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Estate Planning

Your “Estate” includes all your assets and debts. Essential to your estate plan includes the preparation of Wills and Trusts. Wills are the basic device used to direct disposition of an estate after a person’s death. A Will is taken to Probate Court in order to carry out the terms of the Will and distribute assets after a death. Probate refers to the court supervised process of administering an estate. Probate involves proving the will, collecting the decedent’s assets, paying liabilities and taxes, and distributing assets to heirs. 


A Trust can avoid the Probate Court entirely. A Trust is a contractual arrangement between the Trustor and Trustee for the benefit of the Beneficiary. A Trust is not a legal entity and it is not a legal person. Trusts do not own assets. Rather, the Trustee of the Trust is the legal owner of assets. The acting Trustee can act independent of the Court and can distribute the assets at the death without the Court’s involvement. 


Thus, avoiding Probate is one of the goals of the Trust creation. Because the Trust represents an agreement, there is no reason for a court to get involved. Trusts also protect your privacy as its terms are not made public unlike public court proceedings involving Wills. 


Trusts are powerful tools that also help with succession planning (as in the case of business operations), incapacity (avoidance of conservatorships), tax uses (for high worth individuals and families), segregating assets and privacy.


For more information about your Estate Plan, you may contact attorney Harry Kaladjian at 760-269-3850. Also, for the reader of this site, you are advised that none of the contents herein should be construed as advice and no attorney-client relationship is formed until retention by written agreement.

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