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January 3, 2021

“Good fortune is what happens when opportunity meets with planning.”

-Thomas Edison

A Complete Estate Plan

Ask anyone why you need a living trust and the most common answer will be: to avoid probate. While avoiding probate is a benefit of having a trust, it is not the only benefit.  A proper estate plan should ensure your wishes are carried out during your lifetime too.  A complete estate plan should include:

  • Revocable Living Trust – A Trust sets forth your intentions naming the people who will benefit from your estate and how that will be administered and distributed upon your death or incapacity. It can include provisions for outright distribution or holding assets in trust until your beneficiaries reach a certain age or accomplishing certain milestones, such as graduating college; buying a home; getting married; having children, etc.
  • Advance Healthcare Directive – In the event of your incapacity, you designate who can make medical decisions on your behalf. It can also specify your wishes with regard to organ donation; burial arrangements; and life support.
  • Durable Power of Attorney – In the event of incapacity, the person you designate will pay your bills and take care of personal financial matters. It gives your agent the ability to handle your financial matters immediately or upon your incapacity.
  • Pour-Over Will – If there are assets not vested in the name of your Trust, at your death, a pour-over Will ensures that they are distributed to your Trust and then distributed or held according to the provisions of your Trust.
  • Certification of Trust – This can be provided to institutions and individuals to add assets to the Trust now and in the future.
  • Funding Trust – Transfer of real property to your Trust and guidance on transferring your personal property into the name of your Trust.

Do you have a proper plan?  Take this opportunity to contact Cannon Legal Firm for a free consultation for a new plan or a complimentary review of your existing estate plan.  Dana@CannonLegalFirm.com ~ (562) 543-4529.  We are happy to provide a free consultation via telephone, virtual visit or socially distanced in our offices at 3020 Old Ranch Parkway, Suite 300, Seal Beach, California or at your home or office.

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About the author 

Dana Cannon

Dana M. Cannon has many years of experience with Probates, Conservatorships, Trusts and Estates. During that time she has advised clients on multi-million dollar trust administrations; handled complex litigation; performed estate planning; and represented clients in contested and uncontested conservatorship, guardianship, probate and trust matters. She has been a volunteer at the Los Angeles Superior Court Pro Bono Probate Settlement Program since it began.  She understands that these matters may not just involve money. They are often fueled by emotions and because of that this isn’t just business, it’s personal. She looks forward to assisting you with your legal needs.

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