People often have questions on Estate Planning. This is the first in a series of articles addressing those questions. This first article by my friend and colleague Steve Hartnett, an estate planning expert, addresses “who” should do Estate Planning. Read on to learn more. The Questions of Estate Planning, Part I: Who … [Read more...]
Naming Alternate Beneficiaries in Your Estate Plan
When you create your estate plan, you’re taking the time to make sure that your assets are given to the right people. By naming beneficiaries, you’re in control over how your assets will be distributed after your death. Unfortunately, your assets may not be able to be given to your first choice beneficiaries. Take a look at some of the information below to better understand the importance of naming alternate beneficiaries. If you have any questions, or if you need help creating your estate … [Read more...]
Special Estate Planning Considerations for Second Marriages
If you are in a second or third marriage and have children from previous relationships, very careful estate planning is necessary to keep the peace while you’re alive and avoid litigation after your death. Tips for Using Estate Planning to Keep the Peace in a Second Marriage Communicate. Let your loved ones know that they are protected by and provided for in your estate plan. Update. Update your estate planning when your family changes. Honor Prenuptial Agreements and … [Read more...]
Handy Estate Planning Tips for You and Your Family
We’ve put together a collection of estate planning tips for you and your family. If you’re like most people, there will be at least one thing on this list that you haven’t thought of yet. Others will serve as a gentle reminder to take action. 1. You need to name temporary guardians so that someone is authorized to care for your children in the event you are disabled (temporarily or permanently) and unable to care for them yourself. After all, your will, appointing permanent guardians, … [Read more...]
How Not to Unintentionally Disinherit Your Children
When asked if they are going to disinherit their children, most folks reply, “Of course not.” However, many of them do, unintentionally. The Perils of a Blended Family Unfortunately, the unintentional disinheritance of children happens every day. It usually happens in blended families, which are comprised of second, third, or even forth marriages and children from previous relationships. No matter what promises are made or understandings are had, a spouse that is not the parent of all … [Read more...]
Estate Planning is Not a “One and Done” Process
More than half of all Americans don’t have a formal estate plan, meaning no will, no trust, no powers of attorney, no trust. The other Americans have some form of an estate plan, but most of those folks don’t realize that estate planning is a life-long process. Estate planning is not a “once and done;” don’t stop now. What Would an Experienced and Qualified Estate Planning Attorney Say? What do you think an experienced and qualified estate planning attorney would say when he or she … [Read more...]
Why a Will Isn’t the Only Document You Need (part 2 of 2)
When beginning to think about your estate planning needs, you may decide to execute a will. A will can allow you to achieve a number of goals. However, it likely won’t allow you to handle all of your estate planning affairs unless you have a simple and modest estate. Take a look at the following information, to learn more. If you have any questions about the use of a will, contact an experienced and qualified estate planning attorney. You can’t control all asset distribution. It’s … [Read more...]
Why A Will Isn’t the Only Document You Need (part 1 of 2)
If you’re thinking about getting a will, know that it may not be your best option. A will allows you to have control over future decisions. However, you should know that it’s important to consider other planning techniques, in addition. A will is not the only planning tool that you need. Take a look at the following information, to learn more. If you have any questions, contact an estate planning attorney. You can’t plan for incapacity. Your will is only effective after you die, … [Read more...]
Caution: Not All Living Trusts Will Avoid Probate
Many folks in California create living trusts to, among other reasons, avoid the hgh costs of a probate proceeding. Regretabably, some may think they’re saving money even more with do-it-yourself kits, Internet trusts, or by working with a paralegal or a general practitioner. If you go those routes, you increas your chances that your living trust may not avoid probate. Why? Why Won’t my Living Trust Avoid Probate? Good question. We get this question all of the time and are happy to … [Read more...]
How Do I Disinherit Someone?
For most people, the primary focus of estate planning is to ensure that their assets are passed down to their loved ones according to their wishes after they are gone. Consequently, many of the decisions you will make when creating an estate plan relate to who you want to inherit from your estate assets. What if there is someone you specifically do not want to inherit from your estate? Below we will discuss how to disinherit someone. Who Inherits If I Don’t Have a Will? If there is someone you … [Read more...]
