If you’re in a blended family, such as a second marriage with children from a previous relationship, you can do much to keep the peace in your family with your estate plan. One way to keep the peace, using your estate plan, is to specifically consider and plan for your children. This could include not making your children wait until your second spouse dies before they will inherit. Waiting and putting the children second may cause hurt feelings and a breakdown of relationships that you’ve … [Read more...] about If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
Joint Owenership Perils
13 Disturbing Estate Planning Problems
Each of these 13 disturbing estate planning facts is true; but, each situation can be avoided with a strong, individualized, comprehensive, and up-to-date estate plan. If you don’t name a guardian in your will, your minor children could end up with persons you either don't like or don't know. If you don’t provide for your pet in your estate plan, your pet may be euthanized when you die. If you put assets in joint tenancy with a second spouse, your children may be disinherited. If … [Read more...] about 13 Disturbing Estate Planning Problems
Jointly Owned Property And Probate
There are two types of probate, living probate and probate at death. Joint tenancy, a common form of jointly owned property, doesn’t avoid either type of probate. Living Probate Living probate is called “conservatorship” in California; it occurs when someone becomes disabled (i.e. incapacitated) and can’t manage his or her own finances. The court holds a hearing and determines whether the individual is indeed disabled; if so, all assets, including jointly owned assets, are frozen. The … [Read more...] about Jointly Owned Property And Probate
JTWROS And Your Estate Plan
There are some terms you might come across as you develop your estate plan, such as JTWROS, that you should know about before you start making your plan in earnest. A JTWROS, which stands for joint tenancy with the right of survivorship, is a form of property ownership that can offer certain benefits for people interested in avoiding probate. However, this form of property ownership also has some significant negatives that you will need to consider. Always talk to your attorney whenever you have … [Read more...] about JTWROS And Your Estate Plan
