Even if you have no will, you have a will. Your assets will go to your “heirs at law.”

Half of your separate property must be put into a separate court-supervised trust for each of your children, restricting your spouse’s ability to use the money.

100% of the assets will be distributed when your child is 18, regardless of maturity level or financial savvy.

Most people do not like the idea of the State deciding who gets their property, and the Judge deciding who will take care of their children without any input from their parents. You will want to dispose of your property in accordance with your wishes and values.

With a living trust , you, as the creator or “grantor” of the trust, maintain complete control over the trust and your property while you are alive. You may amend (change) or revoke (terminate) your trust at any time. You may sell or give away that property as well since you are not restricted in any way.

You are also able to name beneficiaries, appoint a person to be in charge (“the trustee”) and decide how your property will pass at your death, as with a will.

Probate is a Court supervised method of transferring assets. Probate is required if a decedent has more than $150,000 in his or her estate. All Wills are subject to Probate, and must be lodged with the Court.

When a person dies with a Will or without a Will, the assets must be probated to transfer title. Some assets are not subject to Probate. These assets include but are not limited to: joint tenancy property, insurance proceeds not payable to the estate, and retirement benefits not payable to the estate.