Lisa D. Tandoc is an attorney who is committed to serving her clients with a plan for tomorrow and peace of mind today.
Just about everyone over the age of 18 needs an estate plan. Estate planning not only manages the distribution plan of your assets after you have passed away, but also provides directions about management of your assets and your health while you are still alive. This is especially important for those with children who are minors.
After having a living trust created, an individual would need to make sure there is property funding of the living trust or any sub-trusts that may have been created. If someone fails to fund the living trust or sub-trusts, then that person and the person's family may lose many of the important benefits of the trusts that were created.
The term "probate" can refer either to the Probate Code, a set of laws setting the rules for transfer of wealth, guardianships, and conservatorships, or to the Probate Court process that carries out the laws set in the Probate Code. When people say, "I want to avoid Probate," they are usually referring to the Probate Court process.