It can be stressful trying to locate estate planning documents and other important files during a time of upset. It’s important to make sure that your parents have all of their affairs organized as they continue to age. Organization, not only allows them to have information that they may need easily available, it better ensures important documents are available in the event of a crisis. If you have any questions, or if you’d like to get tips on how to help your parents with their estate … [Read more...]
5 Things Your Trustee Needs to Know
If you’re like most people, you assume that your trustee will call an attorney when you are disabled or die and all will proceed smoothly. If you want your estate plan to be carried in the manner you intend, there are 5 things your trustee needs to know. Here is the estate planning information that your trustee needs readily available: 1. Documents: Your trustee needs access to your current estate planning documents with a schedule of all assets with up to date balances (keep the most … [Read more...]
Estate Planning Q and A: Part II of III
One of the best parts of an estate planning attorney’s job is answering client questions. It’s an essential part of the estate planning process so we’ve outlined some of your questions below. This is part II in our three part estate planning question series. Do I have to leave my children an inheritance? No, even minor children are not legally entitled to an inheritance. Many would argue that there is a moral obligation to leave funds for the care of minor children. If you choose not … [Read more...]
Steps to Take When a Parent Dies
When a parent dies, the surviving family members are typically at a loss as to what needs to be done legally, to handle their assets. Here’s a step-by-step guide to get you started on what you need to do when a parent dies. The best advice, though, is to first consult with an experienced and qualified estate planning attorney to make sure you have covered everything. He or she can help guide you through the process, comply with the many legal requirements of estate administration and help you … [Read more...]
How is a Durable Power of Attorney Different from a Living Trust?
When it comes to estate planning, there are so many beneficial options, depending on what you need to accomplish. A durable power of attorney is a common tool. So is a living trust. So, what is the difference and how do you know which one you need for your estate planning. What is the definition of a Durable Power of Attorney? A power of attorney is a flexible estate planning tool that allows you to choose someone who will handle all or part of your personal affairs, including making health … [Read more...]
The Basics of Trust Administration in California
Trust attorneys will agree that a trust is a valuable estate planning tool. Trusts are useful in minimizing estate taxes and in avoiding costly probate. There are actually many benefits. But, when it comes to trust administration, it is equally important to understand what is involved and to select the right person or entity to serve as your trustee. The legal definition of a trust Trusts are basically fiduciary agreements between a trustee and the grantor, who is the person making the … [Read more...]
Selecting a Trustee: Things to Consider
Are you having a hard time deciding on a Trustee for your estate plan? It is not uncommon for decisions like this to be difficult. Let’s look at the attributes that should be taken into consideration when choosing a Trustee. You may want to factor in age, maturity, responsibility level, physical location, your personal relationship with them, and ability to handle money. What will your Trustee do? Your Trustee, once appointed, will have the responsibility of managing and distributing … [Read more...]
How Is a Revocable Living Trust Funded?
There is a legal device called a revocable living trust that is an extremely effective and versatile estate planning tool. Though some people believe that trusts are only for the rich, you could benefit from this type of trust even if you are not a multimillionaire If you establish a revocable living trust, you continue to control the actions of the trust, because you can act as the trustee and the beneficiary initially. You have the power to alter the terms of the trust, and as the name would … [Read more...]
Two Tips to Help You Better Understand Living Trusts
Today, many people who create an estate plan include a revocable living trust as a foundational piece. The great benefit of a revocable living trust lies in its ability to allow your estate to avoid, or at least minimize, the effect probate will play in transferring estate property. Unfortunately, most people have little experience dealing with trust, and don’t really understand how they operate. To help you better grasp the concept of what a living trust is and how it works, we’ve come up with … [Read more...]
When Trusts Protect Against Incapacity
One of the more popular estate planning tools today is the revocable living trust. Even though a lot of people create these trusts to avoid probate, many people don't realize that these devices can also help protect them in the event they become incapacitated. A proper incapacity plan should be a key piece of every comprehensive estate plan. Knowing how your revocable living trust interacts with your incapacity plan is important if you intend to get the most from your estate planning … [Read more...]
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