Monday, August 31, 2015

Estate Planning may seem like something only older, extremely wealthy people need to think about. However, this is not the case. Estate planning is something everyone should not only think about, but also prepare for. Once something happens to us, that either incapacitates or cause us to pass away, we no longer have the power or authority to make decisions according to our wishes. This is why it is so important to plan in advance and make sure you have explicitly designated how you would like your affairs to be handled.
There are many different parts to an Estate Plan; The Will, The Revocable Living Trust/Family Trust, and an Advance Health Care Directive. Other areas to consider are a Durable Power of Attorney, Beneficiary Designation, and concerns regarding Joint Ownerships.
First, let’s start with The Will. You can be quite specific in your will regarding who will be the executor, additionally the executor can also be a beneficiary under The Will. You can name a specific person you prefer; however, there are a few things you should consider in naming this person as they will be handling the distributing of your property and assets, decisions regarding the care of any minor children or children with special needs, maintaining property, paying bills and taxes, as well as making court appearances. For these reason it is important that you choose wisely.
Additionally, you can also designate an alternate executor. Here at Tompkins Law, we strongly suggest you name at least one alternate executor in the event that your executor decides they are unable to act as your executor or simply changes their mind. In the case that this happens and you have no alternate designated, the above mentioned responsibilities will be decided by a court. There are a few restrictions regarding who can be an executor; executors must be at least 18 years old and they must be deemed of sound mind by the court.
Although you are not able to name specific executors to handle certain aspects of The Will, you can name co-executors to assist with certain aspects. An example of this is if you own a business and you want to name your spouse as the executor of The Will, but you worry that they may not handle the business aspects properly because they were not a part of the business, then you have the option to name a business partner or someone else involved in the business to ensure that those portions of The Will are handled to your satisfaction.
As for the distribution of your property and assets as well as the care of dependent or special needs children, you can be quite specific in how you would like these things to happen. Perhaps you would like a certain asset to be distributed among more than one person, or perhaps at a later date. Specifics such as these are possible and I can help you in making sure that these aspects are written properly.
A Revocable Living Trust is often called a Family Trust. A Family Trust is similar to a will in that you name a personal representative and designate beneficiaries to receive your property. However and quite importantly, the Family Trust doesn’t go through probate. Among the many superior qualities of the Family Trust is that you can have your successor trustee (personal representative) handle your affairs during periods of incapacity during your lifetime, which is something that is not possible with a will.
Additionally, choosing a Family Trust over a will avoids probate, which can save you thousands of dollars in probate fees and costs. Another benefit of the Family Trust is the privacy you can retain in that it is not a court record and there is no court case. All matters handled by a Family Trust are done so in the same way as with a will, but with no court involvement.
In certain situations in which you are incapacitated or deemed unable to make sound decisions, a will cannot be executed. In many states a living will would be the source of information providing guidance on how to proceed in these circumstances. However, in California living wills are not used. In place of this option, Tompkins Law use an Advanced Health Care Directive along with a Durable Power of Attorney to assist you in how you would like things handled such as: medical care, resuscitation preferences, handling your affairs while incapacitated, and distribution of property and assets that you see fit for such a circumstance.
You have many options in designating both a trustee and beneficiaries as well as exactly how and what you would like done in regards to how your medical care is handled. As these items of concern are expansive, can vary and can be quite personal, this is something I can help you specify while helping you prepare. As it is possible that certain medical procedures or situations may arise while you are incapacitated, it is wise to designate someone as a Durable Power of Attorney. This person will be responsible for making decisions regarding your medical care in the event that what you have designated in your Advanced Health Care Directive does not provide instructions regarding how you would like these handled.
Another area that a Durable Power of Attorney can be made more specific is in the area of finance. While you are not able to handle your affairs, they will be still happening without you. In this situation you can name someone to be responsible for managing your finances, so that once you regain your abilities you do not have a financial disaster to straighten out.
Certain aspects like retirement savings plans and accounts, education savings accounts, life insurance policies, and annuities often allow for Beneficiary Designation through their specific documents. In this case you will want to consider making sure these are up-to-date while securing your Estate Planning. I can help you organize and clarify this information, so that you can keep these documents readily available with your other Estate Planning documents.
Most often, these types of accounts can be handled quite specifically through the company providing them. You may even be able to designate certain portions of these assets to certain individuals. For more information regarding these items, please contact me for a free 30 minute consultation.
Finally, another area of concern for being very specific regarding your planning you will want to be informed regarding how Joint Ownership situations are handled. If you do not plan accordingly for these circumstances, the decision making rights can be easily handed over to the courts and your wishes may not be followed. Joint Ownership Rights and Rights of Survivorship can be very tricky to understand, but it is important to be specify your wishes regarding these matters to avoid the unfortunate case of the courts determining how your affairs and property should be handled. There are certain designations that can be made in some circumstances to help you ensure that your wishes are met.
Estate Planning is a crucial aspect to guaranteeing that your affairs, property, assets, and medical care are handled according to the way you would like them handled. No one can be sure what will happen in the future, accidents can strike at any moment and that is why it is extremely important that you are prepared. In the event that you are unable to have your wishes heard or to make decisions, you will not want the courts to simply decide what happens to you, your family, or your property. Contact me today, so that I can help you properly prepare your estate and ensure that you and your family benefit from these documents exactly as you wish them to be. Legal terminology, documents, and decisions can be confusing and that is why I would like to help you carefully and completely understand your rights.
Call me directly at 1-714-385-0044 or send me an email here: to schedule a free 30 minute consultation

