Life is a series of ups and downs, twists and turns. As you journey through its various phases, your priorities and needs evolve. The same should apply to your estate plan. Major life changes like marriage, divorce, the birth of a child, or even retirement require immediate attention to your estate planning documents. Here’s how you can effectively update your estate plan to adapt to these significant milestones. Identifying the Trigger Points First and foremost, recognize what constitutes … [Read more...] about How to Update Your Estate Plan After Major Life Changes
Estate Planning
How to Choose the Right Executor or Trustee for Your Estate Plan
When it comes to estate planning, the significance of choosing the right executor for your will or the right trustee for your trust cannot be overstated. These individuals will have considerable responsibilities, such as distributing assets, settling debts, and making vital decisions. Making the right choice will ensure that your estate plan unfolds seamlessly. Here's how to make that important decision. Assess the Complexity of Your Estate Firstly, consider the complexity of your estate. … [Read more...] about How to Choose the Right Executor or Trustee for Your Estate Plan
Prioritize Health Care Directives in Your Estate Plan
When discussing estate planning, most people think of wills, trusts, and asset distribution. Yet, an often-ignored but crucial aspect is planning for incapacity with health care directives. In this blog, we’ll explore why including a living will, a durable power of attorney for health care, and a HIPAA release in your estate plan is essential for a comprehensive approach. Living Will A living will is a legally binding document that outlines your preferences regarding life-support treatments. … [Read more...] about Prioritize Health Care Directives in Your Estate Plan
Estate Planning in Four Simple Steps
Surveys are conducted that ask people if they have wills or trusts in place. Year after year, they find that most people are completely unprepared from an estate planning perspective. Interestingly enough, the majority of these people say that they know that it is an important responsibility. Why do they fail to act? One reason is that they simply do not know where to begin, and with this in mind, we will share some steps that will help you get started. Assess Your Assets The first step you … [Read more...] about Estate Planning in Four Simple Steps
Estate Planning Is Not a One-and-Done Endeavor
A crucial part of prudent financial planning is having a robust estate plan. An estate plan provides not just peace of mind, but also a comprehensive roadmap of how your assets will be distributed after your demise. However, what most people overlook is that estate planning isn't a one-and-done task. To ensure its relevancy and effectiveness, your estate plan requires regular reviews and updates. So, why is this essential? Let's delve in. Life Changes The most apparent reason is life's … [Read more...] about Estate Planning Is Not a One-and-Done Endeavor
Dangers of DIY Estate Planning
Estate planning is a complex and important process that involves making critical decisions about the management and distribution of your assets. With the availability of online resources and DIY estate planning kits, it may be tempting to tackle estate planning on your own. However, there are significant dangers and potential pitfalls associated with DIY estate planning. In this article, we will explore the risks of do-it-yourself estate planning and highlight the benefits of engaging an … [Read more...] about Dangers of DIY Estate Planning
Are Your Digital Assets Included in Your Estate Plan?
When you create your estate plan you should make a written list of all the assets you own. In today’s electronic world, that includes your digital assets. Despite living in a digital world, people frequently fail to recognize and include digital assets in their estate plans. With that in mind, a Los Angeles estate planning attorney from Collins Law Firm encourages you to include your digital assets in your estate plan. What Are My Digital Assets? In just a short time frame, the … [Read more...] about Are Your Digital Assets Included in Your Estate Plan?
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
Steps to Take Following the Death of a Loved One
Following the death of a loved one it can be difficult to know what to do first. There are so many practical and legal steps you will need to take. It can be overwhelming and difficult to focus on the steps you need to take because of the grief you are experiencing. The exact steps that need to be taken will vary depending on the circumstances; however, a Los Angeles estate planning attorney at Collins Law Firm explains offer some steps to take following the death of a loved … [Read more...] about Steps to Take Following the Death of a Loved One
Show Your Love by Creating an Estate Plan
Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan … [Read more...] about Show Your Love by Creating an Estate Plan
