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Wills & Trusts

Why Do You Need A Good Estate Plan?

Whatever you earn in this life should be yours to give away upon your passing without the hassle and high cost of probate.

Picture If you are fortunate enough to have accumulated assets such as a house, then you would most likely benefit from an Estate Plan that would include a Revocable Trust.
For some people, a simple Formal Will is all that is necessary to carry out a clients wishes.Alan Chappell has been helping families draft effective and affordable Estate Plans that have saved his clients tens of thousands of dollars in probate fees and costs.

What is an Estate Plan?

An Estate Plan for someone who owns property, such as a house should include;

  • a Revocable Trust, sometimes called a Living Trust
  • a Pour-over Will, which is designed to “pour” property into the Trust upon death which may not have been listed in the Trust
  • a Trust Transfer Deed which transfers property into the Trust or “funds” the Trust along with aPCOR Assessors Form necessary to avoid a Property Tax reassessment
  • California Advanced Health Care Directive, or Living Will which I recommend include a HIPPA waiver. This states who you would like to act as your “agent” and gives them the power to direct your health care. It also states your wishes concerning “life support” which most people do not want indefinitely.
  • a Durable Power of Attorney for financial purposes is useful for some people

What is a Special Needs Trust?

A Special Needs Trust is for the benefit of a disabled or mentally ill family member who may need help managing money or property. It can also be used to help a disabled loved one legally maintain Public benefits that they need to live and function after a parent dies. In order to be effective, it must be drafted carefully, and must be an Irrevocable Trust.

Alan Chappell has drafted Special Needs Trusts to provide care and financial security for disabled and mentally ill children.