Thursday, April 23, 2015

The Advantages of a Revocable Living Trust

The Advantages of a Revocable Living Trust:

  • Trusts avoid probate, thus bypassing the court and often resulting in shorter periods of administration.
  • Trusts often are significantly less expensive to administer than probate estates.
  • Trusts provide for management of your assets during lifetime if you become incapacitated.  This may avoid a conservatorship, which is costly and involves court supervision.
  • Trusts are private documents.  Probated wills are a matter of public record, and can be viewed by anyone.
Trusts provide many choices and can be constructed for almost any situation.  

Estate Planning Lawyer 

Tuesday, April 14, 2015

What is Undue Influence in Estate Planning?

It is unfortunate, but sometimes people manipulate those that are vulnerable in some way and especially dependent on others. Sometimes this manipulation may come in the form of an individual attempting to take advantage of someone and manipulate legal documents, such as their will or trust, into their favor against the true wishes of the individual if they had the mental or physical capacity to maintain control. In estate planning, through matters involving wills and trusts, this matter is referred to as undue influence.

Undue influence can be a nightmare on many levels. It is usually a very uncomfortable experience for the person being manipulated, who may know on some level they are being taken advantage of or may be frequently confused by the decisions they are lead to make. The experience is hard on the family as well, particularly following the passing of the family member if it appears the will or trust was clearly manipulated beyond what that person truly would have wanted.

Unfortunately, sometimes these matters are not discovered until after the passing of the person in question, as the individual attempting to defraud them will usually keep their presence or influence unknown until later. Undue influence is best stopped while it is happening, but it can be possible to legally change the validity of a will or trust later if unlawful behavior can be proved.

Due to the capacity requirements for wills versus trusts, generally wills are much more susceptible to undue influence than trusts. While both documents require the individual preparing the legal documents to be of "sound mind", an individual can be found incapable of completing a trust but still capable of completing a will. Wills only require the individual to understand they are completing a will, understand the assets involved, and understand the relationship with the person or people they are setting as their beneficiary or beneficiaries. Trusts require a more extensive knowledge of their options, the future impact of their decisions, and an overall more complex understanding of what they are doing.

What is Considered Undue Influence, and How Do You Prove It?

As undue influence will usually be claimed in cases involving a will, an individual who suspects undue influence must bring a will contest in probate court following the will maker's passing. This can be done even if there is not a regular probate court proceeding to probate the will and distribute the assets. As trusts are generally used to avoid probate rather than wills, usually there will be some kind of probate court proceeding if a will is involved.

The relative or individual who may have been impacted by the undue influence in addition to the deceased must prove certain things in court.

They must prove:
  • The will is written in a way that doesn't make sense given the deceased person's relationship with whomever the assets were transferred to, versus their relationship with the person or people who were left out
  • The deceased was particularly dependent on or placed a substantial level of trust in the person who exerted influence and benefited from the will
  • The individual who exerted influence took advantage of the deceased for their own benefit and in essence rewrote the will like it was their own
  • Some kind of mental or physical incapacity left the victim susceptible to this unwanted influence

It's important to understand that simply being influenced by another person does not render a will invalid. Just because the individual leaving behind the will relied heavily on a person providing care and may have been influenced does not mean this is a valid grounds for legally contesting the validity of the will. The key factor that makes or breaks the case is whether or not the deceased was manipulated into the version of the will that was drafted or if it still remained truly their own decision.

