800-282-4731
Recent Blog Posts
Is Probate as Bad a Process as People Say?
Probate is the legal process through which the assets of a deceased person are distributed to their heirs. It often gets a bad rap in society, with many referring to it as a long and expensive process. While probate can be time-consuming and costly in some cases, it is not always as bad as it is portrayed. Today, we will explore some of the common fallacies about probate and help you understand whether it is all that bad. In any case, an estate planning attorney can be an excellent resource as you work through the process to ensure everything is completed correctly.
Here is What You Need to Know About Probate
Something many people get wrong about probate is that it always takes an excessive amount of time. In reality, the amount of time it takes to get through probate can vary significantly depending on the individual circumstances. For instance, suppose the estate is simple, with few assets or beneficiaries. In that case, the probate process may prove to be a quicker one.
What to Do if Your Loved One Will Not Make a Will
As our loved ones age, the topic of estate planning and creating a will become more pressing. Unfortunately, some elderly individuals may refuse to make a will, despite the benefits and necessity of doing so. This can leave family members feeling frustrated and unsure of how to proceed. Today, we are going to discuss what you should do if your elderly loved one is refusing to create a will. Remember, an estate planning attorney can be greatly beneficial during this time, as they can assist in creating a will and provide professional guidance on how to broach the subject of creating a will with your loved one.
Considerations if Your Loved One Is Apprehensive Toward the Idea of Making a Will
First, it is essential to understand why some elderly individuals may be resistant to creating a will. Some may believe they do not have enough assets to warrant a will, while others may be uncomfortable discussing their mortality. Additionally, some may be concerned about the cost of creating a will or may not be aware of not having one. One approach to encouraging an elderly loved one to create a will is to have an open and honest conversation about the benefits of doing so. This can include discussing how a will can provide peace of mind for both the individual and their family members and how it can ensure that their wishes are carried out after their passing. It may also be helpful to address any concerns or misconceptions that the individual may have about creating a will.
The Unique Benefits of Irrevocable Trusts in California
Estate planning gives you the opportunity to manage and distribute your assets in a way that maximizes the usefulness of those assets. Most people equate estate planning with having a will, but a will is just the beginning of your estate planning options. Trusts offer greater benefits than a will alone. There are many different types of trusts designed for many different purposes.
An irrevocable trust is a particular type of trust that allows for tax planning and asset protection opportunities.
How Does an Irrevocable Trust Work?
With any trust, a trustee is named who controls assets and manages them until they are distributed to beneficiaries. Trust assets bypass probate. One of the main differences between a revocable trust and an irrevocable trust is that a revocable trust can be modified or dissolved at any time. An irrevocable trust is much harder to change and typically requires the approval of all beneficiaries before it can be modified.
Understanding Testamentary Capacity in a California Estate Planning Dispute
A last will and testament and other estate planning instruments allow a person to decide in advance how their assets will be distributed to heirs. The decisions contained in a person's estate plans are deeply personal, and most people think long and hard about how they want their assets to be divided among their loved ones or other beneficiaries. Consequently, it is crucial that any will, trust, or other estate planning document represent an individual's true intentions. When a person suffers from dementia or another illness that affects cognition, this is particularly important.
In order for a will to be legally valid, the person making it must have testamentary capacity. Testamentary capacity is a legal concept that ensures that an individual's estate planning decisions are being made by someone who is mentally competent.
4 Reasons to Create an Estate Plan That Have Almost Nothing to Do With Money
An estate plan is essential for everyone. For many, the primary purpose of creating such a plan is to ensure that their finances and assets are distributed according to their wishes when they pass away. But there are other reasons to create an estate plan besides money. Here are four of them.
Reason #1: Privacy Concerns
In many states, probate court proceedings are matters of public record. This means that any documents filed in connection with a probate case could be available for anyone to view. Such documents generally include wills and other estate planning tools that might contain sensitive information about your finances or private family matters. With an effective estate plan and the strategic use of various trusts, you may be able to avoid probate court altogether, thereby keeping your affairs private.
What Is Undue Influence and How Do I Prove It?
When a person passes away, it is not uncommon for heirs, beneficiaries, family members, or other interested parties to become suspicious of the decedent’s estate planning decisions. In some cases, a deceased person may have been subject to undue influence just before their passing—an act that can invalidate the will and any other affected estate planning documents. But what is undue influence? And how can you prove that your loved one was unduly influenced? Let's find out.
