Best Estate Planning Attorneys in Torrance, CA

Your estate consists of all of your personal property, real property, and all other assets. Specifically, your estate may include bank accounts, real estate, stocks and bonds, furniture, cars, jewelry, life insurance proceeds, retirement accounts, and payments that are owed to you. These assets can be in your name or held in joint title with another.

Everyone, regardless of the size of their estate, needs an estate plan. An estate plan allows you to designate someone to manage your assets if you are unable to do so, make health care decisions, and decide how you want your property distributed. If you fail to make an estate plan, a judge will simply appoint someone to handle your assets and they will be distributed to your heirs according to California law. Estate planning allows you much greater control and flexibility for handling your assets and property.

Whether or not you need a will or trust depends on your assets and goals. When you pass away, your estate (your assets and affairs) will need to be administered. Based on your estate plan (or lack thereof), your estate will either be administered in court via the probate process or out of court via trust administration. Many people would like to avoid probate of their estate which often requires additional time and expense than the administration of a trust. In California, probate administration of an estate can take several years. Probate is also a public process and many people would prefer to have their estate administered privately. Generally speaking, if you have no estate plan or if you have only a Will, your estate must be administered through probate court. If you have a properly executed and maintained Trust, your estate can be administered outside of court through private trust administration. These are a few common considerations for deciding whether a Will or Trust is best for your situation.