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Zev Brooks, The Honest Lawyer

Zev Brooks, The Honest Lawyer

Serving Orange County | San Diego | Southern California

(949) 200-7607
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  • Zev’s Estate Planning & Living Trust Guide
    • Estate Planning FAQ for California
    • Living Trust FAQ for California
    • Why Parents Should Consider a Living Trust
    • Virtual Estate Planning Online
    • Avoid These Two Common Estate Planning Mistakes
    • Last-Minute Estate Planning
    • Probate & Estate Planning Glossary for California
  • Probate Guide
    • Probate Law FAQ for California
    • Video: California Probate Process and Procedure
    • Naming Beneficiaries to Avoid Probate: Benefits and Risks
    • Probate & Estate Planning Glossary for California
  • Prenup / Premarital Agreements
  • Free Legal Forms for Estate Planning
    • Power of Attorney Form for California
    • Advance Health Care Directive Form for California
    • Legal Guardian Form for California
  • About the Honest Lawyer
    • Meet Zev Brooks
    • This Lawyer Makes House Calls
  • Client Testimonials
  • Contact Zev
  • Home
  • Zev’s Estate Planning & Living Trust Guide
    • Estate Planning FAQ for California
    • Living Trust FAQ for California
    • Why Parents Should Consider a Living Trust
    • Virtual Estate Planning Online
    • Avoid These Two Common Estate Planning Mistakes
    • Last-Minute Estate Planning
    • Probate & Estate Planning Glossary for California
  • Probate Guide
    • Probate Law FAQ for California
    • Video: California Probate Process and Procedure
    • Naming Beneficiaries to Avoid Probate: Benefits and Risks
    • Probate & Estate Planning Glossary for California
  • Prenup / Premarital Agreements
  • Free Legal Forms for Estate Planning
    • Power of Attorney Form for California
    • Advance Health Care Directive Form for California
    • Legal Guardian Form for California
  • About the Honest Lawyer
    • Meet Zev Brooks
    • This Lawyer Makes House Calls
  • Client Testimonials
  • Contact Zev

Why Parents Should Consider a Living Trust

In California and elsewhere, naming beneficiaries to bank accounts and other assets is a common approach to avoiding probate. While this can be a prudent practice for some individuals, this tactic can prove problematic for those who pass away while their children are under 18.

The impulse to name children as beneficiaries is understandable, particularly for single and divorced parents who are the sole source of support for their children and who are trying to avoid probate. However, minor children who are named as beneficiaries on bank accounts, insurance policies and other assets will endure other expensive problems if they are faced with the need to collect their inheritance.

Naming children as beneficiaries adds expense, complexity and risk

Financial institutions will not release money to minors without a guardian or court order. In California, the cost of initiating a guardianship case or obtaining an order under the Uniform Transfers to Minors Act is more than $400, not including attorney’s fees and other costs. Even a surviving parent may not necessarily have the right to access such funds without court approval.

These expenses can escalate when more than one child is involved. In order to avoid the high cost of posting a bond, it is typical to deposit the minor’s funds in a locked account that earns minimal interest, thus limiting any investment opportunities for the children’s estate.

Later when the child turns eighteen, a new potentially serious problem may arise: A teenager who lacks the maturity to properly manage wealth may suddenly have unfettered access to the estate. Parents are right to be concerned about the potential problems that can arise from giving too much, too quickly to their young heirs.

Proper estate planning can keep your estate out of probate, saving time, money and headaches for your loved ones. To learn more about estate planning, click here to read our California estate planning FAQ.
Estate planning and probate are easier to understand when you learn the terminology. Learn more by clicking here for our glossary.

Using a living trust to avoid the named beneficiary problem

By establishing a living trust with the trust itself or an adult trustee as the named beneficiary on accounts, the process of obtaining the estate proceeds from financial institutions is greatly simplified. With the minor’s funds deposited in a custodial account, the trustee will then be free to manage the funds on the minor’s behalf according to the dictates of the trust, all without court interference.

A trust can also provide oversight for the funds beyond age 18. For example, the trust could bar the release of funds to an adult child who has unpaid creditors, chemical dependency issues or other problems. Maintaining restrictions on the funds can be preferable to handing a large blank check to a young adult.

To learn more about living trusts, please click here for The Honest Lawyer’s discussion of living trusts.

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Clients trust Zev to provide honest, reliable service at reasonable prices

Zev not only met but far exceeded all of our expectations. He is a consummate professional but extremely nice and easy to work with.

Dorothy M., Dana Point, CA

You can put problems in his hands and relax. When you find people with high values in the legal profession, it is truly comforting.

Judy Thomas

You always arrived on time, did what you said you would do in a timely manner, and the price was as quoted... As a bonus, you even looked like one of the star attorneys on "LA Law."

Michael Lawrence

His work is meticulous and made us feel very comfortable from beginning process to end. Thank you for doing a great job for us once again.

Isaac H., San Francisco, CA

Zev Brooks, Esq. has done a remarkable job with our living trust. We had it revised to bring it up to date and Zev was thorough with his explanation of each part of the trust. I highly recommend using Zev Brooks as your living trust attorney.

Bonnie D., Los Angeles CA

We want to acknowledge the professional way Zev Brooks helped us in planning our A/B trust. He was knowledgeable, thorough, and always accessible when questions arose. Zev is a lawyer in whom we have total confidence.

Ken and Nancy Levin, Anaheim CA

He made an effort to explain trust law in a way a normal non-attorney would understand. In the end, I felt like I wasn't working with an attorney, I was working with a close friend.

Kevin T.

He is completely honest. He listens to everything you say, and will spend the time necessary with you to obtain details essential to winning a legal battle.

Fred L. Lieberman, M.D.

Professional and patient. My family and I had Zev draw up our trusts. He made sure it was done right. And saved money. He was always prompt when we had any questions.

Jacob Z., Los Angeles, CA

Zev is by far the most professional, knowledgeable, and thorough attorney with which I have worked. In Zev, I always felt he had my mother's best interests in mind and always answered our questions honestly and with ease.

Donn C., Newport Beach, CA

I enjoyed Zev's expertise, recommendations and honesty. In delicate matters such as Probate, I couldn't have asked for better service, or better advice.

Kris M., Westminster, CA

 

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The Law Offices of Zev Brooks
18627 Brookhurst Street
PMB 435
Fountain Valley, CA 92708
(949) 200-7607

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