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ESTATE PLANNING
The following information is intended for California residents only and is intended only as a general discussion not as legal advice for any individual's specific situation. You can not rely on the limited information given on this website to make decisions concerning your particular case or issues. No attorney-client relationship is established simply by you reading this general information and no relationship exists until a retainer agreement is signed with the Law Offices of Diamond, Burt & Akhkashian, LLP.

What Is Estate Planning?

Estate Planning is a process of planning for how your assets will be managed for your benefit if you become unable to do so as well as properly transferring your assets after your death to your loved ones and minimizing taxes. Many people think that estate planning means drafting a will or trust and then forgetting about it. Unfortunately, probate laws and individual situations are constantly changing, so proper estate planning means being vigilant over your estate plan so it is never outdated.

What Happens If I Die Without an Estate Plan?

Unfortunately, your loved ones will be forced to go through a long and hard road after your death if you failed to properly prepare. Probate is an expensive process with attorney fees, executor fees, and taxes. Most probate courts are so full, that it usually takes at least a year for the probate process to finish and in major counties it can take 18-24 months before you complete probate. If you have minor child, you should be especially cautious because minors are unable to inherit. If you wish to properly provide for your young children in the event of your untimely death, you should do it in your estate plan.

What is a Will?

A will is a legal document which is effective only at your death. With a will, you can name individuals to receive your property and assets upon your death; nominate an executor to manage your estate, pay debts and expenses, pay taxes, distribute your estate in an accountable manner and in accordance with your will; and nominate guardians for your minor children. Many people mistakenly believe that their estate will avoid probate if they have a will. This is not correct. Even if you have a will, your estate must still go through probate; a will simply tells the court what your wishes were with regards to your estate.

What is a Living Trust?

A trust is the only way to avoid your estate going through probate, and that is probably the biggest reason why many people today are choosing a trust over a will. A trust is a legal entity that is established by a property owner. The property owner transfers property from their name to the name of the trust and the trust holds the assets for the benefit of the property owner's beneficiaries. When the property owner dies, there is no need for probate, because ideally, the property owner has nothing in their estate because the owner transferred everything into the trust. A living trust, the most common trust, is a trust that was established during the property owner's lifetime and the owner is typically the trustee of his own trust during their lifetime. This means that the owner still controls the property even though the property has been transferred into the trust. Upon your death, a new trustee takes control over and the beneficiaries are able to avoid many taxes that are usually associated with death, inheritance, and probate. A trust is commonly more expensive then a will, but that is because it accomplishes so much more. Typically, a trust created by the Law Offices of Diamond, Burt and Akhkashian, LLP will include: the trust; a will; durable powers of attorney; advance health care directive; and a marital property agreement (if needed).



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This law firm handles cases such as: Los Angeles Family Law, Bankruptcy Litigation, Los Angeles Criminal Defense, Driving Under the Influence, Immigration Law, Education Law, Personal Injury, Business and Corporate Law, Real Estate Law, Restraining Orders, General Litigation & Law Enforcement in Los Angeles & Southern California.

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