Wills, Trusts, and Advanced Directives: Beyond the Basics Q&A

Healthy Wealthy & Wise Dr. William T. Choctaw, MD, JD

This episode delves deeper into estate planning, going beyond the basics of wills, trusts, and advanced health directives. Dr. William T. Choctaw and Attorney Bernie Brown answers questions.

Key takeaways:

• Deed transfer vs. trust: Deed transfer is simpler but limited to specific property, while trusts offer privacy and avoid probate (court process).
• Recording deeds: Deed transfers need to be recorded at the county recorder's office for validity.
• Advanced directive validation: Check with your doctor for the easiest way to validate your advance directive, which may involve witnesses or a notary.
• Trust property transfer: You need to name a trustee and successor trustee to manage the trust property. The successor trustee records the transfer to the trust after your passing.
• Trust benefits beyond control: Trusts can offer creditor and tax protection in addition to avoiding probate.
• Using a trust for multiple properties: Separate deeds of trust are needed for each property or you can consult an attorney for other options.
• Will addendum vs. new will: Lawyers generally recommend creating a new will instead of an addendum.
• Will revocation due to marriage: A prior marriage automatically revokes the portion of your will related to your ex-spouse. Remarriage revokes the entire will unless you specify otherwise.
• Online trust creation: While services like NOLO exist, consulting an attorney is recommended for complex situations.
• Storing advance directives: Keep a copy at home, give one to your doctor, and carry one with you during hospital admissions. Inform a trusted person where your documents are located.
• Community vs. separate property: In California, surviving spouses generally inherit all community property but not necessarily all separate property.
• Probate in multiple states: If you own property in another state, there might be simultaneous probate proceedings in both states.

Listen now to gain a deeper understanding of estate planning and make informed decisions about your future!