People who create an estate plan in Northern California will almost invariably draft a last will and testament as a key part of their plan. When creating your will, you will be called upon to make some very important decisions that will affect your estate after you are gone. Though the form of your will is governed by specific California laws, you are free to make whatever choices you deem appropriate. Your estate planning lawyer will guide you on the process of creating a last will, but as you … [Read more...] about Simple Tips To Keep in Mind When Writing a Last Will
Estate Planning
California Intestacy Laws: What You Should Know
One of the main reasons people choose to create a last will and testament or living trust is because they wish to avoid California’s intestacy laws. Like all other states, California has laws that dictate who will inherit your property should you die without a will, known as laws of intestacy or intestate succession. Creating a will or living trust allows you to choose who will inherit your property. Here is what you need to know about intestacy in California. You don’t get to choose. The … [Read more...] about California Intestacy Laws: What You Should Know
Commonly Asked Questions About Your Rights in a Power of Attorney
You might know that a power of attorney will play a key role in any estate plan you choose to create. What you might not realize, however, is that by creating a power of attorney, you give decision-making authority to other people. Those people will have the legal right to make decisions for you. People who first learned of this delegation of authority sometimes hesitate in making powers of attorney because they are uncomfortable with the idea of giving away their decision-making rights. … [Read more...] about Commonly Asked Questions About Your Rights in a Power of Attorney
3 Tips for Incapacity Planning
Regardless of your age or circumstances, everyone should have an incapacity plan. The law allows capable adults to make decisions about what they want to happen to them should they lose their ability to communicate or make choices. This process, known as incapacity planning, involves creating a variety of tools that will record your wishes. Even though your attorney will guide you through the process of creating an incapacity plan that complies with the relevant California and federal laws, … [Read more...] about 3 Tips for Incapacity Planning
Approaching Estate Planning When You're Married
Beginning the estate planning process is not always something people like to consider, but it is something that everyone, and especially married couples, needs to do. For married couples, the basic issues that your estate plan will have to address will be very much the same as those confronted by single people. However, because you are in a relationship and many of your estate planning choices will affect your spouse, there are some issues you might want to spend a little more time discussing … [Read more...] about Approaching Estate Planning When You're Married
Pets and Life Insurance
People with pets come to our offices because they want to create a pet plan. Like estate plans, pet plans address issues that arise should you die or become incapacitated. As the name implies, however, pet plans are specifically designed to address the needs of your pet when you are no longer able to care for the animal. Some of our clients ask us if they can use life insurance as a part of their pet plans. While a good insurance policy can be a great way to protect your pet, you can only use … [Read more...] about Pets and Life Insurance
DIY Estate Planning Mistakes That Can Cost You: Part 1
In recent years, the popularity of do-it-yourself estate planning has led to some significant, and often very costly, mistakes. People who try to create estate plans on their own often have little to no experience in the law, and making even a simple mistake as they go about creating a plan they want to rely upon can be serious problem. Over the next two weeks, we’re going to take a closer look at some of the more common do-it-yourself planning mistakes that people make, and why you want to … [Read more...] about DIY Estate Planning Mistakes That Can Cost You: Part 1
Why You Need a Power of Attorney and a Will
The idea that you can create a simple estate plan by choosing to create a single document, such as a power of attorney or a will, is something that too many people believe. Do-it-yourself planning sites and books sometimes appeals to people who don’t like the idea of spending money on hiring an attorney to help them create an estate plan. Because of this, people interested in do-it-yourself planning sometimes believe that creating a single tool will be enough. Unfortunately, this is not the … [Read more...] about Why You Need a Power of Attorney and a Will
Survey: Boomers Say Preserving Family Memories More Important Than Inheritances
According to a recently released study from the Allianz Life Insurance Company of North America, a large majority of baby boomers and other senior say their most important inheritance concern is preserving precious family memories and heirlooms. Family Stories v Inheritances Survey respondents overwhelmingly said that keeping their family history and stories alive is by far their greatest desire when they consider their legacy. 74% of people age 72 and older, as well as a whopping 86% of baby … [Read more...] about Survey: Boomers Say Preserving Family Memories More Important Than Inheritances
What Is Legacy Planning?
Legacy planning is a holistic and comprehensive form of estate planning. When you take the right steps, you can cast a long shadow even after you are gone. In this post we will provide some food for thought. Asset Transfers When you plan your legacy, you facilitate future asset transfers to your loved ones. There are various different ways to go about it. If you are exposed to the federal estate tax, your financial legacy could be severely impacted. The maximum rate of the tax is 40 … [Read more...] about What Is Legacy Planning?
