It is usually best to have a revocable trust as the cornerstone of your plan.  This document is often referred to as a “living trust”, and it can be changed during life.  The probate system in California is expensive and arduous, and families can avoid this cost and stress with the revocable trust option.

Usually, every revocable trust is different.  People see a lot of complex legal language and assume that the planner just takes a standard form and inserts the client’s name.  This is an understandable misconception and, while I am sure that this may happen, I have not worked with any attorneys who do this.  There are specific phrases that must be parroted, coming from the probate code or the Internal Revenue Code and Regulations, to be certain that, for example, certain tax treatment occurs or creditors are stopped.  Beyond this, each client circumstance is different and changeable, and the trust will be reflective of that.

The above paragraph helps to answer the question that most often occurs in most people’s minds:  Why can’t I just get a form at an office supply store or get it done by an online company?  The answer is that you can, but you will probably have documents that don’t do what you want.  There are many details to get wrong, and the cost in the end will be far greater than the small percentage savings on drafting the documents.  Keep up with this blog for posts on things to consider in planning your estate.  Many of the common pitfalls will surprise you.