Living Wills in California - Part One

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There are certain situations where a living trust can transfer assets at death and bypass the probate process in court. There are a few misconceptions about living trusts, however. The first of these myths is that a living trust can replace a will. This is not the case.

Even if you have a living trust, you should also have a will; in these cases, they are called “pour-over” wills. This type of will allows your executor to transfer assets to the trust if those assets weren’t part of the trust at the time of death. A will is also the only way for you to provide your instructions for the guardianship of any minor children.

For finances and health-related decisions, it is important for you to have a durable power of attorney. An important aspect of a living trust is that, if you don’t have someone you trust for these matters, you can appoint a company (a bank, for example) as a trustee, but the company won’t have durable power of attorney. For these cases, a living will may be your best bet. A living will details your final wishes regarding your health and any life-saving technology. A living will is in effect when you are unable to speak for yourself due to a health problem, accident, or illness.

To talk with an experienced attorney about your options for living trusts, living wills, power of attorney, standard wills, or probate questions, feel free to call The Law Offices of Damian M. Nolan for a free, no-obligation consultation at (562) 634-1115.