Living Trust
Estate planning FAQ
Frequently Asked Questions
Estate planning isn’t a one-time event. Your plan should evolve as your family, your finances, and your circumstances change. Whether you’re just beginning to think about a plan, recently completed one with us, or have been a client of Legacy, APC for many years, we’re here to help.
Below are answers to some of the questions we hear most often.
Questions About Your Estate Plan
Do I really need an estate plan?
Most people benefit from having an estate plan, regardless of age or the size of their estate. It lets you decide who will manage your affairs, who will receive your assets, and who will make decisions for you if you’re ever unable to make them yourself. Without a plan in place, California law — not you — determines many of these outcomes, often through a court process your family would rather avoid.
I already have a Will. Do I need anything else?
A Will is an important document, but on its own it may not accomplish everything you want your plan to do. Depending on your circumstances, a complete plan may also include a trust, powers of attorney, health care directives, and coordinated beneficiary designations. The right combination depends on your family, your assets, and your goals.
I don’t have very many assets. Do I still need an estate plan?
Estate planning isn’t only about how much you own. It’s also about making sure someone you trust can step in and manage your affairs if you become incapacitated, and about making your wishes clear for your family. Even a modest estate can benefit from thoughtful planning.
What happens if I don’t have an estate plan?
Without an estate plan, the court — not your family — often ends up making key decisions: who manages your affairs, who receives your assets, and on what timeline. That typically means a probate or conservatorship proceeding your family could have avoided with a plan in place. Having a plan puts those decisions back in your hands.
Questions After You Complete Your Estate Plan
My estate plan is signed. Am I finished?
Not quite. If your plan includes a trust, funding it — coordinating ownership of your assets with your trust — is an essential final step. Think of your estate plan as a coordinated system: it only works as intended once your assets are properly aligned with it.
What does it mean to “fund” my trust?
Funding generally means changing ownership of the right assets so they’re held by your trust, or coordinating them through a beneficiary designation. This can include real estate, financial accounts, business interests, and more. Not every asset belongs in a trust, so it’s worth following the specific recommendations for your plan rather than a generic checklist.
Do I need to tell you when I buy or sell a house?
Yes. Any change in real estate ownership — a purchase, sale, refinance, or transfer — can affect your estate plan. Let us know so we can confirm whether anything needs to be updated to keep your plan properly coordinated.
What about my bank and investment accounts?
Some accounts should be retitled in the name of your trust; others are better handled through beneficiary designations or other planning tools. If you open a new account or make a significant change to an existing one, check with us to make sure it lines up with your plan.
What about my retirement accounts?
Retirement accounts get special treatment because of their tax rules and beneficiary requirements — you generally should not retitle a retirement account into your trust. Instead, we review the beneficiary designations as part of your overall plan. If you’re considering a change to your retirement account beneficiaries, talk to us first.
When Should I Update My Estate Plan?
How often should I review my estate plan?
We recommend a periodic review even if nothing seems to have changed — every three years is a good general guideline. If you experience a significant life, family, or financial change sooner, reach out before then.
What changes should prompt me to contact the firm?
Consider reaching out after events such as:
- Marriage or remarriage
- Divorce or separation
- Birth or adoption of a child
- Death of a beneficiary, Trustee, executor, or other person named in your plan
- A beneficiary developing special needs or other circumstances requiring additional planning
- A significant change in your financial situation
- Buying or selling real estate
- Starting, selling, or substantially changing a business
- Receiving a significant inheritance
- Moving to another state
- A change in your relationship with someone named in your plan
- A significant change in your wishes or goals
When in doubt, it’s better to ask.
What if nothing has changed?
Even when your life looks the same on the surface, the laws, tax rules, and financial landscape around your plan can shift over time. A periodic review is your chance to confirm your plan still says what you want it to say — and that your assets are still coordinated with it.
Questions About Your Family
What happens if one of the people named in my estate plan dies?
If a Trustee, executor, beneficiary, guardian, or other person named in your documents dies or becomes unable to serve, your plan may need to be reviewed and, in some cases, updated. This is exactly the kind of event worth calling us about.
What if I no longer want someone named in my estate plan?
Relationships change, and your plan should reflect where things stand now — not where they stood when you signed it. If your wishes about a beneficiary, Trustee, executor, or anyone else named in your plan have changed, let us know.
My child is now an adult. Does that change my estate plan?
It may. As children grow up, your goals for them often change too — who should manage assets on their behalf, who should serve in key roles, and how and when they should receive their inheritance. A periodic review can help your plan evolve along with your family.
What if my child gets divorced?
A child’s divorce can be a good reason to revisit how assets are set up to pass to them. Depending on your family’s circumstances, there may be planning strategies worth considering to help protect their inheritance.
