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.
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Reviewing and Updating Your Will
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.
Common Pitfalls of Estate Planning
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.
Leaving an Explanatory Letter as Part of Your Estate Plan
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.
Can I Leave Property to a Non-Citizen?
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?
Do I Need to Update My Estate Plan if I Move to Another State?
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.
Prenups and Your Estate Plan
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.
Can I Give My Kids Their Inheritance Before I Die?
A will or living trust will designate beneficiaries to your estate once you pass on. A will must go through probate proceedings, which at minimum generally takes months, while a living trust mostly bypasses probate except in cases of challenges. Either way, your loved ones will generally have to wait until you’re gone to gain your assets.
Is an Oral/Deathbed Will Valid?
It’s not ideal, but sometimes a person coming to the end of life may want to create a new last will and testament to replace an earlier version or even to create their first will. How does California law cover the concept of a deathbed will?
How Does Life Insurance Factor Into Estate Planning?
The primary goal of estate planning is to provide for your loved ones when you’re gone, although there are several other considerations to be weighed. For instance, you may wish to ensure someone can make your financial and healthcare decisions if you before incapacitated. This can be achieved through a financial power of attorney, an advance health care directive, and a living will.