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One of the primary reasons why most people create an estate plan is to ensure that their estate assets are distributed according to their wishes after they are gone. To achieve that goal, most people initially choose to use a Last Will and Testament. While a Will certainly does allow you to decide how your estate assets are distributed after your death, a Will is a rudimentary estate planning tool that has limited functionality. Consequently, you may wish to consider using a trust as your … [Read more...] about 5 Reasons to Use a Living Trust to Distribute Your Estate

For anyone who is new to estate planning, the prospect of creating an estate plan can be an intimidating one. The concepts, language, documents, and even some of the goals are unfamiliar. While every estate plan is unique, the Los Angeles estate planning attorneys at Collins Law Firm offer some common steps in the estate planning process to make the process a little less intimidating. Define your goals.  Before you can really get started with your estate plan you need to sit down and … [Read more...] about Steps in the Estate Planning Process

Given how popular trusts are within an estate plan, there is a very good chance that you will be directly involved with a trust at some point in your life. Trusts are broadly divided into testamentary and living trusts with the latter being further divided into revocable and irrevocable living trusts. If you are faced with the desire to modify or terminate an irrevocable living trust you may assume that it cannot be done; however, that is not entirely true. A Crenshaw trust attorney at Collins … [Read more...] about Can an Irrevocable Trust Be Modified?

Although most people acknowledge the need for a comprehensive estate plan, over half of all Americans do not have one. One of the reasons given for this is the simple fact that estate planning is somewhat intimidating for the average person given the fact that they have no reason to know much about it. The good news is that with an experienced estate planning attorney by your side, you will have someone to explain things to you and guide you through the process. There are, however, several … [Read more...] about How to Do Your Part When Estate Planning

Estate planning can seem a little overwhelming to someone who is new to the concept. Knowing that the components that make up your estate plan will likely represent the most important set of legal documents you execute over the course of your life can be intimidating. Along with the need to make potentially life-altering decisions, you will also need to work with estate planning tools and strategies that are unfamiliar to you. Among the most basic of those tools are a Last Will and Testament and … [Read more...] about What You Need to Know about Wills and Trusts

Once upon a time, living together without the benefit of legal marriage was not considered socially acceptable. Times have certainly changed; however, the law has not always kept up with those changing societal norms. A Baldwin Hills estate planning attorney at Collins Law Firm explains why estate planning is essential for unmarried couples. Cohabitating Becomes the Norm Figures released by the U.S. Census tell us that in 1968 only 0.1 percent of 18- to 24-year-olds and 0.2 percent of 25- … [Read more...] about Why Estate Planning Is Crucial for Unmarried Couples

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 pat of your comprehensive estate plan, the Los Angeles living … [Read more...] about Living Trust Benefits