What if one of my beneficiaries has special needs?
If a beneficiary develops a disability or other circumstances that could affect their eligibility for government benefits, talk to us before making any gifts or plan changes. Additional planning is often appropriate in these situations.
Questions About Incapacity
What happens if I become unable to manage my own affairs?
A complete estate plan addresses more than what happens after you’re gone — it also covers what happens if you become incapacitated during your lifetime. Documents like a Durable Power of Attorney and an Advance Health Care Directive let you name the people you trust to make financial and health care decisions on your behalf.
What happens if my spouse becomes incapacitated?
Your plan should give you a clear framework for financial and health care decisions if either spouse becomes unable to act. If your spouse’s health or capacity changes significantly, contact us so we can confirm your existing plan still meets your needs.
Questions About Trustees and Other Fiduciaries
What should I do if I am named as a Successor Trustee?
Being named Trustee is an important responsibility, and your legal and fiduciary duties begin as soon as you take over. Don’t start distributing assets simply because you’ve been named — the first steps are generally to understand the trust, gather information about the assets and beneficiaries, and understand your obligations. You don’t have to navigate this alone; we can guide you through the administration process from start to finish.
Do I have to distribute everything immediately?
Not necessarily. The timing and manner of distribution depend on the terms of the trust, the type of assets involved, the beneficiaries, and the circumstances of the administration. A Trustee should complete the required administrative steps before making distributions.
Questions After a Loved One Dies
What should I do first when someone dies?
It depends on the situation — whether the person had a Will, a trust, or other planning documents; how their assets were owned; and the specifics of the estate. If you’re not sure what to do, contact us before taking any significant action with the assets.
How do I know whether an estate needs to go through Probate?
That depends on the assets involved, how they’re owned, the size of the estate, and the planning documents already in place. Some assets pass through a trust or beneficiary designation and avoid Probate entirely. We can look at the specifics and help you determine what applies.
How long does Probate take?
It varies. A straightforward Probate might take several months, while more complex matters — especially those involving disputes — can take considerably longer.
How long does Trust Administration take?
Most trust administrations take several months, though the exact timeline depends on the trust terms, the assets involved, tax considerations, the beneficiaries, and whether any complications arise. More complex administrations can take longer.
Questions From Long-Term Clients
I’ve been a client for years. Do you still need to hear from me if nothing has changed?
Yes — and we genuinely want to. A long-term relationship with our firm gives you an ongoing opportunity to keep your plan aligned with your life. Even without a major life event, a periodic check-in helps confirm that your plan, your assets, and your wishes are still working together.
I can’t remember what’s in my estate plan. Can you explain it to me?
Of course. Your plan should make sense to you, not sit in a drawer as a mystery. If you have questions about what your documents say, who’s responsible for what, or how your plan is meant to work, contact us — we’re happy to walk through it with you.
I’ve lost track of which assets are in my trust. What should I do?
This comes up more than you’d think. Over the years, people open new accounts, buy and sell property, refinance, switch banks, and acquire new assets — and it’s easy to lose track of what’s titled where. We can help you check whether your current assets are properly coordinated with your plan.
I want to change something in my estate plan, but I’m not sure whether it requires new documents.
Reach out before making any changes on your own. Sometimes a simple update is all that’s needed; other times, a change can ripple through several parts of your plan. We’ll review your situation and recommend the right approach.
My estate plan is several years old. Is it still valid?
Age alone doesn’t make a plan invalid. But a plan can become outdated if your circumstances, assets, family relationships, or the law have changed since you signed it. The better question isn’t how old your plan is — it’s whether it still accomplishes what you want it to.
I have questions about my estate plan, but I’m embarrassed because I should have contacted you sooner. What should I do?
Call us. Life gets busy, and years pass faster than we expect. We would much rather help you review and update your plan today than have you worry about how long it’s been since your last check-in.
When You’re Not Sure, Ask
Estate planning questions don’t always fit neatly into a category. Sometimes you just know something has changed and aren’t sure whether it affects your plan.
That’s exactly what we’re here for. If you’re a current client with a question about your plan, your assets, your family, or your responsibilities as a Trustee or other fiduciary, contact our office. We can help you figure out whether a review or additional planning makes sense.
You Don’t Have to Have it All Figured Out
Schedule a Consultation Today
and Let’s Start Building Your Legacy Together!
Most people who come to us aren’t sure where to begin — and that’s exactly what a consultation is for. We’ll sit down, listen to your story, and help you shape a plan around what matters most to you and the people you love. One conversation with Attorney Pablo Palomino is often all it takes to turn “someday” into a plan for real peace of mind.