A revocable living trust has basically the same purpose as a Will. It is an estate planning tool designed to avoid probate while providing long-term property management. You can terminate, edit or update it at any time.
Unlike a Will, once property is transferred into the trust, it does not go through probate. After your death, your trustee transfers ownership to your beneficiaries. The process happens quickly and there are no court fees involved. Once the beneficiaries receive their property, the living trust ceases to exist.
Estate planning should be taken very seriously. It is vital to your family’s long-term financial health. If you are thinking about preparing an estate plan for the future, contact an experienced Riverside Estate Planning attorney who will sit down and discuss what is right for you and your family.
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The initial step in the probate process is to determine who the beneficiaries of the estate are.
The estate may require proof of heirs from all potential beneficiaries. Even then, you may run into problems without the proper paperwork.
If you believe you were excluded from a will or trust by fraudulent actions, it would be wise to contact an experienced Riverside Estate Planning attorney to discuss your options, protect your beneficiary rights and do whatever it takes to ensure that you receive the inheritance you are rightfully entitled to. It is important to act quickly if you believe your rights to inherit are in jeopardy.
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Over the last twenty years there has been an increase in individuals choosing to draw up a living trust rather than a Will.
Both documents have similar functions. Both documents allow an individual to appoint someone to manage his or her estate after death. In a living trust, the person is known as a ‘Successor Trustee and in a Will, the person is called an “Executor’.
Both documents name your beneficiaries. A Living Trust provides lifetime and after-death management. It will provide for a successor after your death or if you become incapacitated. Court intervention is not necessary. A Living Trust can avoid probate on your assets and prevent your financial affairs from become public record. It must be actively managed once it is created and it is more expensive to set up than a Will.
A Will is a document that must be signed and witnessed. It states where the assets will go upon your death.
If you are in the process of planning your estate and are not sure what is best for you, contact an experienced Riverside Estate Planning attorney who will discuss the pros and cons of each document and help you understand which one best meets the needs of you and your family.
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When appointing a healthcare agent, make sure he or she is someone who will abide by your wishes.
Remember, this person has the legal right to make decisions for you, even if your family members disagree with them. When family members disagree, it makes it difficult for your healthcare agent to carry out the decisions you want.
The following are steps you can take if you foresee possible problems in the future:
· Discuss your decisions with family members early on
· Show them in writing whom you have appointed as your healthcare agent
· Explain that they are not to be involved in medical decisions
· Give your family members and your primary physician copies of all written communications regarding your healthcare – making it clear who is in charge
If the time has come for you to document your future wishes, contact an experienced Riverside Estate Planning attorney who will outline the options that will help you achieve your estate planning goals and then create the necessary documents once those goals have been determined.
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When creating a Last Will and Testament, the law requires that the testator possess the mental capacity to understand the consequences of the document he or she is executing.
When there are issues involving testamentary capacity, it usually involves testators who lack the mental capacity to execute a Will due to dementia, insanity, senility or Alzheimer’s disease.
Are you trying to determine if someone you love possesses the requisite mental capacity to make a Will? If this is the case, contact an experienced Riverside Estate Planning attorney who will be present in the Will drafting and execution process and will help resolve any issues with favorable results.
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If you have decided that creating an estate plan would be in your best interests, but do not know what is included in this plan, it is time to contact an experienced Riverside Estate Planning attorney who will sit down with you and discuss what is involved.
A Will provides for those you choose as your heirs to receive your property after your death. It is important to have a financial durable power of attorney to make financial decisions for you if you are unable to do so because of illness or whatever reason. In addition, a health care power of attorney is a document that appoints an agent to make health care decisions for you if you are unable to do so. Finally, a health care directive, or living will, gives you the opportunity to direct what kind of health care you wish to receive if you are terminally ill or in a permanent coma.
Creating an estate plan can be complex and complicated. It would be wise for you to consult with a Riverside Estate Planning attorney who will help you decide what is best for you now and in the future.
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Estate planning is not only important for protecting your property and assets after your death, but it can also provide specific directions on how you wish to be cared for if you are unable to communicate later on.
Estate planning is not a ‘one document fits all’ type; it must be tailored to your individual needs. A document that has become increasingly common is an advanced healthcare directive. The document is similar to a will; however, it includes directions regarding health care in the event you can no longer speak for yourself. You can also appoint a specific person to make medical decisions for you – a health care power of attorney. This individual will make sure your every wish is followed.
No one knows what the future will bring, but it is important to have a plan for the future in the event you become incapacitated. To learn more about an Advanced Healthcare Directive, contact an experienced Riverside Estate Planning attorney who will help you come up with a document that is perfect for you.
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Same-sex relationships are common in the State of California. Estate planning for a modern family can be complicated, especially if children from a previous relationship are involved.
Did you know that in California, a same-sex married couple can file state tax returns either as married filing separately or married filing jointly? Tax laws are constantly changing, however.
Estate planning is important for same-sex couples because the assets may not automatically pass on to the domestic partner unless specifically expressed in a legal document.
If you are part of a same-sex couple, contact an experienced Riverside Estate Planning attorney to determine the best option for your financial situation and goals.
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Are you approaching retirement age or already there? If so, it’s time to concentrate on your legal, financial, and healthcare needs down the road.
An experienced Riverside County Estate Planning attorney can help you protect your assets by discussing the merits of writing a will or trust. He or she can create an estate plan that meets your needs and protects your interests later on.
Your attorney will discuss probate, which is the legal process that settles your estate according to your will. You will discuss how and if you can avoid probate. Elder law protects you through estate planning and protects you against abuse and exploitation.
If you need help transitioning to retirement, contact an experienced Riverside County Estate Planning attorney who will discuss what is best for you and your situation.
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If you have young children, it is important for you to designate someone to raise your children if something happens to you. Designating a guardian in your Will or Trust to take care of your children should be your first priority.
In your estate plan, you should name someone to manage the estate assets for your children’s benefit. This person would be known as a trustee. It is okay for one person to be the guardian and trustee, or you can name two different people if you prefer.
If you are considering creating a Will or Trust, contact an experienced Riverside Estate Planning attorney who will put your mind at ease that you have provided for your loved ones in case of your death.
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