assets are all of the things that you own, including property such as land, a house, a car, jewelry, furniture, heirlooms, and money in the bank. Assets also include copyrights, trademarks, and patents which are not physical things but ownership rights that you possess.

Liabilities: All of the things that you owe, such as loan, mortgage, and credit card debt.

Testator: A person who drafts a will.

Will: A will is a declaration of what you wish to happen to your estate once you pass away. It includes the names of all of the beneficiaries to whom you wish to pass on your property.

Beneficiaries: The people who you list in your will that will benefit from your estate.

Trust fund: An entity that you create to safeguard some of your assets in the interest of a beneficiary or beneficiaries.

Trustee: The person that you designate to manage a trust fund on your behalf and in the best interests of the beneficiary.

For More Information

To learn more about the estate planning process and how to draft a valid will, please visit the website of experienced Austin estate planning lawyers Slater Kennon & Jameson, LLP today.

Joseph Devine

You've Been Named As a Successor Trustee - Now What? Duties in the Administration of a Trust

If you've been named as the Successor Trustee of a Trust, all of the duties may seem overwhelming. Here's a checklist of things you need to do to administer the trust.

1. Review trust documents.

The first step in administering a trust estate is to locate and review all of the decedent's estate planning documents. Most estate plans include the Trust agreement (sometimes called Declaration of Trust), the Pour-Over Will, Power of Attorney, Health Care Directives and Living Will. Because the decedent has passed away, the Power of Attorney, Health Care Directive and Living Will are no longer valid. You should carefully review the Trust Agreement to determine the identity of the Successor Trustee, the identities of all beneficiaries of the trust and the plan of distribution the decedent intended. You should make a list of the beneficiaries with their names, addresses, phone numbers, e-mail addresses, age and social security numbers.

2. Make required filings

A. File original Will with Probate Court or the Clerk of Court. Most states require that you file the Will immediately or within a certain number of days after the death of the decedent. You will need to check with the County Clerk or Probate court to find out where to send the Will.

B. Record Death Certificate in County where decedent or trust owned real property. This will remove the decedent's name from the property tax rolls and provide evidence of ownership if the property is to be sold.

C. Obtain taxpayer identification number for trust.

D. File Notice of Trust with Probate Court or Clerk of Court. Again, this may not be required in every state. The purpose of this notice is to notify any creditors of the decedent or other interested party that, although the decedent has no probate estate, there is an existing trust that must be administered. Most states, after the decedent's death, completely cut off the claims of the Grantor's (decedent's) unsecured creditors. Some states that do not do this and require debts to be paid from trust assets are: California, Florida, Massachusetts, Michigan, New Jersey, New York and Oregon.

3. Obtain authority to serve as trustee.

A. If you are named in the trust as the Successor Trustee, you will need to have evidence of your authority to act as Trustee. The banks, brokerage firms and other third parties will not give you information or allow you to transact business on behalf of the trust until they have these documents. In most cases, you will need the following documents:

• Original signed trust agreement and all amendments to it.

• Death certificate of grantor

• Acceptance of Trustee Form. By this document, you accept the appointment of Trustee of the trust and agree to perform all of the duties of the Trustee pursuant to the Trust Agreement and the law.

• Any other documents required by the provisions of the Trust Agreement.

4. Notice requirements.

A. Most states require that all beneficiaries be notified within a specified period of time of the Trustee's acceptance of the Trust and the full name and address of the Trustee. Many states give a beneficiary of a trust the right to obtain a copy of the trust agreement. Unless, you have a valid reason not to, you should provide each beneficiary named in the trust with a copy of the trust agreement including all amendments.

B. Notify the post office to forward mail to your address so that you can receive any bills, checks or other mail of the decedent.

C. Notify the Social Security Administration.

D. Notify the personnel or human resources department at decedent's place of employment or former place of employment.

E. Notify banks, brokers, financial advisors, etc.

F. Notify telephone service and utilities.

G. Notify insurance companies. Obtain instructions for filing claims. Most insurance companies will only give notice to the beneficiary of the policy. Notifying the company will begin that process. If the trust is the beneficiary, you, as the Trustee, will need to apply for benefits.

H. Notify Credit Card issuers. They will provide an amount owed and close out the account. Also, if death was due to an accident, they may provide accidental death insurance.

5. Assemble, Inventory and Take Custody of Assets.

A. Search for assets. As Trustee, you have the duty to locate and take possession of all of the decedent's assets. Ideally, the decedent will have kept a schedule of all of his assets: those owned individually as well as those titled in the name of the trust. If not, or if the schedule is incomplete, you should locate the decedent's financial documents, such as bank statements, statements from brokerages and investment advisors, deeds, stock certificates, life insurance policies and federal and state income tax (or intangible tax, if applicable) returns.

B. Collect supporting data as to ownership. Once you have determined the existence of an asset, you should obtain the statements, certificates, contracts and policies regarding that asset.

C. Change Trustee on Existing Accounts and Open New Accounts. For each bank and investment account, you will need to change the name of the Trustee who has authority to manage the account from the decedent to you.

