A new estate planning law took effect in California on January 1, 2023. The law, SB 1171, makes it easier for people to create a living trust.
Under the old law, people had to create a separate document called a pour-over will to ensure that assets that were not specifically included in the living trust would still be transferred to the trust upon the person's death. The new law eliminates the need for a pour-over will, making it easier and less expensive for people to create a living trust.
The new law also makes it easier for people to change their living trust. Under the old law, people had to create a new living trust and then revoke the old one. The new law allows people to simply amend their living trust, which is much simpler and less expensive.
If you are considering creating an estate plan, it is important to be aware of the new law. The law may make it easier and less expensive for you to create a living trust, which can be a valuable tool for protecting your assets and your loved ones.
To learn more about the new law, you can visit the California State Bar website. You can also contact an estate planning attorney for assistance.
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