Clark Allison

Q&A

What is an estate plan?

An estate plan is a set of legal documents that authorize people you trust to manage your finances, assets, and healthcare if you need help, and it establishes how you want to distribute your assets when you die.

What's so bad about California probate?

California probate is expensive with statutory attorney and executor fees based on gross estate value (for example, $46,000 for a $1,000,000 estate). It is a complicated and lengthy court process that most often takes at least one year to complete, and your family and asset information becomes a public record.

Can a living trust protect my children's inheritance from divorce and lawsuits?

You can design your Living Trust so that when you die, your assets will be distributed to your children into separate asset protection trusts. This will prevent your children's inheritance from becoming community property and subject to a divorce claim, and it will also significantly protect it from lawsuits. Your Living Trust can be written so your child can control his or her asset protection trust at a certain age.

When should I update my estate plan?

You should update your estate plan when your family situation changes, when you need to change your Beneficiaries, when you need to change your Successor Trustees, Executors and Agents, and when you change your major assets, like your home, investment accounts, or business. Most people update their estate plan several times to make sure it reflects their current wishes.