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...]
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...]
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...]
Do I Really Need a Trust?
We get a lot of questions about revocable living trusts and some prospective clients wonder whether they really need a trust. They say, “After all, I’m not a Warren Buffet or a Kennedy. Do I really need a trust?” Whether you need a trust (or not) depends upon your assets and your goals; mainly your goals. You do not need to be wealthy to benefit from a trust. You Need to Consider a Revocable Living Trust if you… Want to avoid probate Want to avoid court interference, through the … [Read more...]
What Happens After You Die…With or Without an Estate Plan (part 1 of 2)
Whether taking the time to create an estate plan or not, many people wonder how their affairs will be handled after they die. This is a completely natural thing to think about. It’s important to have some idea of how affairs are handled, so that you understand the power of estate planning. Take a look at some of the information below, to better understand how your affairs will be handled. If you have any questions, or if you’d like to create an estate plan, contact a qualified, … [Read more...]
Probate Avoidance Made Easy (part 2 of 2)
Probate can be an extremely costly, lengthy, and public process. Many people take the time to carefully plan their estate in order to avoid probate. If you’re looking to avoid probate, you will need to utilize the right techniques. Take a look at some more great ways to avoid probate. If you have any questions or if you’re ready to discuss your probate avoidance needs, meet with an experienced, qualified estate planning attorney. Gift during your lifetime. If you’re able and willing … [Read more...]
Probate Avoidance Made Easy (part 1 of 2)
Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private. Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...]
Common Estate Planning Myths (part 2 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article. 3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!! Joint ownership means that you could lose your … [Read more...]
Common Estate Planning Myths (part 1 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling 7 estate planning myths in this three part article. 1. Estate planning is only for the rich. Myth!!! Estate planning is really for anyone who cares about someone else. If you want to take the burden off your loved ones’ shoulders, keeping expenses, hassle, and time delay to a … [Read more...]
Understanding How Property Ownership Affects Your Estate Plan (part 2 of 2)
When creating your estate plan, you will need to consider how your property ownership fits in with your overall planning needs. If you’re looking to better understand how your assets will transfer after your death, take a look at the information below. Some Forms of Joint Ownership are NOT Controlled by Your Estate Planning Documents Joint tenancy with right of survivorship – With this type of joint ownership, all owners have equal access to the assets. This means that any owner may … [Read more...]
