Since so many people go through life without any estate planning documents, some folks finally decide to take the matter into their own hands, quite literally. About 11 years ago, there was an interesting story circulating about a couple of handwritten wills, and we will revisit it here. Thomas Kinkade Thomas Kinkade was a successful artist that called himself the “Painter of Light.” He was quite prolific, and he made a lot of money, but he was also a prolific imbiber of alcohol. In 2012, … [Read more...] about Can You Draw Up Your Own Will By Hand?
Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary. Read on to learn more. … [Read more...] about The Horrors of Dying Intestate
There are different approaches that can be taken when you are planning your estate, and this is why you should work with an attorney to create a custom-crafted plan. This being stated, there are some standard components that make up the basic framework. In an effort to provide you with a starting point, we will share an outline of a basic estate plan in this post. Asset Transfers The facilitation of postmortem asset transfers is at the core of the estate planning process. Everyone has heard … [Read more...] about The Anatomy of a Basic Estate Plan
Learning you have a terminal illness or condition may cause a variety of emotional reactions, making it difficult to think about practical steps you should take. There are, however, some things you should do to protect yourself and your loved ones. With that in mind, a Los Angeles estate planning attorney at Collins Law Firm explains 10 steps to take after receiving a terminal diagnosis. Terminal Diagnosis Steps Contact Los Angeles Estate Planning Lawyers For more … [Read more...] about 10 Steps to Take after Receiving a Terminal Diagnosis
If you have an estate plan in place, you already recognize the numerous benefits an estate plan offers. Once your plan is in place, however, you may struggle with deciding how much (if any) of the details of that plan to share with beneficiaries and heirs of your estate. Ultimately, it is a very personal decision; however, 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. Reasons to … [Read more...] about Should I Share the Details of My Estate Plan?
Have you ever heard the term “probate avoidance” without knowing exactly what it is all about? A lot of people would answer this question in the affirmative, so we will provide an explanation here. Estate Administration The probate court is the specific court that presides over estate matters. When someone dies without a will or trust, the court would supervise the estate administration process. They would appoint a personal representative, and the business of the estate would be … [Read more...] about Why Do People Avoid Probate?
Blended families bring unique dynamics and considerations to the realm of estate planning. As couples with children from previous relationships come together, it becomes crucial to address the complexities and ensure the financial security of all family members. This blog post will explore the importance of estate planning for blended families, discuss key considerations, and provide practical tips to navigate this intricate process. Understanding the Dynamics of Blended Families Blended … [Read more...] about Estate Planning for Blended Families: Navigating Complexities and Ensuring Security
When it comes to planning for the future, many people focus on traditional estate planning to ensure the smooth transfer of assets and the protection of their loved ones. However, a comprehensive approach to planning involves both estate and legacy planning. While these terms are often used interchangeably, they represent distinct concepts and goals. In this blog post, we will explore the differences between legacy planning and estate planning to help you understand the unique aspects and … [Read more...] about Legacy Planning vs. Estate Planning: Understanding the Differences
For many people, life insurance is an integral tool in their estate planning arsenal. If you are counting on life insurance to help achieve some of your estate planning goals, it is imperative that you understand how the proceeds will be treated after you are gone. This is particularly true if you are considering naming a trust as the beneficiary of the policy. The Windsor Hills estate planning attorneys at Collins Law Group explain how paying life insurance to a trust works and why you might … [Read more...] about Can the Beneficiary of My Life Insurance Policy Be a Trust?
Creating a comprehensive and cohesive estate plan often entails the inclusion of tools and strategies that can achieve a wide range of inter-related, though sometimes competing, goals and objectives. If you are part of a blended family, for example, you likely need to provide for your current spouse while also protecting assets intended for your children from a previous marriage. One estate planning tool that can help you do both is a Qualified Terminable Interest Property, or QTIP, trust. The … [Read more...] about What Is a QTIP Trust?