FAQs

One of the first steps of estate planning is drafting a will. Wills serve as a great starting point for organizing your thoughts and strategically laying out your wishes. However, many people find a basic will isn’t sufficient to meet all their needs and instead want information about creating a trust. The two documents are similar in that they both allow you to list assets and beneficiaries, but the way they’re structured is quite different.  

A will is a legally-binding document where you can name an executor, beneficiaries, and a guardian for any minor children or pets. However, almost all wills will have to go through the process of probate which can cost time and money for your loved ones. A trust, on the other hand, allows you to assign assets to beneficiaries by first transferring ownership of these assets into the name of a trustee. During your lifetime you’ll still have complete control over the assets and you can modify the trust whenever you like. The benefit of this is that when you die the assets can transfer immediately to your heirs instead of being processed through the court.

Everyone can benefit from an estate plan, no matter how many or how few assets you have. Often, people have more assets than they think in the form of real estate, retirement funds, insurance policies, or even personal possessions like cars. Additionally, an estate plan can do more than simply manage your assets. They also allow you to name someone to make important decisions on your behalf should you become incapacitated. Most importantly, this is done by choosing a power of attorney who can exercise control over your finances if you’re no longer able. You can also draft an advanced healthcare directive that can lay out your wishes for medical treatments and end-of-life care.

Probate is the legal process in which your estate is “proved” in court, meaning that your assets and debts are accounted for before anything can be distributed to beneficiaries. Almost all wills must go through probate, although you may qualify for a simplified process if the total value of your estate falls under a certain amount. Your estate must also go through probate if you die without a will in place, known as dying intestate. Establishing a trust can help avoid probate.

While there are many online DIY programs that can help you write an estate plan, nothing can replace meeting with an experienced attorney. No two people are alike, so no two estate plans should be alike either. Too often, if you use an online tool, you’ll miss opportunities to help your family or worse—make costly mistakes that your loved ones will have to clean up.

At the Law Office of Geoffrey Fong, you’ll get skilled and personable legal assistance for all your estate planning needs. Born and raised in California, Attorney Fong received his law degree from the University of the Pacific, McGeorge School of Law. He truly cares about his clients and is committed to serving his community in any way he can. Attorney Fong knows the value of family and strives to have a positive impact on all those he works with. Above all, his law office can provide thorough and well-researched estate plans so that you and your loved ones can rest easy.