Understanding Undue Influence
In the realm of estate planning, undue influence refers to when someone manipulates another person into making decisions they would not normally make. This manipulation can be emotional, psychological, physical, or financial. It often occurs in instances where an elderly person or someone who is not mentally sound is taken advantage of by another party who wishes to gain control over their estate. In many cases, the victim may not even understand the implications of the decision they are making until after they have signed the document. If the person is manipulated, forced, or tricked into adding or removing certain provisions or beneficiaries, challenging the document could lead to the whole thing being invalidated by the court.
How a Special Needs Trust Can Help You and Your Family
It can be incredibly challenging to plan for a time when you are not around to care for your loved ones. However, facing this reality by creating an estate plan is one of the most selfless actions you can take. This is especially true if you have a child, sibling, or another close loved one who has a serious disability. If you have been responsible for caring for a loved one who cannot care for himself or herself, you may want to find a way of providing for him or her after you pass away. One way to do just this is through an estate planning tool called a special needs trust, also known as a supplemental needs trust.
Planning for the Care of a Loved One with Special Needs
A special needs trust or supplemental needs trust is an estate planning instrument that can be critically important to individuals who provide care for a disabled loved one. This instrument works by allowing the individual to place funds in the trust, which can then be used for the future care of their disabled loved one. A special needs trust allows you to put aside money for your loved one without affecting the disabled person’s eligibility for government assistance programs. Special needs trusts can be funded through gifts and inheritances or a lump-sum settlement. Without a special needs trust, money left to your loved one could potentially disqualify him or her from certain government aid programs.
Do I Need a Durable Financial Power of Attorney?
A power of attorney (POA) is a document that gives a person the legal authority to make decisions for you. A durable financial power of attorney is an important part of a comprehensive estate plan. With a durable POA in place, you can ensure that someone you trust will be able to manage your finances if you become incapacitated.
What Is a Durable Financial Power of Attorney?
A financial power of attorney gives another person the authority to manage your finances. The person you designate as your agent may have the power to address multiple financial issues, including paying your bills, depositing or withdrawing money from your accounts, and buying or selling property on your behalf. When a POA is "durable," this means that it will remain in effect if you are ever incapacitated, which may include any situations where you cannot make decisions for yourself or express your wishes to others.
Should I Include Funeral Planning in My Estate Plan?
Estate planning most commonly considers the property left behind by a recently deceased individual and how it should be disposed of, in addition to potential end-of-life situations and the care desired by the planner in the event of future incapacity. These topics can be challenging to contemplate, as they force the planner to contemplate their own mortality. Often overlooked is planning of a practical nature for how the family is to proceed in the immediate aftermath of the estate planner’s passing.
In California, there are legal mechanisms by which a person can effectively make arrangements for their own funeral services and the disposition of their remains. These topics can be even more difficult to contemplate, let alone establish concrete plans for. However, planning for funerary arrangements can not only keep important decisions in your hands but also provide significant benefits to your surviving loved ones. If you are able, it is prudent to make such arrangements during your own lifetime.
5 Ways to Leave Your Mark Using Your Estate Plan
Being forgotten is a common fear associated with death. Everyone wants to be remembered fondly long after they have passed away. Aside from the immediate financial benefits, a desire to be remembered can be a driving factor for those who have flocked to Los Angeles seeking stardom. Luckily, you do not need to make it as an actor or musician to leave a lasting legacy. You can use your estate plan to continue benefiting not only your descendants for generations to come, but the community as a whole. Charitable giving is a noble way to continue serving your community long after you have gone. Business owners may have additional opportunities. If you are interested in leaving your mark on your loved ones and Los Angeles alike, you should speak to an attorney about how you too can build a legacy using your estate plan.
Your Estate Plan Can Help You Leave a Lasting Legacy
No matter who you are in life, you can do real good in the world after death. Some ways that you can leave a lasting legacy in your estate plan include:
Our firm serves clients throughout California, including Los Angeles, Anaheim, Encino, Riverside, San Diego, Monterey, Sacramento, San Jose, Palo Alto, San Francisco, and Oakland.
Contact Our Firm
The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.
I have read and understand the Disclaimer and Privacy Policy.
