Until recently, the best advice for avoiding probate for many people was to obtain a living trust. That's because most assets must be probated even though you have a will. The exception to this has always been IRAs, annuities and bank accounts with a "pay on death" designation. It has not been possible to avoid probate on stocks, bonds and mutual funds without a living trust---until now.
The California legislature has enacted the "Transfer on Death" provision. It allows you to have stocks, bonds and other securities pass directly to your beneficiary without probate and without a need for a living trusts.
How to you take advantage of this? Your mutual fund company or brokerage firm should have a form for you to complete. If you keep your investments spread all over, you will need to complete a form for each institution. Better yet, we can help you consolidate all your assets into one no-fee brokerage account and then you need just one form to cover all securities.
So if you have a simple estate, the Transfer on Death form could preclude the need for a living trust. (Please consult an attorney as we are not attorneys nor do we practice law).