Have you put off creating an estate plan? If so, have you listened to countless family members, and maybe even well-meaning friends, tell you how important it is to have an estate plan in place? While their prodding is undoubtedly well-intentioned, their time and energy might be better spent explaining to you exactly what an estate plan can do for you. Understanding the benefits of having an estate plan in place, after all, will be far more likely to prompt you to finally get started on your … [Read more...]
Do Estate Planning Lawyers Recommend Digital Estate Planning?
Having your own a customized estate plan has become more and more common. Digital estate planning has also become more common. But, what exactly is meant by digital estate planning? Nowadays, everyone has at least one digital asset, if not many. Digital assets include any property that is either based on a computer or involves the internet is some way, like online businesses and email accounts. Planning for who should inherit those assets and who should have the necessary information to access … [Read more...]
How to Avoid Intestate Succession with an Estate Plan
One of the purposes of estate planning is to prepare for your death and avoid intestate succession. The laws of intestate succession determine who gets what if you die without a will. In general terms, if you die without a will in California, your assets will go to your closest relatives. Here is what intestate succession is and how you can avoid it. California's Laws of Intestate Succession If you die with surviving children, but no spouse, parents or siblings, your children will inherit … [Read more...]
Do It Yourself Wills and Trusts are not a Quick Fix
Here's a good rule of thumb: do-it-yourself (DIY) is for remodeling and arts and crafts. Sure, there are great DIY magazines out there and DIY products online for you to try. But when it comes to drafting your will or trust, or any other estate planning tool, DIY is not the way to go. DIY wills and trusts can ultimately cause you more problems than you could imagine. Despite the low cost and simplicity of DIY wills, trusts and other online legal forms, there is still a great risk that your … [Read more...]
4 Myths About Wills and Trusts
Estate planning means preparing for possible incapacity and inevitable death. An estate plan can include many different types of documents, including wills and trusts. The variety of tools available will allow for a customized and comprehensive estate plan. There are many benefits to estate planning and there are some myths as well. Here we will dispel 4 common myths about wills and trusts. MYTH #1: Trusts are only for the rich and elderly One common misconception is that, if you are young … [Read more...]
Is a Revocable Trust Really Useful?
If you are considering whether or not to include a trust in your overall estate plan, you should first decide whether you want a revocable or irrevocable trust. Many people assume that, because a revocable trust does not provide asset protection, this type of trust is not very useful. However, that is not entirely true. As with any estate planning tool, there are advantages and disadvantages to using a revocable trust. The difference between an irrevocable and a revocable trust The major … [Read more...]
Isn’t a Trust Just a Glorified Will?
People sometimes assume that a trust is a somewhat glorified legal device that accomplishes the same thing that a will would accomplish. In fact, there are different types of trusts. Trusts can satisfy objectives that a will would not satisfy. Let's look at some of these scenarios. Estate Tax Exposure The federal estate tax is a legacy threat to high net worth families. This tax carries a 40 percent top rate, so we are talking about a very significant level of taxation. The good news is … [Read more...]
Are You Sure a Will Is the Best Choice?
If you are a golfer, club selection is very important to you. The use of the proper tool as it were can make all the difference, and this is also true when you are planning your estate. Many people assume that a Will is the best choice if you are not extremely wealthy, but there are many good reasons why you may want to use a living trust instead. Let's look at the facts. Living Trust Advantages A living trust can provide benefits that a Will would not. You have more flexibility with regard to … [Read more...]
Estate Planning for Young Families
When young couples start a new family, one of the last things they want to think about are all the estate planning issues that come with being a responsible parent. Questions like what might happen to you and your family if one of you becomes seriously ill or dies are not pleasant to think about, but they need to be addressed to protect your new family. Today we are looking at specific issues that new parents, or those starting a new … [Read more...]
What Questions Should I Ask an Estate Planning Attorney?
When you become an adult in your own right, you have a certain set of basic responsibilities. There are probably family members who depend on you, and you if you are like most people, you take your responsibilities to heart. You should definitely carry this perspective over to the realm of estate planning. Unfortunately, many otherwise responsible people are unprepared for an event that is definitely going to happen to all of us. When you devise your estate plan, you are not planning for your … [Read more...]
