For preparing good and efficient estate planning it is essential to understand the basics of the planning pyramid. Starting from the individual estate owner it goes upward through family, wealth, wealth expansion, and tax savings.
Involved in the estate planning process are various elements and the efficient planner needs to appreciate the value of each of such elements. Estate owner, whose estate forms the subject of exercise made by the estate planning attorney, forms the base of the planning pyramid.
Falling prey to common misunderstandings is a regularity rather than the exception when it comes to avoiding probate. Misconceptions that lead to wrong conclusions are often the belief that having a trust would be sufficient avoiding probate and accomplishment of objectives.
With such belief, people often form trusts that end up in a fiasco and do not help prevent probate at the end of it. Among many such misconceptions based on twisted versions of the realities, this is only one. In Orange County alone there are many such people who have already fallen victims of misconstrued concepts. For more details regarding estate planning, you can also visit http://www.edmundvincentlaw.com/.
Being only a contract the trust honors the intention of the parties to it. Providing for the private administration of estates on disabilities or death cases, they won’t require going through the probate courts, an administrative nightmare of the sort.