Estate planning involves creating legal instruments that will distribute assets to your loved ones when you’re gone. The most commonly known document for doing this is a last will and testament, commonly referred to as just a will. However, because wills need to go through probate court proceedings, which can take months, many people create revocable trusts, also known as living trusts, whose asset distributions and other instructions can be completed quickly outside of probate.
A pooled trust works by pooling the resources of many beneficiaries, but each beneficiary has a separate account for their personal use. When the beneficiary passes away, a portion of the remaining assets may be kept by the trust to assist other members.
Estate planning involves more than just deciding how your assets will be distributed after your death. For parents, it entails making crucial decisions about their children's future, one of which is naming a legal guardian.
A will is not a one-time document; it's a living, breathing legal instrument that should evolve as your life changes. Regularly reviewing and updating your will ensures that it accurately reflects your wishes and protects the interests of your loved ones.
We’ve all no doubt seen those TV dramas where someone in an oak-paneled study reads the contents of a will to an assembled audience of heirs and would-be beneficiaries. Suddenly a gasp or two are heard, and it’s clear that someone or more is bewildered as to why they were left out or shortchanged.
According to various surveys, fewer than 40 percent of Americans even have a last will and testament in place, and the others say they don’t have enough assets to bother or they’re waiting for the proper time, whatever that might be. Granted, no one likes contemplating the end of life, but you should make plans to care for your loved ones when you’re gone.
Taking the time and putting in the effort required to create a comprehensive estate plan is an admirable thing to do to provide for your loved ones in the event of your passing. But what if you end up moving to another state? Does your estate plan remain valid, or do differences in laws from one state to another make it necessary to update your plan? These are important questions to consider as you prepare to relocate.
Whenever someone seeks to create an estate plan to officially document their wishes for their property when they pass away, they obviously want to be able to give their belongings to anyone they choose. But what if someone to whom they would like to leave the property is not a U.S. citizen? Is it legal to leave something to them? What are the parameters for leaving property to a non-citizen?
Drafting a prenuptial agreement can be a wise step to take if you want to add a layer of security to your estate plan. If you’re considering forming a prenuptial agreement in California, call The Elder & Disability Law Firm, APC in Redlands, California.
While you might not find it pleasant to think about, end-of-life care is an important subject to consider while making an advanced care plan. Enlisting the help of an attorney can expedite the process and start you on the path to peace of mind.
