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Tuesday, April 14, 2020

Young Family Exposed to COVID-19 Creates a Living Trust


The life-threatening coronavirus has completely upended our lives. Families with small children or elderly family members are feeling especially vulnerable. The result is more people feeling the need to create Living Trusts.
We recently created a Living Trust for “Jim” and “Monica”. They’re in their late 30s with two kids—“Ben” is four, and “Sophie” is six. Jim and Monica are typical of many of the young couples we see in our offices. They have good jobs and own their own home in Oakland. They also own a monster of a mortgage and assorted other debt.

Jim’s brother’s testing positive for the coronavirus was a wakeup call

Jim’s brother, Todd, was at their home on a Saturday afternoon. The next day, he began experiencing flu-like symptoms. His wife finally took him to the doctor on Wednesday, and he tested positive for the coronavirus. He was self-quarantining and monitoring his symptoms with his doctor. Todd’s being sick with the coronavirus was a huge wakeup call for Jim and Monica.

Creating a Living Trust became a priority

Besides getting their entire family tested for the virus, Jim and Monica made an appointment to create a Living Trust. They want to make sure that if anything happens to them, Ben and Sophie will be taken care of.

Our Living Trust package includes a Will, in which you can appoint a Guardian

In the Will, Jim and Monica can appoint a Guardian for Ben and Sophie. How this works: If both you and your spouse should die, your children will need a Guardian. If you do not leave instructions in the form of a Will, the court will not have any guidance from you, the parents of the children. In this case, the court chooses the Guardian. While it is painful to think of leaving your children, it can be reassuring to know that in the case of this unlikely eventuality, they will be properly cared for by someone you love and trust.

Jim and Monica decided to name Todd the Trust’s Successor Trustee

A San Francisco banker, Todd is the most logical person to be the Successor Trustee, responsible for managing the estate for Ben and Sophie. When they turn 25, each of them will inherit their share of the estate. Monica’s parents, Randy and Paula, will be the children’s Guardians. They have always been especially close to Ben and Sophie, and they live in Pleasant Hill, a community known for its good schools.

Providing peace of mind about your children’s future

It’s reassuring to remember that most parents of young children live long enough to see their kids safely to adulthood. But sometimes the unexpected happens. Having a Will or Living Trust in place now can provide peace of mind about your children’s future.

During this health crisis, many are feeling an urgency to create a Living Trust 

Our Trust package includes a Will, Power of Attorney, an Advance Healthcare Directive and Incapacity Planning. We guide you through the process and prepare the legal documents. At California Document Preparers, for most of our services, we charge one flat fee. We’re helpful, compassionate and affordable. Schedule an appointment today at one of our three Bay Area offices in Dublin, Walnut Creek or Oakland
Note that our offices are open and we’ve instituted stringent sanitation procedures. We can also provide our services virtually. 

We service the entire East Bay and North Bay areas

Berkeley, El Cerrito, Richmond, Pinole, Alameda, San Leandro, Castro Valley Newark, San Lorenzo, Concord, Alamo, Danville, Lafayette, Orinda, Moraga, Pleasant Hill, Martinez, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, Pleasanton, San Ramon, Livermore, Tracy and Fremont. Our clients also live in the Napa Valley, Benicia, Vallejo, Martinez, Fairfield.

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