The law allows an 18 year old to freely spend an inheritance. If you feel this is unwise, your trust can restrict when and how the inheritance will be used. For instance, your Trust can state that the inheritance will be used only for necessities, such as shelter, food, education, etc. After that, the inheritance [...]
Yes. You still control your property and you can do whatever you please with it. You may buy, sell, change investments - just as you normally would. You may put property in and take property out of your Living Trust. Moreover, since your Trust is revocable, you may revoke your Trust at anytime.
No. A Will, or lack of a Will, does not avoid probate. A Will merely states who is to receive your property. Per California law, your estate will be probated if it exceeds $150,000.00 in value.
Probate is expensive! Your estate has to pay at least two people (the personal representative and the attorney) to oversee the transfer of your property to your heirs. Their fees are based on the value of your GROSS estate (can range from 6 to 10%). They can even charge more fees for additional services such [...]
A Living Trust is the plan that you can make to avoid probate.