Preventing Undue Influence

Potential situations where wills are called into question and it is particularly difficult to determine whether undue influence occurred or not are most likely the cause of such estate planning law regulations as testamentary capacity and contractual capacity. Testamentary capacity is the minimum requirements for an individual to complete a will. Contractual capacity is the minimum requirements for an individual to complete a trust. Because contractual capacity is significantly higher than testamentary capacity, wills are called into question far more commonly than trusts are. In any case, both capacity regulations are in place to prevent undue influence from occurring in the first place.

Regardless of the legal requirements in place to form a will or trust, if you feel a loved one involved in some kind of estate planning is a victim of undue influence, it is important to consult with an attorney sooner rather than later. In some cases, it may be a matter that may require law enforcement involvement. It is not unusual for cases involving undue influence to also involve criminal matters such as elderly abuse.

If you suspect undue influence, taking steps immediately might not just protect your inheritance, but also the very life of your loved one.


Whether you suspect undue influence early on or following the passing of a loved one, it is important to hire an attorney to ensure that you exercise not just your rights, but also the rights of your loved one.

Dwight Tompkins is an estate planning attorney with years of experience in these and other estate planning matters and is happy to assist you with your legal questions regarding undue influence and other matters.  

For questions, or to schedule a consultation, call the office today at 714 385 0044.

Estate Planning Attorney Orange County

Monday, April 13, 2015

Testamentary Vs Contractual Capacity In Estate Planning

Estate planning is only legally acknowledged as valid when the individual engaged is of "sound mind". "Sound mind", while simple to understand and in short words, in estate planning actually refers to a complicated set of rules governing when an individual may be considered mentally capable of doing such things as drafting wills and trusts or appointing a power of attorney.

Some examples of a person not deemed to be of "sound mind" include situations where an individual has been diagnosed with dementia or Alzheimer's disease. Other examples include cases involving mental retardation or severe physical impairment.

This mental capacity, or sound mind, in estate planning is often determined by the laws governing what is referred to either as testamentary capacity or contractual capacity. Testamentary capacity in estate planning is an individual's required capacity to draft a will. Contractual capacity, on the other hand, is the required capacity for an individual to draft a trust.

What is Required For Testamentary Capacity?

Testamentary capacity requires understanding of a few key points when drafting a will. Particularly, the individual must understand:
  •  He or she is creating a will
  • What property is owned and a clear understanding of how it will be distributed
  • Relationships with the individuals that will have claim to the assets and how they will be impacted by the terms of the document
Will capacity is considered the lowest form of mental capacity. It is very possible for individual to be found incapable of forming a trust, yet perfectly capable legally of drafting a will.

What is Required For Contractual Capacity?

The higher form of capacity required in establishing a trust, contractual capacity, requires a person to understand and appreciate the following: 
  • The rights, duties, and responsibilities created by or impacted by his or her decision
  • All probable consequences for the decision maker and the people impacted by the decision, where applicable
  • Any significant benefits, risks, and reasonable alternatives involved in his or her decision
This trust capacity standard, as can be seen, is more associated with the future impact of the decisions made than a will concerns itself with. In other words, in a will, you simply need to understand that you are drafting a will, understand what property you are including in the will, and understand your relationship with your beneficiaries. In a trust, you must understand all the responsibilities created by your decisions, all possible consequences, and have a better understanding of your options and alternatives.

When Does This Difference Matter?

A common reason for legal consideration for the difference in required capacity for a will versus a trust is found when an individual who has not already completed an estate plan experiences either a significant life event that severely limits their physical or mental capacity suddenly, or the individual suddenly begins to experience the early signs or symptoms of conditions such as Alzheimer's or some other mentally limiting condition.

There are many cases of individuals, either the person who wishes to draft the will or trust or the family impacted by the decision, trying to pass off the individual drafting the will or trust as perfectly mentally capable when they are not. Usually these attempts are seen for what they are and the document will either not be prepared or will be found not legally valid later.

While it's important to be proactive in drafting a will or trust before such misfortune may strike, even with certain setbacks, it often is still possible to draft some kind of legal document. As mentioned previously, just because an individual is not capable of drafting a trust does not mean they will be found incapable of drafting a will. For example, an individual experiencing even the earliest symptoms of Alzheimer's may not be able to legally build a trust, but they may still have the option of preparing a will.

How Can You Prevent Testamentary or Contractual Capacity From Being an Issue?

As mentioned previously, the best way to prevent these matters from being an issue is to be proactive and build an estate plan before negative circumstances happen in the first place. Many elderly individuals find themselves left without options simply because they did not prepare for the possibility of them not being of sound mind at some point in their lives.