D. Determine date of death values (and, if applicable, alternate values). For investments and securities, you can contact the decedent's broker or financial advisor for this information. Also, there are many websites that can provide this data.

E. File claims for insurance, Veterans and Social Security benefits.

F. File waivers and affidavits releasing property from estate tax liens with the County Clerk's office or the State (if applicable).

G. Prepare Trust Inventory with date of death values of all trust assets and, in states where it is applicable, send copies to all trust beneficiaries.

H. Estimate cash needed for taxes, fees and other expenses of settling the estate.

6. Determine Debts Against the Decedent

A. Determine current bills owed to doctors, hospitals and funeral homes.

B. Make a diligent search to determine what other debts exist.

C. Determine validity of, contest or pay, and obtain receipt or satisfaction of debts. As Trustee, you have the fiduciary duty to examine each claim to determine its validity. If appropriate, you have a duty to deny payment of a claim and to defend that denial in court.

7. Administer the Trust Estate.

A. Collect all income, receivables and other moneys due decedent or the trust estate.

B. Investment of assets. As Trustee, you have the duty to preserve, protect and invest the assets of the trust estate.

C. Manage Real Estate. If any real property and the house built on it is vacant. You should take steps to secure the property and contents from vandalism and damage. If anyone is residing in the house, you should determine whether that person has the right to be in possession of the house. If the occupants are tenants, you should review the terms of the lease, if written, and make sure to enforce the provisions. You should notify the tenants in writing that the owner is deceased and that they are to make all future payments under the lease to you as trustee. Rent must be collected and deposited in the trust bank account.

D. Insure the Trust Property.

E. Keep a detailed record of all income, expenses and estate transactions.

8. File Tax Returns and Pay Taxes Due.

A. Decedent's final Form 1040.

B. Trust income tax return (Form 1041)

C. Estate Tax Return (Form 706)

9. Distribute the Estate.

A. You should read and fully understand the distribution provisions of the trust agreement. The distribution to beneficiaries is made after all debts of the decedent and expenses of the administration are paid. If distributions equal to a certain percentage of the estate are called for, then those percentages are calculated based upon the net value of the estate after payment of debts, expenses and taxes.

B. If the provisions of the trust provide that property is to be held in trust for the benefit of a certain beneficiary, then you, as Trustee, must hold and administer the property subject to the standards and duties that we have mentioned in this guide.

C. You must maintain accurate records regarding the trust property, including any additions of principal and income. Generally, you may make partial distributions to beneficiaries as the estate administration progresses in order to hold funds or property back for a period of time to pay unexpected liabilities. You can then make the final distributions to the beneficiaries only when you are certain that all liabilities have been received and paid. If you make complete distribution too early and an unexpected obligation such as taxes or a medical bill surfaces after such distribution, you will likely have a difficult time retrieving funds back from the beneficiaries to pay those expenses. If you distributed all of the trust assets without paying all of the creditors, you may be held personally liable for the shortfall.

Learn more about administering an estate with step by step directions, checklists and forms from Dean Hanewinckel's E-Book, What To Do When A Loved One Dies - A Survivor's Guide. You can order it at http://www.floridaprobatesecrets.com. Dean Hanewinckel is a probate, estate and legacy planning attorney in Southwest Florida. He is the author of 3 books. In addition to What To Do When A Loved One Dies, he has published Manifest Your Legacy and The Official Snowbird's Guide To Becoming A Florida Resident, both available at Amazon.com.

What You Don't Know About Your Estate Planning Could Hurt You!

Estate Planning is the process of looking at one's financial situation, preparing a plan for how income and property will be handled if a person should become disabled or die, and signing legal papers to implement the plan.

Most people are concerned about what will happen to their property when they die. If a person does not decide who should inherit from them and sign the appropriate legal documents, the law will "fill in the blanks" and make the decision for them. Under Illinois law, if a person dies without a will, or without some other legal mechanism for designating who will inherit from that person - such as naming a beneficiary on a bank account, insurance policy, or in a trust - that property will go to family members called "legal heirs."

For example, under Illinois law, property will go to the husband or wife of the deceased upon death, unless the deceased also has children, in which case only 50% goes to the husband or wife, and the other 50% is divided among the children. If the deceased person has no husband or wife, 100% is divided equally among the children. If the deceased person has no spouse and never had any children, the property goes to the parents and brothers and sisters, in equal shares. There are other legal rules governing who will inherit if certain family members died before the deceased person, or if none of the relatives listed above remain.

What Is a Will?

A will is a written statement directing who will wrap up the financial affairs, and who will receive someone's money and other property when the person passes away. The property left in the deceased's name at the time of death is called the "estate." The people named in the will to receive property upon the decedent's death are called "legatees." They may or may not also be the "legal heirs."

What is a Living Trust?

A "living" or "intervivos" trust is one that is set up and funded while the grantor is alive. Usually the grantor names himself or herself both trustee and beneficiary. In contrast, a trust which comes into being under the terms of a will, after the grantor's death, is called a "testamentary" trust.

