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...]
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...]
Where Do It Yourself = Do It Wrong
An estate plan is an important part of one’s plan for the future. Many realize that they need the assistance of an experienced and qualified attorney to assist them in their efforts. Unfortunately, some folks will cut corners in their estate planning efforts in an effort to save a few bucks or because they think they are as smart as or smarter than their estate planning lawyer when it comes to drafting documents or both. Even with persons who were prudent enough to have their original plans … [Read more...]
Five Estate Planning Don’ts
Some people take the time to begin their estate planning, while others never even get around to it. If you want to be prepared throughout your lifetime and after your death, it’s important to have an estate plan in place. Take a look at the following estate planning don’ts for advice on what not to do when creating your estate plan Don’t put off your planning! Many people put off planning because they are fearful of the process, they think they don’t need planning, or they are busy and … [Read more...]
Trustors, Trustees and Beneficiaries – The Same Person?
A trust creates a special relationship between people and property that the trust owns. The person who created the trust, called the trustor, transfers ownership of his or her property to the trust as the new owner. Trustors are also sometimes referred to as settlors and trust makers. The trustor also states who shall receive the benefit of that property, a person known as a beneficiary, and who shall manage the property for the trust, known as the trustee. But can a trustor also be a … [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 3 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. 5. I don’t need a trust because I have a will. Myth!!! Most people would benefit from having a revocable living trust in addition to a pour-over-will. While your will is necessary, it is only effective after you’re dead. … [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...]
