Dying without a will or trust is called dying “intestate;” and, the intestacy laws of your state of residence, at your death, will determine who inherits from you and in what percentages. If you die with a well constructed and comprehensive will or trust plan, you get to decide who benefits from your estate. Typically, state intestacy laws don’t match decedents’ wishes. Furthermore, if you die with assets in more than one state, especially real estate, your assets would be subject to two … [Read more...] about What Happens When Someone Dies Without a Will or Trust?
Guardians for Minor Children
Each day, many parents with young children put off the important task of planning for the future. It can be easy to become busy with life’s everyday events. If you are a parent, you need to take the time to create an estate plan. This will allow you to make sure that your children are protected in the future. Are you unsure about the need for an estate plan? If so, consider the following questions: What will happen if you become disabled or die tomorrow? Who will care for your … [Read more...] about All Parents Should Have an Estate Plan
Part of the task of estate planning or updating an estate plan is to select trusted persons or entities to fill the positions of trustees, guardians, power of attorney agents, health care agents and executors. In order to make good decisions, you need to know the ideal characteristics of each role. Trustee of trust for minors. The trustee of the trust for your minor children or grandchildren will likely be the same as your settlement trustee. If you have the children joining as a … [Read more...] about How to Choose Trustees, Guardians and Agents
If you don’t nominate your child’s guardian and a tragedy strikes your family, the court will and it may not be whom you would choose. In fact, it may be your alcoholic brother, Mike, crazy Aunt Mable, or the foster care system. Choosing a guardian for your children is uncomfortable, but it’s better than the alternatives and part of the Estate Planning process. Where You Appoint a Guardian You nominate a guardian for your minor children in your Will. That is true even if you have an … [Read more...] about How to Choose Your Child’s Guardian (Part 1 of 2)
In California, a “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder. In some other states, this person is called a guardian. However, as noted below, in California, a guardian is the person appointed in connection with a minor (under 18) child. Examples of decisions would be where someone lives and what medical … [Read more...] about What is the difference between a “Conservator” and a “Guardian”?
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
The terms conservator and guardian vary in their usage from state to state. In California, they have specific and different meanings. Let's explore them. A “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder. Examples of decisions would be where someone lives and what medical treatment he or she receives. In … [Read more...] about Differences Between a “Conservator” and a “Guardian”
In recent years, the amount that can be left to loved ones without having to pay the so-called "death tax" has risen to levels most Americans will never reach. For example, in 2018, the estate tax, which is often referred to as the "death tax" does not apply to persons who die this year with less than $11.18 million dollars. For married couples, effective planning can double that amount. This rise in the estate tax exemption has led many to wrongly conclude that estate planning is no longer … [Read more...] about Estate Planning Considerations Besides Death Taxes
Many people put of their estate planning needs, and don’t even take the time to create a will. Depending on the size of your estate, a will can an important estate planning document that can allow you to achieve a number of things. If you choose to put off some of full estate planning, you should at least take the time to create this important estate planning document. Take a look at the information below, to learn more. If you have any questions, or if you’re ready to begin your estate … [Read more...] about Don’t Have a Will? Now is the Time to Make One!
Whenever parents contemplate their child's future, it's natural to think about how the child would fare if you should die. This is never a pleasant thought, but there is some way to help alleviate the worry. By creating an estate plan in which you choose a guardian to take over caring for your child if you should die, you can rest assured that your child will be cared for by someone of whom you approve. There are two types of guardianships that need consideration. Guardians of the estate are … [Read more...] about How Parents Can Choose a Guardian