It's also important to take action at the earliest sign of trouble if you are experiencing some kind of problem that may indicate any degree of mental incapacity. Waiting it out is not going to make matters better. If you do not have an estate plan and you have assets worth considerable value, you are essentially gambling with their future and that of your beneficiaries.


If you do not have an estate plan, the time to start preparing is now. The differences between testamentary capacity and contractual capacity, while valuable to know, are not going to make  or break you if you are proactive in estate planning before the difference becomes capable of impacting the future of your assets and your beneficiaries.

Dwight Tompkins is an estate planning attorney with years of experience in such matters as wills and trusts. If you need help with drafting an estate plan, or have an issue involving testamentary or contractual capacity, he is happy to help you with your legal concerns.

For questions, or to schedule a consultation, call the office today at 714 385 0044.

Tuesday, March 10, 2015

What is the Difference Between a Will and a Living Trust?

The establishment of a will or a living trust is an important part of estate planning. Wills and living trusts both allow you to name beneficiaries for your assets. However, they are each useful for different purposes and knowledge about the differences between them is essential in choosing which option is best for your personal situation. Estate planning in general is important in ensuring that your assets will be managed correctly if you are unable to do so yourself either through incapacity or death. Wills and living trusts manage those assets in the event of such situations, but they do so in different ways.

Naming Beneficiaries

Both wills and living trusts allow you to name beneficiaries for your property. In a will, you simply describe the property and to whom it should be transferred ownership in the event of your passing. In a trust, the property must be transferred to the trust first before the property and beneficiary are described.

When it comes to leaving property to children under 18, some considerations are worth making. First, except for items of little value, children may not legally own property. When property is left to a minor, it must be managed by an adult until the child reaches the age of 18. When handled through a trust, the trustee maintains control of the property for the child until the child reaches an ages determined by you. When done so using a will, an adult will also be named to manage the property for the child unless you choose to establish a testamentary trust or name a custodian under the Uniform Transfer to Minors Act.

Document Revision

Both revocable living trusts and wills allow revision of the documents when circumstances or desires change. However, irrevocable living trusts do not have this benefit. Irrevocable living trusts are typically only used by the wealthy to protect money from taxes and are substantially more complicated.

Avoiding Probate

Probate is a legal process that takes place following the passing of an individual. It includes:
  •  Legally proving in court that a deceased person’s will is valid
  • Identifying and inventorying any and all property
  • Having property appraised
  • Paying off any taxes or debts
  • Distribution of the property in accordance with the will or state guidelines if no will exists
Avoiding probate is a huge advantage living trusts have over wills. Probate involves paperwork and court appearances by attorneys. The attorney and court fees are paid from the estate property before it is distributed to the beneficiaries. This means if you have a will instead of a living trust, your beneficiaries will not receive as much as they would if you had established a living trust instead. It’s important to note that the process does not take place quickly and is usually very expensive.

If you don’t own much property or have several debts, a living trust may not be necessary. Probate is a greater concern for individuals with some degree of wealth. It’s important to consult with an estate planning attorney before making the decision.


Living trusts are also more private than wills. A will becomes public information following your passing. A living trust does not. This is another consideration worth making if you wish to keep your affairs private.

Notary Public

Living trusts require being signed and stamped by a notary public. Wills, however, do not.

Transfer of Property into a Trust

While not necessarily a difficult or complicated process, another step that is necessary with establishing a living trust is transferring the property into the trust. For many items, this is as simple as making a list of the property and attaching it to the trust document. For items with title documentation such as real estate, however, the item must be retitled so that the owner of the property is the trust.

Protection from Court Challenge

Wills and living trusts can both be challenged in court. While this rarely happens, living trusts are more difficult to challenge than wills.

Incapacity Planning

Living trusts offer a better means of incapacity planning than wills do. The reason for this is that in a living trust, you can grant any individual authority to manage your affairs in the event that you become incapacitated and unable to do so yourself. Due to the fact that wills play a part only in the event of your passing, they do not allow you to name someone to handle your affairs in such a situation. However, you do still have the ability of establishing a durable power of attorney in addition to your will. This would grant such authority to another person if such a situation were to present itself.

Guardians for Children

In a will, you may name guardians for care of minor children. This cannot be done through a living trust and you would need separate legal documentation of your wishes. In addition to guardianship of children, you can also name property managers for any minor children’s property. This also cannot be done with a living trust.

