The Importance of Estate Planning for Parents
Many young parents believe that estate planning is only for the elderly or the ultra-wealthy. In reality, if you have minor children in California, a Living Trust is one of the most important documents you can create.
Avoiding Probate Court
If you pass away with only a Will (or no Will at all), your estate must go through California probate court. This is a public, expensive, and time-consuming process that can tie up your assets for over a year, leaving your children without immediate financial support. A Living Trust bypasses probate entirely.
Naming Guardians for Minor Children
Alongside a Trust, you must designate legal guardians for your children. Without this designation, a judge will decide who raises your kids.
Controlling How Your Assets are Distributed
A Living Trust allows you to stipulate exactly when and how your children inherit your assets (e.g., a portion at age 18, another at 25). This prevents an 18-year-old from inheriting a large lump sum all at once.
Contact our Glendale Estate Planning attorneys today to set up your Trust & Will.