Law Office of Victor Waid

Firm Overview

At the Law Office of Victor Waid, I work personally with clients in Wills, Trusts and Probate matters. With 46 years of experience practicing law I can give you answers to your questions about Probate Administration, Conservatorships, and Estate Planning, including how the legal process works and what your rights and obligations are.

Schedule an Appointment Today

To schedule an appointment, please email me at vwaid@waidlaw.com or contact me at 916-923-2345. Conveniently located at the corner of American River Drive & Howe Ave. Office hours are from 9-4, with evening and weekend appointments available. I will make house calls.
Main Office
Main Office
333 University Avenue, Suite 200
Sacramento  CA  95825
Phone
  • 916-923-2345
Websites
Estate Planning
Victor Waid is an attorney that cares for you, your family and the protection of your assets.
WILLS

WILLS ARE PLANS,
For distribution of assets to beneficiaries.
Appointment of guardians of minor children, if needed.
The establishment of testamentary trusts, which are often used in to protect distributions, particularly family member distributions.
Wills are amendable, and revocable until death of the maker.

Wills are deceptively simple, in their preparation. However, unless prepared correctly, within the legal requirements of statutory law, then at death, the deceased person's intentions are governed by statutory rules of construction, which may not be the distribution you planned by your prepared document, you called a will.

If I have a living trust, do I still need a will?

Not required, but a good idea as a backup to the trust. This type of document is known as a "pourover will" and mirrors the distribution provisions of the will as to the assets so designated and as to named beneficiaries, just in case some provision of the trust is declared invalid for some unknown reason.

This document (pourover will) can also be very valuable, to transfer after acquired assets left out of the trust, either by choice or after acquired, and pour them over into the trust, so the trust provisions can apply as to assets and persons.



A Living Trust is a legal document that you transfer all of your assets into, with instruction as to how the assets therein are to be managed, and to whom assets are to be distributed, naming a trustee to manage the trust according to the trust provisions. The trust is revocable and becomes irrevocable upon the trustor's death.

A trustor, the maker of the trust, is also known as a settlor of the trust. The persons who receive benefits from the trust are known as beneficiary. The settlor can also be a trustee. The settlor retains the right to amend the trust or revoke the trust at any time.

Benefits of a Living Trust:
Avoids probate at death.
Prevents court control of assets at incapacity.
Brings all your assets together under one plan.
Provides maximum privacy.
Quicker distribution of assets to beneficiaries.
Assets can remain in trust until you want beneficiaries to inherit.
Easy to set up and maintain.
Can be amended or changed at any time.
Difficult to contest.
Can protect dependents with special needs.
Prevents unintentional disinheriting and other problems of joint ownership.
Professional management with trustee.
Peace of mind.
If I Have A Living Trust, Do I Still Need A Will?

Yes, you still need a "pourover will", which is a will, that mirrors the trust, as to distribution of assets and beneficiaries, and catches assets that were not included in the Living Trust Plan, to allow for the assets to be distributed via the trust plan; the "pourover will" can also provide for children or minor children, who will need a guardian appointed to represent them in any proceeding, implementing the trust provisions.
Probate
Victor Waid is an attorney that cares for you, your family and the protection of your assets.
PROBATE

What is Probate?

Probate is a court legal process, that is used when you die. Your debts are paid and your assets are distributed according to your Will. If you don't have a valid Will, your assets are distributed according to state law.

What's so bad about probate?

It can be expensive.
It can take a lot of time.
Your family has no privacy.
Your family has no control.
Remember a Will only goes into effect when you die.

Does a durable power of attorney prevent this? No.

Durable power of attorney lets you name someone to manage your financial affairs if you are unable to do so; durable power of attorney dies when you die.

Many financial institutions will not honor your durable power attorney unless it is on their bank form.

If durable power of attorney is accepted, it may give someone a "blank check" to do whatever he/she wants with your assets.

Durable power is very effective when used with a living trust, but risky when used alone.

Under California law, probate of an estate is generally necessary, when an individual passes away leaving assets in excess of $150,000 that do not pass via beneficiary designation, joint tenancy, or if such assets were not held in trust.

For example, under the following circumstances, a probate would not be necessary:

Decedent left an insurance policy with a death benefit over $150,000 (or less for that matter) payable to a living individual
Decedent had bank and brokerage accounts held jointly with another living individual (in such case, those accounts would pass automatically to the joint account holder).
Decedent owned an IRA (or other retirement related account) with a value in excess of $150,000 (or less) which named a living individual as the beneficiary.
Decedent owned real property held either in joint tenancy or as community property in which the other owner(s) were living.
A probate of an estate, however, would most likely be necessary under the following events:
Decedent died with a bank or brokerage account held solely in their name with a value in excess of $150,000.
Decedent owned real property held solely in their name.
Decedent owned a life insurance policy with a death benefit over $150,000 in which no beneficiary was named or where the named beneficiary predeceased the decedent.
Decedent owned an IRA (or other retirement related account) with a value in excess of $150,000 in which no beneficiary was named or where the named beneficiary predeceased the decedent.

What experience or education distinguishes your lawyers from others

Mr. Waid is often appointed by the court, in many Conservatorship and Guardianship proceedings, for the protection of adults and minors, individually, and for the protection of assets and financial interests of adults and minors.

Victor Waid

Victor Waid has more than 45 years experience practicing law in the Sacramento area since 1971. He is a graduate of McGeorge School of Law, University of the Pacific, with a Juris Doctor degree.

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