About us
THE LAW OFFICE OF JAMES F. WATTS
At the Law Office of James F. Watts our main areas of focus are trusts, estate planning and Probate law. Everyone’s estate planning needs are unique and our goal is to work with you to create a plan that you understand and that achieves your goals. We encourage you to learn more about trusts and estates through the information on our website or by calling our office.
ATTORNEY
James F. Watts
Attorney at Law
James Watts is originally from Webster Groves, Missouri, a suburb of St. Louis. Prior to attending law school, James served five years in the United States Air Force finishing his military service commitment as a Captain and Missile Crew Commander of a Titan II Intercontinental Ballistic Missile launch crew at Davis-Monthan Air Force Base near Tucson, Arizona. After the Air Force James worked as a National Park Service Ranger at Saguaro (pronounced Sa-War-Oh) National Park near Tucson, Arizona.
James graduated from California Western School of Law, in San Diego, California in 1977 and was admitted to the California Bar the same year. Since then James has been serving clients in the areas of Estate Planning, Trust & Probate Law. To further his education James attended University of San Diego Graduate Law School where he earned his Masters of Laws Degree (LL.M) in Taxation which has enabled him to better analyze the tax planning needs of his clients and advise them.
In addition to practicing law James also served for three years as an instructor of estate planning at the University of California, San Diego (UCSD). James enjoys long bike rides, international travel and spending time with his family. James is married to Rosy Watts who is a Mexican Attorney who is authorized to practice law in all states of Mexico. Rosy worked in the court in Tijuana for 18 years (starting at age 16) before she left the court to open her own law practice.
Bar Membership:
- Member, State Bar of California, 1977.
- Certified specialist, Estate planning, trusts and probate, State Bar of California Board of Legal Specialization, 1996–present.
Education:
- University of San Diego Graduate Law School, Masters of Law degree (LL.M) in Taxation, 1983.
- California Western School of Law, San Diego, CA, Juris Doctor, 1977.
- Southeast Missouri State University, Bachelor of Science in Zoology; Minor in Chemistry.
- University of Arizona, continuing education while on duty in the USAF.
Publications:
- “Liquidation and Re-incorporation as a Tool of the Tax Planner”, Taxes—The Tax Magazine, July 1983 edition
- The Criminal Law Enforcement Authority of Park Rangers in Proprietary Jurisdiction National Parks—Where Is It?, 13 Cal. Western L. Rev. 126 (1976)
Top Myths
If my property is in Joint Tenancy I do not need a trust.
Although joint tenancy is a simple, convenient and efficient way to hold title to assets, it has many significant limitations that must not be overlooked. Joint tenancy title cannot avoid conservatorship court proceeding if a joint tenant becomes mentally or physically incapacitated to the extent that he or she can no longer sign legal documents. The individual and the joint tenancy assets would be subject to conservatorship court jurisdiction in this event. Additionally, the most significant shortcoming of joint tenancy, is, that when the last joint tenant dies or if the joint tenants die in a simultaneous disaster, the joint tenancy property is then subject to the substantial expenses and time delays of probate.
I do not need a trust if I have a will
A valid will does not avoid probate if the assets subject to that will are over the values specified in the California Probate Code. California law requires a will to be probated (administered by the court) if the value of the non-real estate assets controlled by the will is over $150,000.00 (Probate Code Section 13151), or if the decedent owned real estate, controlled by the will, which exceeds $50,000.00 in value (Probate Code Section 13200). These values are applicable to estates of decedents dying in 2013 and will likely change from year to year.
Loss of Control: By signing a trust I am giving up control of my assets
Living trusts are typically created solely for benefit of the Trustor(s) (the creator[s] of the trust). During their lifetimes the Trustors typically manage the trust themselves. Thus, the trust assets are totally under the control of the Trustor. The trust document is typically amendable or revocable by the Trustor(s) at any time. Wills are much more difficult to amend due to numerous legal and procedural formalities applicable to wills.
Everything I own is controlled by my Trust automatically
A trust can only own and control assets that have been formally retitled into the name of the trust. Therefore, the assets you own will be distributed in accordance with instructions you have provided in your trust only if the assets have been property transferred into your trust. Consequently, assets that have not been property transferred in the trust may be subject to Probate court proceedings, depending on the value of and type of assets that is left outside the trust.