first that it’s only for rich people.
Many people assume that only very wealthy people need a trust or a comprehensive estate plan. The truth is if if you own property in California,
you need a trust for the reasons of avoiding probate and to make sure that your assets can be handled if something were to happen to you during your
lifetime. Secondly, that a will by itself is a sufficient estate plan. A will in California will still subject
your heirs through a probate proceeding which many people are unhappy to have to go through that. So you really want a
trust and a will, a power of attorney and a healthcare directive. And then lastly that you know trusting that your
family will all get along um after you pass away. And it’s true that many times that is the case. But unfortunately I
see time and again that when money is involved, people make poor decisions.
And it’s very important to be transparent with your heirs about what your intentions are so that when you’re no longer able to express yourself
because you’re incapacitated or have passed away, everybody knows what your wishes are and that those wishes are recorded in legal documents that will
ensure a smooth transfer of wealth after you pass away.