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Why People Avoid Probate. Probate court was set up for very noble reasons — it aims to protect the interest of a deceased person’s surviving family members by validating the authenticity of his last will and testament. People, however, have taken to avoiding the probate process for three major and very valid reasons: money, time and privacy.

On the issue of money, take not that probate costs a considerable amount in court costs and attorney’s fee. In Valencia, California alone, a person could lose 4-8% of the value of his estate in probate. The second deciding factor — time — also shows a large discrepancy when comparing the probate process to the distribution of a person’s assets through other means. Probate usually takes several months and sometimes even a year or more. On the other hand, there are ways of settling one’s estate that only takes a few weeks to complete. Finally, people take privacy into consideration. Probate is a public process, which means that probate documents are readily accessible to the general public. Most individuals want to keep their financial transactions to themselves.

Because of these concerns, many have learned to appreciate the value of setting up a living trust. While this move does not allow them to avoid all estate taxes, it costs much less then probate in the long run. And because it is a private transaction, it falls outside the control of probate; hence, a trustee can execute the stipulations of the trust without having to report to probate court. Although this process is more financial rather than legal in nature, it is still advisable to consult a lawyer before and during the process of setting up your trust.

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax

Probate Versus Living Trust. Would you rather have your estate go into probate at the time of your death, or are you going to set up a living trust in order to avoid probate? It may be best to consider the pros and cons of both processes before making a decision.

Probate is a legal process that aims to protect the surviving family members who have a legal claim to a deceased person’s properties. It is the process of settling the estate by first validating the authenticity of the last will and testament of the deceased and distributing his properties in accordance to that will.

A living trust, on the other hand, is the act of transferring ownership of one’s properties to a private trust, which will still remain under his control and may be revised at any time he deems necessary. In the event of his death, ownership of the properties held in trust is automatically given to the beneficiaries specified in the trust.

The choice between probate and living trust is primarily affected by three factors: money, time and privacy.

Probate is expensive. In Valencia, California alone you could be required to pay statutory fees of up to 8% of the value of your estate. In addition to this, there are still attorney’s fees to take care of. Setting up a living trust may be less costly in the long run since the process does not involve such a high amount in fees. It does not, however, save you from having to pay estate or inheritance taxes.

A probate may take at least six months, which could take a considerable emotional toll on the heirs. In comparison, properties held in a living trust could be distributed in a matter of weeks.

Probate is a public process and anyone can have access to information about the deceased and his family. On the other hand, a living trust is a private matter and does not fall into the control of probate court, hence only your lawyer and heirs will have access to all information.

Now that you have compared and contrasted the two processes, you are ready to make your decision and rest assured that your loved ones will have less of a burden in the future.

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax

Living Trust Defined. What is living trust and why is it attracting the interest of a growing number of people? Do the benefits really outweigh the expense of setting up such a trust?

It may be advisable to know the answers to these questions before you make the decision to set up your own living trust. After all, you wouldn’t want to get into something you do not fully understand.

Living trust is commonly known as a trust set up by an individual in order to plan for an unforeseen event such as incapacity, disability or death. It can be revoked by the person who set it up and is most often used as a means to avoid going through probate court in the event of death.

The main benefit of living trusts is that is saves the grantor and his heirs a considerable amount of money and time, since they would not have to go through the probate process. In a probate process in Valencia, California for instance, one would have to pay probate fess of 4-8% of his estate’s gross value. On the other hand, if your assets are held in a trust, your trustee — either an attorney or your bank’s representative are among the best choices to be a trustee — will simply pay your remaining bills then distribute your property according to the stipulations of your trust. The trustee does not have to report to the probate court to do this.

Probate normally takes six months or more whereas the distribution of properties held in a living trust only takes a few weeks. A living trust also protects your privacy, since the records are held privately as opposed to records that go through probate court, which are open to the public.

If you are planning to set up your own living trust, it is most advisable to consult a probate lawyer or an attorney who specializes in setting up these kinds of trust so that you can get the best advise on how to go about the process. It is best to safe, especially since your future is what’s at stake.

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax

The Die Casting Process Explained. In the metalworking industry, there are a number of ways to shape the raw metal found in nature and thus make it useful for man in his various trades and activities. These are through processes called smelting, forging, pressing, stamping, and rolling. To turn these metals into parts for components and assemblies for use in modern industries, the metalworkers also use manufacturing methods such as fabrication, machining, and die casting company.

Die casting is the process by which liquid metal is put into a mold to produce multiple copies of a metal part for various industrial uses. The mold is pre-shaped into the desired form. The liquid metal is injected into the mold at high pressure. Upon hardening, the metal is taken out of the mold. The production process is repeated to make several copies of one kind of metal part, using a single mold. A die casting machine is used for this method. This type of manufacturing process is ideal for mass production. This is the process for die casting parts.

The kinds of metals used for die casting are: zinc, aluminum, magnesium, copper, brass, lead, and tin. The ideal metals for this manufacturing process are non ferrous and must have a low melting point.

The die casting parts are then used in the automotive, electronic, telecommunications, and electronics industries. In fact, die casting parts are to be seen everywhere today; in every human industry we can think of. They are used in agricultural machines as well as in the aeronautic field; from kitchen appliances to children’s toys.