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A revocable trust can be an essential estate planning tool. It allows you to protect and manage your assets while you are alive but provides for their management and distribution to your beneficiaries should you become unable to do so or pass away. A revocable trust allows you to make changes to it and even revoke it entirely at any point during your lifetime. How a Revocable Trust Works A trust is a separate legal entity that can own assets. Once you have funded your trust, the trust then owns these assets. Assets in the trust will be managed according to its terms by a trustee, which can be you and other co-trustees. If you become incapacitated or die, a co-trustee can continue to manage the assets in the trust or distribute…

The death of a spouse is always a tragic event and can result in not only emotional but also financial uncertainty for the widow. While many assume that if their spouse dies, they will automatically inherit everything, in states like California, this is not always the case. How do California Laws Work When a Spouse Dies? When a spouse dies in Orange County, CA, property that was held by the deceased must first be divided into community and separate property. California is a community property state, meaning that assets and debts acquired by a married couple become part of their community property and are shared equally between them. Assets that were acquired before the marriage, however, remain separate property owned by each spouse individually. In California, the surviving spouse is…

When a family member cannot care for themselves, it may become necessary for someone else to step in to provide that care. In California, when that person is a child, a guardian will be appointed to care for the child. But when that individual is an adult who has become incapacitated, the court will appoint another individual to perform those duties. The legal process of doing this is called conservatorship.  A conservatorship can be established by the court if they have determined an adult is incapacitated and unable to manage their personal needs or financial affairs by themselves. When that happens, the court will appoint another individual called a conservator to perform those responsibilities on their behalf. Is a Conservator the Same as a Power of Attorney? While a power of attorney is…

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…