Estate Planning 101 with California Attorney Lauren Corman - Wills, Trusts & Probate

Yeah.

Okay.

Well, now let's go to that about what, if there's nothing in it, what happens when a disaster happens or financial loss? Okay.

So maybe, you know, there's wildfires, earthquakes, all of that kind of stuff that can happen.

If you lose a piece of property or maybe your business, you know, hit a really bad time, does that need to be documented in the trust or will as well?

Not necessarily other than if you lose a business or you sell a piece of property, it's really for your successors to know what you have.

So there is a list of assets that's included with the trust.

And that, like, because, you know, it could be as little as, oh, I sold my car.

I don't recommend clients come back to me and pay me to update it just because one car is missing.

But it's something they can keep track of themselves.

And so it's something I tell them about and I'll send them reminders about of keeping track of those assets.

Because as you said, things can happen and your assets can change a lot over time.

Yeah.

And the checklist is great.

I mean, really, you talk about, okay, family members come in.

So that's something too, because I know a lot of times that people will say, okay, I'm going to set up a college fund for, you know, this kid over here, maybe it's grandchild, maybe not.

So that's part of it as well, right?

Right, right.

It's not just planning for what happens when I'm gone.

It can be planning for just a few years down the line.

You know, if the kids want to make sure you have something for college, especially how much it costs these days in the U.S., or just having, you know, other funds in case something happens to them.

So, well, there is like a trust fund, right? And sometimes it says, like, you can't touch this until you're 21 and you have to use it for this.

Right.

Yeah.

And then they're like, wow, I wanted to go to Spain on it, you know.

Yeah.

Okay.

Well, now let's go to that about what, if there's nothing in it, what happens when a disaster happens or financial loss? Okay.

So maybe, you know, there's wildfires, earthquakes, all of that kind of stuff that can happen.

If you lose a piece of property or maybe your business, you know, hit a really bad time, does that need to be documented in the trust or will as well?

Not necessarily other than if you lose a business or you sell a piece of property, it's really for your successors to know what you have.

So there is a list of assets that's included with the trust.

And that, like, because, you know, it could be as little as, oh, I sold my car.

I don't recommend clients come back to me and pay me to update it just because one car is missing.

But it's something they can keep track of themselves.

And so it's something I tell them about and I'll send them reminders about of keeping track of those assets.

Because as you said, things can happen and your assets can change a lot over time.

Yeah.

And the checklist is great.

I mean, really, you talk about, okay, family members come in.

So that's something too, because I know a lot of times that people will say, okay, I'm going to set up a college fund for, you know, this kid over here, maybe it's grandchild, maybe not.

So that's part of it as well, right?

Right, right.

It's not just planning for what happens when I'm gone.

It can be planning for just a few years down the line.

You know, if the kids want to make sure you have something for college, especially how much it costs these days in the U.S., or just having, you know, other funds in case something happens to them.

So, well, there is like a trust fund, right? And sometimes it says, like, you can't touch this until you're 21 and you have to use it for this.

Right.

Yeah.

And then they're like, wow, I wanted to go to Spain on it, you know.