Isn’t estate planning just for the wealthy?
One of the biggest misconceptions about estate planning is that it's reserved for the ultra-rich — families with generational wealth and multiple properties. "Estate planning applies to everybody," Leandro says. "And simply put, you want to avoid probate — because probate can be expensive and take an extended period of time to complete."
Probate is the court process that governs the distribution of your assets when you pass without a proper plan in place. Everything becomes public record. Your finances, your family's information, your assets — all of it open for anyone to see.
A will, a set of instructions that takes effect after you die, is what most people consider first for estate planning. But most people don’t realize that a will could go through probate court first. Beyond everything in the will becoming public record, it can take months or even years to sort out.
What’s the alternative? Leandro recommends exploring setting up a trust.
A trust is a legal arrangement where one party holds and manages assets on behalf of another, according to specific instructions set in advance.
A trust skips probate entirely. Your assets that are titled in the name of your trust are held inside the trust, so they can be privately distributed in a timely manner. Your money, property, and belongings go exactly where you wanted them to go, when you want, and how you want. Unless beneficiaries object to the trust and/or file a petition to the court, the trust administration can run smoothly with little delays while also not being public record.
A trust can also kick in earlier. If you become incapacitated, for example, your trustee can step in and manage things right away without waiting for anything to go through a court.
You can and should still have a will, Leandro advises. A trust handles the bulk of your assets, and a will can catch anything that didn't make it into the trust.
You don't need to be wealthy to have something worth protecting. When you factor in a home in the Bay Area, checking and savings accounts, a 401(k), and/or an IRA (typically held outside of a trust), many people meet Fremont Bank’s minimum asset threshold. Our goal is to provide a practical entry point for our clients.
Start earlier than you think
When is the right time to start? Yesterday, according to Leandro.
"As soon as you're an adult — 18 years old," he says. It sounds surprising, but the reasoning is sound. Inheritances, startup equity, marriage, and life changes can shift your financial picture faster than you'd expect. And beyond the numbers, starting early means learning — about taxation, investment management, and what it actually means to leave a legacy.
The earlier you start, the more prepared you are when it matters most.
The process begins with an estate planning attorney who will draft your trust and the supporting documents — a will, power of attorney, and advanced healthcare directive. Fremont Bank's team then steps in to carry out the plan when the time comes, acting as the fiduciary administration experts who handle the details so your family doesn't have to.
"It's like learning a new language," Leandro says. "So it's important for us to take the time to really understand what matters most to each family — and then walk them through every step."
Revocable vs. irrevocable: What's the difference?
If you've ever tried to research trusts and ended up more confused than when you started, you're not alone.
A revocable trust is the most common kind of trust used. It is created while you’re alive — a living trust. You can change it, amend it, or modify it at any time as long as you have the capacity to do so. When you pass, it becomes irrevocable.
An irrevocable trust is one you establish and then, largely, give up control over. It's typically used by those with significant assets above the estate tax exemption. An irrevocable trust comes with specific tax advantages, but it requires surrendering some control of those assets.
Here's something most people don't know that Leandro shared: One person can have 10, 15, even 20 different trusts, each serving a different purpose. There are over a hundred types of trusts available. Which is exactly why working with an expert matters.
The case for a corporate trustee
Most people name a family member — a sibling, a child, a trusted friend — as their successor trustee. Leandro understands that it feels natural, but recommends giving it careful thought.
Being a fiduciary — a trustee or executor — comes with enormous responsibility and real power over financial decisions that affect everyone in the family. When emotions are already running high after a loss, adding that pressure to a personal relationship can fracture things permanently.
There’s an alternative called a corporate trustee. Here, an institution, like Fremont Bank, is a neutral and impartial trustee. They can absorb difficult conversations so your family doesn't have to. And unlike an individual trustee, a corporate trustee doesn't die — they continue administering a trust for 20, 30, 40 years if needed, with a full succession plan built in.
"It's a lot more than just about money," Leandro says. "It's about honoring the intent of the people who trusted us." And, “during uncertain times, there are great planning opportunities.”
What sets Fremont Bank apart
Fremont Bank's minimum threshold for trust administration is $1 million — far lower than many corporate trustees, who won't consider anything under $5 million. In the Bay Area, that's not a high bar.
But the real differentiator, Leandro says, is flexibility and relationships. Fremont Bank doesn't require clients to move everything in house, unlike standard practice in the industry. If a family has worked with the same CPA or financial advisor for 30 years, the team will partner with them rather than replace them.
The bank is also audited several times a year — internally and at the federal level — which means accountability is built in. That's a meaningful distinction from a private fiduciary, who may be licensed but isn't subject to the same level of oversight.
And when the unexpected happens? Your team is a quick call away. "Timing is everything. When somebody passes, they want somebody they can actually speak to immediately."
To learn more about trust and estate planning at Fremont Bank, contact the Trust and Investment Services team.
Trust and Estate terms at a glance
- Trust — A legal plan that spells out exactly what happens to your money and belongings after you pass away.
- Will — A document that states who gets what when you die. Without one, a court decides for you.
- Trustee — The person or organization responsible for managing the trust and making sure your wishes are carried out.
- Successor Trustee — The backup trustee who steps in when the original trustee can no longer serve — either because they've passed away or become incapacitated.
- Corporate Trustee — A bank or financial institution that serves as trustee. Unlike a person, they don't die, retire, or let family drama get in the way.
- Executor — The person responsible for wrapping up your affairs after you pass — paying final bills, filing taxes, and distributing assets according to your will.
- Fiduciary — Anyone legally required to act in your best interest. Trustees and executors are both fiduciaries.
- Beneficiary — The person (or pet, or organization) who receives assets from the trust.
- Probate — The court process that happens when there's no trust in place. It's public, slow, and expensive — and the main reason people create trusts in the first place.
- Power of Attorney — A document that gives someone the legal authority to make financial decisions on your behalf if you become unable to do so yourself.
- Advanced Healthcare Directive — Also called a living will. It spells out your medical wishes if you can no longer speak for yourself.