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

Going through the legal process of divorce can leave you emotionally exhausted. Not surprisingly, it can be easy to overlook the numerous practical steps that should be taken after a divorce. For example, the Los Angeles estate planning lawyers at Collins Law Firm discuss some common estate planning documents that you may need to update after a divorce. Routine Estate Plan Updates Sometimes, failing to update your estate plan can be more detrimental to the disposition of your estate after … [Read more...] about Recently Divorced? If So, It’s Time to Update Your Estate Plan

Over the last several decades, trusts have become an increasingly popular addition to a well-rounded and comprehensive estate plan. One reason for this is the numerous and diverse estate planning goals you can achieve with a trust. Although there are a seemingly endless number of specialized trusts, one thing that all trusts have in common is the need to appoint a Trustee to administer the trust. Appointing a spouse or close friend to be your Trustee may seem like a good idea; however, a … [Read more...] about Your Inglewood Trust Administration: Why a Professional Is Better for You?

There is no doubt that people do some strange things with their money. Surviving loved ones are often surprised to learn that a decedent left the bulk of his/her fortune to charity or that someone was completely cut out of the Will for no known reason. Those surprises, however, pale in comparison to what some people have included in their Will. Believe it or not, the following are actual provisions people included in their Last Will and Testament. The Truly Romantic Well-known comedian Jack … [Read more...] about You Won’t Believe These Last Will and Testament Provisions

Throughout the course of your life you will make thousands of decisions relating to your health and the healthcare treatment you receive. For the most part, you will probably not give much thought to the fact that you have the ability to make these decisions; however, if you were suddenly deprived of the ability to make your own healthcare decisions you would certainly start paying attention! In essence, that is exactly what could happen if you were to become incapacitated and failed to plan … [Read more...] about What Is a Healthcare Directive?

One of the most common estate planning tools is a Power of Attorney. A Power of Attorney, or POA, can be an effective tool to help achieve a wide variety of estate planning goals, as long as the right type of POA is used. In part because people are so familiar with the concept of a POA, the authority granted in one is easily abused or misused. Before you execute a Power of Attorney be sure you discuss your intended goal with your estate planning attorney. In the meantime, a Baldwin Hills estate … [Read more...] about What Type of Power of Attorney Do I Need?

You have undoubtedly heard time and time again how important it is to have an estate plan in place – but has anyone bothered to explain why it is so important?  Over half of all Americans do not have an estate plan in place despite admitting that they too have been told how important it is to have one. Not surprisingly, one of the most common explanations given for the apparent disparity is that people are unsure why they need a plan. A well thought out and comprehensive estate plan can fulfill … [Read more...] about Why Is It Important to Have an Estate Plan?