Moravec Varga & Mooney

Estate planning is an essential part of securing your assets and ensuring your loved ones are cared for after your passing. In California, one of the lesser-known yet effective estate planning tools is the Totten trust. Named after a landmark case in New York court in 1904, a Totten trust is a bank account-based trust that offers an easy way to manage the transfer of funds to a beneficiary while bypassing the probate process. This blog will explore what a Totten trust is, how

Short Answer No. A will does not need to be notarized in California to be legally valid.  California law requires proper signing and two witnesses, not notarization. In California, a will does not have to be notarized to be legally valid, but it does have to follow specific signing and witnessing rules under the Probate Code. Understanding the difference between notarization (which mainly verifies identity) and proper witnessing (which makes the will valid) is essential to en

Understanding dynasty trusts in California starts with one core idea: they are long‑term, tax‑efficient, asset‑protection trusts designed to hold and manage family wealth across multiple generations, but California law limits how long they can last (often around 90 years, not forever), and they are typically irrevocable once created. Because of these features, they can be powerful for California families with substantial assets, but they require careful drafting to comply wi

Short Answer: A marital trust and a bypass trust are both core tools in California estate planning, but they serve different tax, control, and asset‑protection goals for married couples. In many plans, they are used together in an “AB” or “ABC” structure so that a surviving spouse is provided for while still preserving estate tax exemptions and protecting assets for children or other heirs. Introduction Marital trust (often “Trust A” or QTIP‑type trust) A marital trust is des

Short Answer: California does not actually allow truly perpetual private trusts; instead, it permits carefully drafted long‑term trusts that can span many decades and multiple generations while still complying with its rules on how long a trust may last. For families, the real question is how to use these long‑duration structures to protect assets, reduce transfer taxes, and preserve a coherent family legacy without creating something so rigid that it becomes a burden. Rethin

Introduction: A discretionary trust is a crucial estate planning tool that offers flexibility in managing assets and distributing income among beneficiaries. Unlike other types of trusts, a discretionary trust allows the trustee to have authority over when and how to distribute income and property to beneficiaries. The settlor or creator of the trust can outline terms, but the trustee holds the discretion to manage the assets based on the needs and circumstances of the benefi

Introduction: What is an Insurance Trust and Why Should You Consider It? An insurance trust is a specialized estate planning tool designed to manage and protect life insurance proceeds. Whether you have a life insurance policy as part of your overall financial security plan or to provide for loved ones, an insurance trust can help ensure that the death benefit from your policy is distributed according to your wishes, without the complications of probate court or unwanted tax

Short Answer: An illegal trust conveyance in California occurs when an individual improperly transfers assets to a trust to avoid creditors or legal obligations. Such actions, including fraudulent conveyance, can lead to serious civil and criminal penalties, including imprisonment. Understanding the laws around trust conveyance and ensuring transparent estate planning is essential for avoiding costly legal consequences. Introduction In California, the complexities surrounding

Introduction An incentive trust is a specialized estate planning tool that allows a grantor to set specific conditions or milestones for beneficiaries to meet before they can access inheritance or other assets. Unlike a traditional trust, which typically distributes assets unconditionally, an incentive trust can motivate heirs to achieve personal maturity, succeed in their education, or meet other established goals before receiving distributions. In California, where tax impl

Short Answer: A pot trust in California is a type of trust that pools assets for the benefit of multiple beneficiaries. It allows for discretionary distribution, meaning the trustee can allocate funds based on the individual needs of the children or other beneficiaries. The structure provides flexibility for estate planning, ensuring that assets are distributed equitably, but with flexibility based on changing circumstances. It is ideal for families seeking to manage inherita

Short Answer A Certificate of Trust in California, also known as a Trust Certification, is a legal document that certifies the existence of a trust and the authority of its Trustee(s) to act on behalf of that trust. It serves as a shorter version of the actual trust document, containing only pertinent information required by financial institutions or third parties, without disclosing the trust’s private terms. Introduction: Simplifying the Complex World of Trusts In Californi

Short Answer Trust funding mistakes can cause an estate plan failure in California because a living trust avoids probate only for assets that are actually titled to the trust or correctly coordinated through beneficiary designations. An unfunded trust, broken asset titling, or trust beneficiary errors can force a probate process in probate court, create probate delays, and turn trust administration into a probate nightmare. Introduction A living trust can be beautifully draft

Short Answer A Reciprocal Will  (also called a Reciprocal Wills, Mirror Will, Mutual Will, Joint Will,  or Reciprocating Will ) is an estate-planning arrangement where two people—often spouses, partners, or individuals in second marriages—create Wills mirroring each other’s terms. While it may seem simple, the legal consequences can be binding and long-lasting, sometimes restricting future Estate Planning choices after the first spouse or partner dies. Consulting an Attorney 

Short Answer Yes, you can add your mobile home to your Will in California. However, it's important to consider whether it is classified as personal property or real property, as this distinction will impact the legal steps involved in asset distribution, title transfer, and estate planning. You may also want to explore the benefits of setting up a living trust for smoother property transfer and avoidance of probate. Introduction Estate planning can be complex, especially when

Introduction: What Are Mirror Wills? As a married couple or partners in California, estate planning is crucial to ensure your final wishes are carried out. One of the most effective ways to do this is through mirror wills. But what exactly are mirror wills, and why should they be part of your estate planning strategy? In this blog post, we will dive deep into the concept of mirror wills, explain how they work, and explore their advantages, especially for married couples, part