Naming an Executor

In a will, you may name an executor who will be in charge of wrapping up your estate following your passing. This individual works with the courts and pays any outstanding debts before distribution of your property following probate. A living trust does not allow you to name an executor, but due to the fact that probate is avoided and instead a trustee is named, an executor is not needed.


In conclusion, living trusts and wills are both an essential part of the estate planning process. You would be empowered to further educate yourself on them and consult with an estate planning attorney to determine which option is right for you.

Dwight Tompkins is an estate planning lawyer with years of experience in establishing living trusts and wills. For questions, or to schedule a consultation, contact the office today at 714 385 0044. 

Protect yourself and your beneficiaries. Contact Dwight Tompkins today!

Wills and Living Trusts Orange County

Monday, March 9, 2015

What is a Durable Power of Attorney?

A durable power of attorney is a means of granting someone else legal designation in handling matters such as your health, finances, or legal issues with the same authority that you hold yourself.  As it applies to estate planning, a durable power of attorney is often the preferred means of incapacity planning. It is a written document that remains valid in the event that you are later unable to make your own decisions on any subject. This may include situations such as mental or physical incapacity.

There are two types of ways to implement a durable power of attorney. A general durable power of attorney allows the designated individual to do every act that may be legally performed by you. A limited durable power of attorney only covers specific events or situations. You may use more than one to cover different situations. For instance, you may have one individual designated to handle your financial matters while another handles your health care decisions.

In addition to choosing between a general durable power of attorney and a limited durable power of attorney, you may also decide whether you want to grant control of responsibilities to the designated individual immediately, or in the event of incapacity. A durable power of attorney not only allows you to grant control to another person, but also to choose when that control is transferred over.

Considerations to Make

The most important consideration to make when filing for a durable power of attorney is the decision of who you will grant authority to in making such decisions on your behalf. It’s important to consider the gravity of the decisions your agent will be responsible for making as well as their own personal responsibility with making such decisions in the first place. It is possible you may not trust one single individual with handling all of your responsibilities. In the event you become incapacitated, one person may be the best at handling financial matters while another may better consider your health care. Fortunately, you do have the power to grant limited powers to multiple individuals. This is one of the greatest benefits of a durable power of attorney.

Other considerations include discussing with your agent how certain matters should be handled so that they may act accordingly if disaster strikes. Additionally, it’s crucial that you evaluate your entire estate including property and other assets before having this discussion and also make the individual aware of any health concerns you might have that could cause issues down the line resulting in their need to make decisions for you. All of this is essential in preparing your trusted individual with handling your personal matters and making the correct decisions in the event that you become unable to do so yourself.

Often times, individuals may be uncertain if a durable power of attorney is right for them. The truth is that if you know someone with whom you can trust granting the responsibility and you hold a large value of assets, there is no reason not to be prepared for the unexpected. While usually older individuals consider the benefits more than younger persons due to such expected problems as the onset of Alzheimer’s disease or other afflictions, freak occurrences such as an incapacitating car crash can also cause a situation where a durable power of attorney may be useful in managing the person’s health care and finances. This type of situation can happen to anyone, regardless of age.

It’s also important to consider that if you suspect a certain situation may arise, such as through having symptoms of the early onset of mental or physical problems, if you haven’t established a durable power of attorney, you best file one as soon as possible. There are certain situations that may prevent an individual that is experiencing mental or physical disabilities from establishing a durable power of attorney later on. For example, in the late stages of Alzheimer’s disease, an individual will likely be unable to establish a durable power of attorney due to the fact that they will be found to not be “of sound mind” and therefore unable to appoint a power of attorney to manage their affairs. This situation can be a nightmare for all parties involved if there was no proper planning in advance for potential incapacity.

Finally, it’s important to note that while not having an incapacity plan include a durable power of attorney will not automatically mean you will not be taken care of, it is a way of ensuring that you are taken care of in the manner of your choosing along with management of your assets. If you can no longer make financial or health care decisions for yourself, the state will usually appoint someone for you if you haven’t planned ahead. While they do seek to appoint an individual that will manage these matters to your own benefit, there is no guarantee your wishes will be fulfilled and you would have no means of control. Being proactive ensures you the best chance of having your situation handled correctly.


In conclusion, a durable power of attorney is a great way to protect yourself and your assets in the event of incapacity. The first step to establishing a properly drafted durable power of attorney is consultation with a trusted legal professional that will ensure your paperwork is filed correctly and that you make all necessary considerations during the process.

Dwight Tompkins is an estate planning attorney with years of experience in such matters as durable powers of attorney. For questions, or to schedule a consultation, call the office today at 714 385 0044.

