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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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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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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Have you been served with a probate citation? If so, you have been put on notice that someone is attempting to have a testator’s will admitted to probate.
The citation will include all the information you need, such as who the proponent of the will is and when you must appear in court if you wish to contest the will. It is important that you appear because failure to do so, may result in forfeiting your rights to contest the will.
In order for a testator to create a Last Will and Testament, he or she must possess the mental capacity to understand the consequences of the document he or she is executing.
If you are contesting a will, do not go it alone. Contact an experienced Riverside Estate Planning attorney who will advise you of your best legal course of action and the possibility of success when contesting a will.
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A revocable living trust is similar to a Will - it serves the same purpose, but allows your estate to be administered privately without the involvement of the probate court.
A living trust can be created by transferring assets to be held for your benefit or anyone you name during your lifetime. A revocable living trust gives you the right to dissolve the trust at any time. It allows you to control your assets and makes sure your wishes are met upon your death or incapacity.
If you are considering creating a revocable living trust and have questions regarding how to do so, contact an experienced Riverside Estate Planning attorney who will discuss the process with you.
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When a spouse dies in California without a proper will does the surviving spouse automatically have rights to all assets?”
California law states that the surviving spouse has the right to all of the deceased spouse’s community property unless otherwise stated – unless the spouse specifically leaves something to someone else. This can apply to separate property also.
If you have a question regarding your rights to property after your spouse had died, contact an experienced Riverside Estate Planning attorney who will protect your spousal rights to inheritance.
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