Estate Plans

While advances in medicine allow people to live longer, questions are often raised about life-sustaining treatment terminally ill patients may or may not want to receive. Those who fail to formally declare these wishes in writing to family members and medical professionals run the risk of having the courts make these decisions.

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How do irrevocable trusts fit into my estate plan?

Although many people think that estate planning is only about creating a will, a comprehensive plan considers a number of objectives such as asset protection, avoiding probate, and minimizing estate taxes. One effective tool for achieving these goals is an irrevocable trust.

What is an Irrevocable Trust?

An irrevocable trust becomes effective during a person's lifetime and, unlike a living trust, cannot be amended or modified. In short, the grantor (the person making the trust) permanently relinquishes ownership of property by transferring it into the trust. In this arrangement, a trustee is named to manage the trust assets for the benefit of the beneficiaries.

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How does a personal representative initiate a probate proceeding in California?

If you have been named as a personal representative in a will, you will be responsible for a number of important duties in carrying out the instructions of the deceased. In short, it is necessary to

gather the estate property and transfer it to the beneficiaries through a court-supervised proceeding known as probate.

In order to start the process, you must first obtain Letters Testamentary from the Probate Court in the county in which the deceased person lived. This basically requires submitting the will, the death certificate, and completing a short application which includes a sworn statement that you have been named as the personal representative in the will. The application may also require providing an estimate of the estate's property and debts.

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It’s safe to say that estate planning is about the farthest down on the list of things people want to do in their spare time. Nobody wants to think about what happens when they cease to be a part of this world, and that’s understandable. At the same time, it’s probably accurate to say that when you pass, you want your family to benefit from your hard work and have a legacy to remember you by, without having to go through the hassle of an extensive probate process and legal battles. The best way to show your family that you love and care for them is to ensure that your estate is in order.

A lot of people think that estate plans can be done pretty simply, in a DIY fashion.

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When you start thinking about your estate plan, physical property like your home, your car, and your bank account will often come to mind. However, we live in an increasingly digital age, which means that you may have digital assets that should be included in your estate plan. A digital asset is any electronically stored information that has some value.

If you already have an

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The most basic estate planning tool is a will which establishes how an individual's property will be distributed and names beneficiaries to receive those assets. Unfortunately, there are circumstances when disputes arise among surviving family members that can lead to a will contest. This is a court proceeding in which the validity of the will is challenged.
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Unfortunately, many people do not realize that crafting an estate plan involves more than just creating a will. A will cannot accomplish many things you may want in your estate plan. They can, however, deal with issues such as naming and executor, stating who will be a guardian for your children, and distributing property.

Wills cannot deal with particular types of assets and have little effect on reducing your estate taxes. Instead, other

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Estate planning can be difficult, but it becomes even more complicated when you are planning after your second marriage. There are different issues you need to address when creating a plan after your first marriage. For example, you may want to plan for children born from the first marriage or allocate assets away from certain individuals. Below are a few things that you should consider when creating your estate plan after a second marriage.
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There are several types of powers of attorney. A power of attorney is a legal document that permits another person to deal with your personal affairs on your behalf. They are often used in the event that you become incapacitated or unable to deal with your own financial, health, real estate, or other important issues. They can also be used in situations where you may not have the experience or knowledge necessary to deal with an issue, but a loved one can help you with the problem.
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When someone creates a will or trust, he or she assumes that the document will be iron-clad in terms of legality and clarity. However, this is unfortunately not always the case. Disputes can arise when loved ones do not agree with the will or trust. Conflict regarding the validity of an
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When a person dies with a will in place, an executor is named as the responsible individual for winding down the decedent's affairs. In situations in which a will has not been prepared, the probate court will appoint an administrator. Whether you have been named  as an executor or administrator, the role comes with certain responsibilities including taking charge of the decedent's assets, notifying beneficiaries and creditors, paying the estate's debts and distributing the property to the beneficiaries.

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