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Your will is one of the basic components of a well-crafted estate plan. If you die without benefit of a will, you will be considered to have died intestate, and your estate will then be distributed according to state law, not your personal wishes. A correctly drafted and up to date will should be one of the most important and fundamental parts of your estate planning efforts. Identifying Your Assets Identifying the assets in your estate should be one of your first considerations. Deciding what you want to leave and who you want to leave them to usually takes very careful consideration. Assets that can be left in a will are a family home, vehicles, sentimental family heirlooms, cash, stocks, retirement funds, and other personal valuables. While some assets can be passed to…

If you die without a will in Orange County, CA, you no longer control who your estate goes to. In this case, you are said to have “died intestate,” and state law and the probate court distributes your estate by what is referred to as intestate succession. Without a will, your estate will be divided amongst your heirs in accordance with the law, not your wishes. While intestate succession was developed in a way that many people would commonly want their estate to be divided, it may or may not be how you would have wanted your property divided. Consequently, having a valid will in place protects your wishes and the interests of your heirs. How is Property Divided When Someone Dies Intestate in California? When you die, your estate will be…

Although you may plan to leave money or other assets to your children as part of your estate plan, considering their age is important when crafting that plan. Many people overlook the fact that minor children under the age of 18 cannot inherit property in their own name in California. Consequently, when leaving an inheritance to minor children, provisions need to be made to name an adult to manage that property for the children until they can legally do so themselves. Typical Ways That a Child Will Inherit Property Your child can inherit property in several different ways, either through a will, a trust, as the beneficiary of a retirement account or life insurance policy, or through money left for the child as a gift under California’s Uniform Transfers to…

In the past, estate planning was something that only wealthy individuals did. But most of us have an estate, or personal assets and belongings, regardless of how small or large. And estate planning is far more than who we want to distribute our belongings to after we die. It is who will act as guardians to our children if the unthinkable happens. Or who will take care of us and make critical decisions if we become incapacitated. Not having a concise estate plan may lead to great confusion if our family is confronted with end-of-life matters and need to guess what we would have wanted. While a will is one of the foundational documents of an estate plan, estate planning itself is far broader than just a will and can…

Unfortunately, when a family member passes away, it brings out the good as well as the not-so-good in family dynamics. There may be times when a family member thinks they are entitled to something that the won’t specify or disagrees with how the estate is being settled. In some instances, family members have very valid concerns about a will’s legal validity or have suspicions of undue influence on their loved one. When these matters arise, it is important to get skilled legal counsel to help navigate concerns or disputes in the most peaceful and fair way possible and to ensure that the will was created and executed lawfully. Preemptive Estate Planning Resolving disputes before they happen is one of the primary reasons for preemptive estate planning. Proper estate planning helps reduce family disputes before…

Estate planning for young parents usually has more to do with who will take care of their minor children than it is about who to leave their estate to. Naming a guardian in your will ensures that you make that choice and not the probate courts. When you have minor children, it is essential for parents to have this estate planning tool in place, even if you have few financial assets. A guardian is someone you will name in your will who, should both parents die, will have custody of your children, manage the financial assets and property of the children, or both. Protection For Minor Children When both parents die, California probate courts will need to intercede to name someone who they feel can best take care of the children. But most parents…

A living trust is one that you create during your lifetime, allowing you to have control over the assets in it as a trustee. Creating a living trust is one of the most fundamental ways an individual can provide a seamless transfer of assets when they die. Creating a trust and then funding it with your assets means that the trust now owns those assets and, upon your death, they will be transferred to the beneficiaries of the trust without going through the time-consuming process of probate. But there are times when the trustor wants to make changes to a living trust. There may have been changes in beneficiaries, such as a new birth or death in the family, or an asset has been sold, or the trustor has had a…

While many estate planning documents focus on what becomes of your property after you die, other critical documents provide for who should be responsible for your healthcare decisions, property, assets, and obligations when you are alive but unable to do it for yourself. How Does a Power of Attorney Work? To designate someone to handle these types of responsibilities, you will want to have a power of attorney. Appointing a power of attorney allows someone other than yourself to make important decisions on your behalf, including financial and medical decisions for you. Unfortunately, without a power of attorney, your family may be left to have the court appoint someone to handle these matters for you. Having a power of attorney designated ensures that you make this decision for yourself and elect someone…

Just like your life is fluid and subject to change, your estate plan should also be. Having a well-developed estate plan is only as good as how effective it will be, considering your current situation. Estate planning is not a one-time occurrence, but it should be revised with any changes in your assets, personal relationships, and expectations. If you want your estate plan to protect you and reflect your wishes when it matters, you need to be proactive in keeping it updated. Life Changes Can Alter the Effectiveness of Your Estate Planning Documents None of us can predict the changes that may occur in our lives. Life comes with multiple changes, including new family members, divorces and remarriages, deaths, or even changes in philanthropic interests. Each one of these can have…

In order for a last will and testament or living trust to be valid and enforceable, the person creating the document must have the requisite mental capacity. This is similar to needing the capacity to get married, sign a contract, make medical or financial decisions, and other important aspects of life. When someone with standing calls into question the capacity of a testator or trustor, the will or trust could be rendered invalid. But how does California decide when someone is incapacitated for estate planning purposes? California Probate Laws Probate laws in California define testamentary incapacity as: The individual does not have the sufficient capacity to: Understand the nature of creating the trust or will Understand and remember the nature of their own property at issue in the trust or will, OR Recall…