Wills, Trusts, and Advanced Directives: Beyond the Basics Q&A

This episode delves deeper into estate planning, going beyond the basics of wills, trusts, and advanced health directives. Dr. William T. Choctaw and Attorney Bernie Brown answers questions.

 

Key takeaways:

• Deed transfer vs. trust: Deed transfer is simpler but limited to specific property, while trusts offer privacy and avoid probate (court process).
• Recording deeds: Deed transfers need to be recorded at the county recorder's office for validity.
• Advanced directive validation: Check with your doctor for the easiest way to validate your advance directive, which may involve witnesses or a notary.
• Trust property transfer: You need to name a trustee and successor trustee to manage the trust property. The successor trustee records the transfer to the trust after your passing.
• Trust benefits beyond control: Trusts can offer creditor and tax protection in addition to avoiding probate.
• Using a trust for multiple properties: Separate deeds of trust are needed for each property or you can consult an attorney for other options.
• Will addendum vs. new will: Lawyers generally recommend creating a new will instead of an addendum.
• Will revocation due to marriage: A prior marriage automatically revokes the portion of your will related to your ex-spouse. Remarriage revokes the entire will unless you specify otherwise.
• Online trust creation: While services like NOLO exist, consulting an attorney is recommended for complex situations.
• Storing advance directives: Keep a copy at home, give one to your doctor, and carry one with you during hospital admissions. Inform a trusted person where your documents are located.
• Community vs. separate property: In California, surviving spouses generally inherit all community property but not necessarily all separate property.
• Probate in multiple states: If you own property in another state, there might be simultaneous probate proceedings in both states.

 

Listen now to gain a deeper understanding of estate planning and make informed decisions about your future!