Best Estate Planning Attorneys in Chico, CA

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Probate Administration refers to the practice of identifying, valuing, and distributing the estate of a decedent. The process is carried out by the Executor or by a volunteer Administrator (if the decedent died without a will in place), and is supervised by the court.

Every situation is different, but in general, an estate plan should include a properly prepared trust or will, power of attorney for health care and power of attorney for financial administration.

A trust is, broadly defined, a relationship in which property is held by someone (the trustee) for the benefit of another (the beneficiary). Trusts can be an effective way to preserve wealth, provide tax advantages and avoid probate. The beneficiary of a trust receives income from investments, but the principal stays intact during the existence of the trust. There are many types of trusts. Some last indefinitely, but others can be revoked by the person who created them. An experienced trust attorney can review your situation and recommend and prepare an appropriate trust that fits your particular circumstance and needs.

A revocable living trust is a trust that you create during your lifetime. It is called a "revocable" living trust because you can revoke, amend or change the trust.