So, in California, we have a very unique probate proceeding, which makes our estate planning a little bit more complex than in other states. Often
times, clients think that all they need is a will, um, which is an essential document, but in California, you really
want a trust. The reason for that is you have to go through a court proceeding if you do not have your assets held in
trust after you die. I have many clients that come in when their parents pass away and said, ‘I just had to go through probate. What do I need to do to make
sure my kids never have to do that? And the way you do that is you set up a trust, a revocable living trust. There’s lots of different permutations of what
trusts can be. But for most people, a revocable living trust is all you need.
A will, which basically says if there’s anything in my estate after I pass away that’s not in my trust, it goes into the
trust. And then you also want a durable power of attorney to manage your assets um that are outside of the trust in case
you become incapacitated during your life. And an advanced healthc care directive, which is similar to the power of attorney, but instead of financial
assets, it works for health care decisions. You know, if you’re in a coma and you need permission to have a
surgery or a procedure, your health care agent can make those decisions for you.