Q: What type of trust is recommended in the following: Married, own real estate, assets, have children, retirement account

A: A lawyer would need more facts to be able to answer that question. For example, are any of the children from previous relationships (not with your current spouse)? If so, it may not make sense to have a Disclaimer Trust where one spouse leaves all of their assets to the other spouse because the surviving spouse could easily disinherit the kids from the deceased spouse's prior relationship. If that is the case with you, perhaps an A-B or other type of trust would apply.

Please contact an estate planning attorney to get advice specifically tailored to your situation. I frequently tell people that using self-serve documents off the internet can work for some areas of law, but NOT for trusts because it is so easy to screw up, which causes a ton of problems. [FYI - I practice law in areas other than estate planning, so this isn't a sales pitch. It's the honest to goodness truth.] Yes, you pay more up front, but you save a fortune in legal costs because your loved ones will not have to spend a year or more in Probate Court trying to get your estate cleaned up by a judge. The legal fees in probate are frequently 10 times (or more!) than the cost of paying a lawyer to set up the trust and other estate planning documents correctly. Best wishes!

A: In California, for someone in your situation – married, owning real estate and other assets, with children and a retirement account like a solo 401k – a revocable living trust is often recommended. This type of trust allows you to maintain control over your assets while you're alive and mentally capable. Upon incapacity or death, the trust provides for the management and distribution of your assets according to your wishes, without the need for probate.

Including your real estate in the trust can simplify the management and transfer of these assets. For your retirement account, while these are typically not placed in a trust due to tax considerations, you can designate beneficiaries to ensure they are passed on according to your wishes.

The trust can also include provisions for the care and financial support of your children, particularly if they are minors or have special needs. This ensures that your assets are used for their benefit in the way you intend.

It's important to regularly review and update your trust, especially as your financial situation or family circumstances change. Consulting with an attorney to create a trust ensures that it is properly drafted and aligns with your overall estate planning goals. This professional guidance is crucial in navigating the complexities of estate planning and ensuring your and your family's future is well protected.