Grant yourself the peace of mind in knowing that your health, financial, and legal matters are handled in the event that you are unable to yourself. Contact Dwight Tompkins today!

Tuesday, February 24, 2015

The Importance of Establishing a Living Trust

A written trust is a written legal document that partially substitutes for a will. A living trust takes into account all of your assets, including your home, stocks, bank accounts, and vehicles in some cases. These assets are documented in the trust, administered for your benefit throughout your lifetime, and transferred to your beneficiaries upon your passing.

The trustee in charge of managing the trust’s assets is usually whoever is establishing the trust in the first place. This gives the individual developing their trust the ability to still manage their assets while they are written into the trust during their lifetime. However, they may still transfer power to another individual if they somehow become unable to manage their assets while they are still alive, such as through physical or mental incapacity.

A typical living trust agreement is revocable, or able to be modified or revoked at any time by the individual that wrote it.

A living trust offers these benefits:
  • The trustee maintains the legal right to manage and control the assets held in the trust.
  • The trustee is instructed to manage all the trust’s assets for their benefit throughout their lifetime.
  • The beneficiaries are named that will receive the trust’s assets upon their passing.
  • Guidance as well as certain powers and authority are given to the trustee to manage and distribute the trust’s assets. This is particularly important if the trustee is anyone other than the trust during the trust’s lifetime, as they are not permitted to use the assets for any personal gain not to the benefit of the trust unless with explicit permission.

A living trust can be the most important part of estate planning. As such, there are many reasons to consider drafting one. An important consideration is the reason why you need a living trust.

What Can a Living Trust Do For You?

A living trust ensures that your assets will be managed to your benefit by a trusted individual if you should ever become unable to manage them yourself. As mentioned previously, a living trust can be an important part of incapacity planning.

A trustee can be named other than yourself initially, or you can establish another trustee immediately. This allows you to control when your assets become legally controlled by another individual. Upon your passing, the trustee is designated to gather your assets, pay any debts, claims and taxes, and distribute the assets according to your wishes. This is done without need of court supervision or approval, which makes it different in execution from a will.

Does Everyone Need a Living Trust?

There are some circumstances where a living trust may be unnecessary. Young married couples without children and lacking a substantial amount or value of assets may not benefit from establishing a living trust if they intend to leave their assets to each other if the other passes. Individuals in general who do not have much in terms of assets and have established simple estate plans do not require a living trust. Additionally, if an individual should prefer court supervision over the administration of his or her estate, a living trust would not be a good option. Typically, the greater the value of your assets, the more likely you are going to want to establish a living trust.

How Do You Decide Who Your Trustee Will Be?

Most individuals in a living trust will serve as their own trustees until they become incapacitated or die. Other individuals may pass responsibility of any or all assets immediately if they are unable to manage them for some reason or simply do not want to.

Generally, a trustee will be chosen based on a variety of factors mostly relating to their experience and trust. This individual may be a spouse, relative, domestic partner, close friend, business associate, or professional fiduciary.

You may want to discuss your decision with an estate planning attorney. Often times, your attorney can provide you with advice as to whether or not the individual is a suitable candidate to be your trustee. However, it is ultimately your decision as to who your trustee will be.

Are There Any Disadvantages of a Living Trust?

The biggest possible disadvantage of a living trust is that if you select the wrong trustee, it is possible that they might take advantage of you and not manage your assets in your best interest. Distribution and management of assets would typically take place under court supervision, but this is not the case with a living trust. The cost of a living trust may also be higher than simply preparing a will, but depending on the complexity of your estate plan, this may not be a significant factor. Additionally, a living trust may require some extra paperwork in certain circumstances if, for instance, you wish to take out a loan on any of the property that is within the trust.

In the end, if your paperwork is drafted correctly, an appropriate candidate is selected as a trustee, and you have significant assets worth protecting, a living trust is a worthwhile consideration.

Establish a Living Trust With An Estate Planning Lawyer

When establishing a living trust, it’s important to select an appropriate attorney to draft your paperwork and provide legal advice. Dwight Tompkins, living trust attorney Orange County, is a professional attorney with years of experience in living trusts and estate planning.

For questions, or to schedule a consultation, contact Dwight Tompkins today at 714 385 0044.

No one wants to consider the reality that one day they will no longer be in control of their assets. However, making this consideration for the benefit of yourself and your beneficiaries is crucial. Contact Dwight Tompkins today!

Living Trust Attorney Orange County