Many people immediately think about last wills when the subject of estate planning comes up. Indeed, you can use a last will to state your wishes regarding the distribution of your assets after you pass away. However, you have other options, and a last will is not always the best choice. Even if you do not have a complicated situation, you should understand the fact that your estate must go through probate if you use a last will. Topics covered in this report include: Last Wills … [Read more...] about Free Report: What Is California Estate Planning
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What Is an Executor in California?
Estate administration is something that you should be informed about when you are putting your estate plan together. There are various business-related tasks that must be completed after you die to make your wishes come to fruition. If you use a last will to facilitate asset distributions after your passing, the estate administrator would be called the executor. We will use the term executor here for the sake of simplicity, but in some cases, a female estate administrator will be referred to as … [Read more...] about What Is an Executor in California?
When Does a Power of Attorney Become Effective?
Incapacity planning is an important facet to consider when you are devising your estate plan. Many people become incapable of making sound decisions on their own at some point in time, and you can account for this through the creation of a certain type of power of attorney. Durable Powers of Attorney With a power of attorney, you as the grantor name an agent or attorney-in-fact. This agent does not have to be a licensed lawyer; any adult who is of sound mind who is willing to assume the role … [Read more...] about When Does a Power of Attorney Become Effective?
Does a Revocable Living Trust Provide Asset Protection?
Some people are under the impression that trusts are only useful for high net worth families. It is true that there are trusts that are used by people who are wealthy, but there are other types of trusts that can benefit "the rest of us." One of them is the revocable living trust. A revocable living trust is a vehicle of asset transfer that provides a great deal of flexibility. When you look at the name of the trust, you get some immediate insight: You can revoke this type of trust at any time. … [Read more...] about Does a Revocable Living Trust Provide Asset Protection?
What Steps Can I Take to Preserve My Legacy?
You can view estate planning in one of two ways. It can be perceived as a very basic effort to facilitate asset transfers after you die, but you could choose to take a more comprehensive approach and engage in the process of legacy planning. This is a very profound endeavor. When you craft your legacy, you proactively make an effort to have an impact even after you are gone. This can be personally rewarding, and it can certainly be of tremendous value to the loved ones that you will be leaving … [Read more...] about What Steps Can I Take to Preserve My Legacy?
Are There Different Types of Special Needs Trusts
Special needs trusts can be used to provide for people with disabilities who are concerned about the preservation of government benefits. Many people who have special needs are unable to work, so they have very limited resources. As a result, they qualify for Medi-Cal as a source of health insurance, and they receive income through the Supplemental Security Income program. There are essentially two different types of special needs trusts that are utilized. The major difference between them is … [Read more...] about Are There Different Types of Special Needs Trusts
Do You Have to Impoverish Yourself to Qualify for Medi-Cal?
Why would you want to qualify for Medi-Cal if you are going to be eligible for Medicare coverage when you reach the age of 65? This is a very good question, and you should certainly be aware of the answer when you are creating a plan for long-term care. Living Assistance The United States Department of Health and Human Services tells us that most senior citizens will someday need living assistance. This is a likelihood, not a remote possibility. In fact, the figure stands at 70 … [Read more...] about Do You Have to Impoverish Yourself to Qualify for Medi-Cal?
Why Would I Need a Pour-Over Will?
If you are contemplating your estate planning choices, you may logically look at a will versus a living trust as an either/or proposition, like paper or plastic. In fact, if you were to use a revocable living trust as your primary vehicle of asset transfer, you should also have a couple of different wills tucked away within your estate planning portfolio. Personal Property When you create a revocable living trust, you convey assets into the vehicle. You can act as the trustee and the … [Read more...] about Why Would I Need a Pour-Over Will?
Can a Living Trust Be Contested?
A living trust as an estate planning tool that provides numerous different benefits. The first thing you should understand about a living trust is that you do not have to be wealthy to enjoy these benefits. A living trust can be of value to people who are of relatively ordinary means, and this type of trust actually would not satisfy some of the objectives that very high net worth individuals have. When you have a living trust in place, you can go forward with peace of mind, because you still … [Read more...] about Can a Living Trust Be Contested?
How Can I Provide for My Pet in My Estate Plan?
When you devise your estate plan, you take legal steps to protect the interests of your loved ones. Clearly, you are going to take care of all the family members that are close to you, but you may be surprised to hear that many people overlook an important family member. You see, some family members walk on four legs. If you are a pet owner, you may want to consider the well-being of your pet when you are putting your estate plan together. To be purely objective, many younger pet owners are … [Read more...] about How Can I Provide for My Pet in My Estate Plan?
