During the creation of your estate plan, you will be required to make numerous decisions. Some of those decisions will seem relatively unimportant; however, others will have a direct impact on the success – or failure – of your overall estate plan. Among the more important decisions you will make are those that involve choosing a fiduciary. A Los Angeles estate planning attorney from Collins Law Firm explains the importance of choosing your fiduciaries carefully when creating, or updating, your … [Read more...] about How to Choose the Right Fiduciaries
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Why Funeral Planning Should Be Part of Your Estate Plan
Your estate planning focus is likely on how you want your estate distributed after your death and/or on how to ensure that loved ones are provided for in your absence. While these are certainly necessary and common priorities in an estate plan, a comprehensive one will also include additional considerations. Funeral planning may not be something you wish to spend much time thinking about; however, there are several reasons why it should be included in your estate plan. Toward that end, the Los … [Read more...] about Why Funeral Planning Should Be Part of Your Estate Plan
Gifting to Grandchildren
If you are fortunate enough to be a grandparent, you understand the joy a grandchild brings into your life. Becoming a grandparent may also prompt you to make some changes to your estate plan if you wish to include your grandchildren in your plan. A Los Angeles living trust attorney at Collins Law Office explains why using a living trust to gift to grandchildren is often a much better option than relying on your Will to make those gifts. Why a Last Will and Testament May Be … [Read more...] about Gifting to Grandchildren
Explain Planning Dilemmas: To Share Or Not Share?
Once you have your estate plan finished, you may start thinking about how much (if any) of the details of that plan you should share with your loved ones. Ultimately, it is a very personal decision – and there is no “right” or “wrong” answer. There are, however, advantages and disadvantages to both choices. To help you decide, the Los Angeles estate planning attorneys at Collins Law Firm offer some things to consider when deciding whether to share the details of your estate plan with loved … [Read more...] about Explain Planning Dilemmas: To Share Or Not Share?
What Is Legacy Planning?
If you already have an estate plan in place you are doing better than over half of the American population. That doesn’t mean that you should stop there though. On the contrary, your head start simply means you now have the foundation you need to do even more with the plan you have in place. In fact, as the Los Angeles legacy planning lawyers at Collins Law Firm explain, the basic estate plan you already have is an excellent foundation for creating a legacy plan. What Is Legacy … [Read more...] about What Is Legacy Planning?
Mistakes To Avoid In Your Last Will and Testament
Your Last Will and Testament may be the most important legal document you create during your lifetime. Your Will has the power to distribute all your assets when you are gone, determine who oversees the probate of your estate, and even let a judge know who you want to be the Guardian for your minor child if one is ever needed. Given everything your Will can do for you, it is important that you avoid making mistakes. To help you avoid making them, a Los Angeles estate planning lawyer at Collins … [Read more...] about Mistakes To Avoid In Your Last Will and Testament
How Are Trust Administration Costs Calculated and Paid?
If you are contemplating the addition of a trust to your estate plan, you likely have several questions. Some of those questions may be related to the costs associated with administering a trust. To help answer those questions, a Los Angeles trust administration attorney at Collins Law Firm explains how trust administration costs are calculated and paid. Trust Basics A trust is a legal relationship where property is held by one party for the benefit of another party. The person who creates … [Read more...] about How Are Trust Administration Costs Calculated and Paid?
5 Reasons to Include a Living Trust in Your Estate Plan
Whether you are creating your first estate plan or updating an existing plan, deciding which estate planning tools and strategies to include will be among your most important decisions. One of the most common of those tools and strategies involves including a living trust in your estate plan. Although you will need to discuss your unique need and goals with your estate planning attorney before deciding if a living trust should be part of your comprehensive estate plan, the Los Angeles living … [Read more...] about 5 Reasons to Include a Living Trust in Your Estate Plan
Why Would I Need a Secret Trust?
Given how popular trusts are, there is a very good chance you will decide to incorporate one into your estate plan. In fact, you might choose to create a secret or semi-secret trust. For those who are unfamiliar with them, a Los Angeles trust attorney at Collins Law Firm explains the secret and semi-secret trust. The Last Will and Testament Most people are familiar with the concept of a Will. At its most basic, a Will is a legal document that allows the Testator (person … [Read more...] about Why Would I Need a Secret Trust?
Debunking Inheritance Planning Myths
Most people recognize the need to have an inheritance plan in place; however, too many fail to recognize when inheritance planning should start. In fact, many people are under the mistaken impression that you must achieve a certain level of material wealth before planning should start. To help clear up some of the common misconceptions about inheritance planning, a Los Angeles inheritance planning attorney at Collins Law Group explains when and why you need to start inheritance … [Read more...] about Debunking Inheritance Planning Myths