One might set up a living trust to provide for a smooth transition to another trustee or beneficiary upon his or her death or incapacity. If the beneficiary of the trust dies, the property in the trust can pass to another beneficiary without the need for probate court proceedings. A living trust can also help avoid the need for appointment of a guardian. Where the grantor/trustee becomes incapacitated, a successor trustee can take over management of the trust.

What are Guardianships?

Parents or other family care givers may worry about who will care for, and protect, disabled children or adults, when the parents are no longer able to do so, either due to death or any other event which renders them unable to continue in their role as protector and/or care giver. It is especially important to assure that someone who has the knowledge, experience, and motivation, to adequately identify the disabled person's needs, and to find, and arrange for, the services necessary to meet those needs, can step in when needed.

Kerry R. Peck is an estate planning attorney and the managing partner of the Chicago Estate Planning law firm Peck Bloom, LLC. Kerry concentrates his practice in Trust and Estate Litigation, Estate Planning/Administration, Guardianship and Fiduciary Litigation, and Elder Law. His clients include families, hospitals, banks, the State of Illinois, County of Cook, and City of Chicago.

Pet Trusts - What is a Pet Trust?

You've included provisions in your will for your children, and you know that the estate or trust that you're leaving behind will continue to provide for them after you are gone. But have you considered who will provide for your loving animal companion?

Traditionally, parents have made provisions for the long-term care of their children through careful estate planning and trusts. Recently, there has also been a growing trend towards creating trusts to benefit and protect the interests of pets. As a pet owner, you know that there is an incredible bond shared with your pet. You want to be assured that your pet will continue to receive the proper care and attention that you have always provided, even when you are no longer able to take care of them yourself. A pet trust provides this peace of mind and makes sure that your pet will be taken care of should you become disabled, or after your death.

California pet owners are allowed to create a trust that provides for the care of a domesticated animal if the pet owner were to become unable to care for the pet. As a matter of fact, recent legislation has been passed that further protects pets and guarantees that, as a pet owner, your specific instructions for the care of your pet are carried out, as intended. "Pets are an important part of the American family," California Senator Leland Yee said. The new California pet trust law "will make pet trusts enforceable and assure that the wishes of owners are respected."

In California, this is a legally enforceable method you may use to ensure that your pet receives proper long-term care in the event of your death or disability. With a pet trust, you are able to appoint a caregiver for your pet, and you can designate a portion of your estate directly for the care of your animal, providing a specified sum of money for day-to-day care and feeding, pet insurance, veterinary costs, or other related expenses.

As a pet owner, you want to ensure that your pets can be taken care of should you become unable to provide for them yourself. If you are an owner who wants to establish a trust, or otherwise provide long-term care for your pet, a qualified California estate planning attorney who has experience creating pet trusts in California will be able to help you understand your pet trust planning options, and will be able to assist you in designing a trust that meets your needs and those of your pets.

Kevin Von Tungeln is the Managing Partner of EstatePlanningSpecialists.com and Thompson Von Tungeln, P.C. Kevin practices exclusively in the areas of estate planning, probate, wills, conservatorships and trust administration. Visit EstatePlanningSpecialists.com to learn more.

Will And Estate Planning

The will and estate planning are interrelated with each other. Because the type of estate trust completely depends on the formulation of the will. While planning any estate before the estate attorney, the primary step is to compose the will and relocate the monetary distribution in that will. The process of this typer of asset planning requires the person who wants to plan his estate, his descendant, the estate-planning attorney and most crucial his will.

In the primary stage of the legal planning, the estate-planning attorney communicates and confirms the whole background of that person. While analyzing his character, the attorney understands the monitory condition of that person, his monitory assets, real estate and private estate. Also the attorney make clear the clients aspirations about his family members and also gets information about the necessities of client's adorning family members after the death of the client.

Also one of the vital parts of the will and estate planning, the attorney elucidate from the client about his goals and future aspirations about the estate and also reveals about the health related desires from the client.

Before making the will and estate trust, the attorney will display and describe various alternatives, which is obtainable to the client. He assures the client that such asset protection planning will work thoroughly with you and it is a perfect match for future expectations of the client towards his family members after his death.

The suggested estate protection by the attorney is completely in reference to terms and conditions in the will and in accordance with the desires of the clients about his wealth. So while making the will and estate plan, the attorney mostly gives emphasis to the monitorial security of the client's family after his death, secondly more weight age on the equal distribution of the wealth as it is mentioned by the person in the will and thirdly physical requirements of client and his family members.

While making the will and estate plan, the attorney mentions some rules, regulation, and strategy to save the estate. He suggests some precautionary measures to put aside the family members from financial problems like taxes, family budget and other household expenditure.

After giving suggestions, guidelines and confirming all the requirements of the client for will and estate, finally he will carry out all essential living trusts documents, papers of will, documents of powers of attorney and testamentary trusts. Also in some cases, the attorney himself consults with expert accountant or tax consultant to secure the client from allegation of negative tax.

Allan Wilson owns and operates http://www.estate-trusts.com where you can find more important information about estate planning. Estate Trusts