Make a List of YOUR Assets to Plan Ahead
The first thing you need to do to prepare for your estate plan is to make a list of your known assets. You should take an inventory of all your assets and determine how you would like them distributed upon your death, or whether you would like to place certain assets in trust. In fact, you may even prefer to create a living trust so you have the ability to manage those assets during your lifetime.
If you are considering setting up a trust in California, you should consult with a Los Angeles estate planning lawyer. They should be able to best advise you as to what types of property you should include in your will and/or trust. When considering setting up a trust, you may include any property that "can be voluntarily transferred by its owner." Restatement (Second) of Trusts section 79. This includes a variety of property. Generally, you should consider including the following types of property: debts, equitable interests, future interests, partnership interests in businesses, contingent interests, intangibles like patent, copyrights, trade secrets and trademarks and limited interests in property such as life estates or tenancies in common.