In your estate plan you designate someone to manage and distribute your assets upon your death or incapacity.  Your assets include all real property (i.e. home and land) and personal property, bank accounts, cars, etc...  If you die intestate and do not have a will or trust your assets, and their distribution, will be determined by the courts.  During the probate proceedings, a judge will appoint someone to handle your assets and your assets will be distributed, under

the court’s supervision, according to a set of rules known as intestate succession.

You can protect your assets from the fees and costs associated with probating an estate by  transferring and/or titling your assets so that they are exempt from probate.  Three categories of assets that can be outside of probate are:

1.   Assets that can be transferred by title: Examples of these assets are those held in joint tenancy with right of survivorship or community property, such as a home, a car, bank accounts, or any asset which has a joint ownership title.  Upon your death the joint tenant or spouse retains the assets.
2.    Assets that can be transferred by contract: These are assets wherein a contract indicates that the asset will be transferred to its beneficiary or beneficiaries upon the death of the owner. Examples include life insurance policies, pensions and retirement accounts.  Upon your death, the life insurance policies, pensions and/or retirement accounts are distributed to the beneficiaries named in the policy or account.
3.    Assets that can also be transferred by trust: With a revocable living trust (also known as a revocable inter vivos trust or grantor trust), your assets are put into the trust, administered for your benefit during your lifetime and transferred to your beneficiaries when you die-all without the need for court involvement.  Once you have created a trust, your assets are transferred to your trust.

Here at the Law Offices of Gloria D. Cordova, Inc., we will discuss your options and help prepare an estate plan that meets your needs. We offer a great package deal that includes preparation of your Will, Trust, Advanced Health Care Directive, and Durable Power of Attorney.  Included in the package is preparation and/or filing of the documents to transfer your property to your trust. Please call our office at 909.612.5787 to set up a consultation. Please check in regularly to learn more estate planning facts.  You can also find our office at https://www.facebook.com/gcordovalaw?ref=hl.