Jonas M. Grant is a Los Angeles County wills, trusts, and estate planning attorney and member of WealthCounsel, the nation's premiere collaborative membership organization for estate planning attorneys.

Avoid or minimize court-supervized probate proceedings, save on estate taxes, define and preserve your legacy and values, determine your health care wishes, protect your assets from predators, and take end-of-life burdens and decisions off the shoulders of loved ones.  While a will and a revocable living trust are the building blocks of most estate plans, one or both of these does not comprise a complete estate plan.  And each of these documents can and should be tailored to your specific needs and wishes.

Contrary to what you might have heard, there is no one will, trust, or other estate planning document that is the one solution for everyone.  Most complete estate plans include a will, one or more living or irrevocable trusts, advance health care directives, and a durable powers of attorney.  Thus, it is difficult to quote fees in advance (and it is difficult for you to compare fees from firm to firm, without knowing the full scope of what you need, and what each firm will offer you).  Fees range from a low of less than $1,000 for a will only, to $1,000 to $2,000 for a complete "middle class" trust-based estate plan, to several thousand dollars or more for a more complex estate plan where estate tax, business transfer, special needs, substantial charitable gifts, or other issues come into play.

Remember, you and your spouse have an estate plan whether they think you do or not!  If you don't have anything to the contrary properly drafted, then the legislature of the State of California has already chosen a one-size fits all plan for you, without regard to whether it is the right plan for you and your family.

Another common misconception is that estate planning is a one-off transaction; in fact, it should be an ongoing process, with your estate plan changes as you, your loved ones, and assets change throughout your life.  If it's been years since you've reviewed your estate plan, it may be out of date, due to changes in the law or in your assets and family.  Among the triggers that should cause you to have your estate plan reviewed and updated are marriage, divorce, the birth or adoption of a child, gradual or sudden changes in the value of assets, and changes in family relationship or in the physical and mental well-being of family members.

For more information on California estate planning, wills, living trusts, advance health care directives (living wills), and powers of attorney, please do not hesitate to contact us.

"Failing to plan is planning to fail." - Alan Lakein