Clients often ask where they should keep their Will and Trust. Although some people ask their attorney to hold the original documents of their estate plan, Forbes’ recent article, “Keeping Your Estate Planning Documents Safe,” explains that, because of the expense of storage and the move to paperless offices, many estate planning attorneys are now having their clients hold the original documents. I believe that is the right answer. I’ve seen well established law firms with se

Marital property in community property states is owned by both spouses equally, according to nj.com’s recent article, “Does this house really become community property after marriage?” Let’s imagine you own a home before your second marriage and created a will leaving the condo to a child. However, you sold the home and purchased another house in your name using funds from the sale and your own funds. Does your new spouse own half the house, even though it’s in your name beca

Estate planning with a will (as opposed to a living trust) often carries with it the need to involve a court process called probate to transfer assets out of a deceased person’s name after they pass away. In states such as California, probate is a lengthy, public, and expensive process that most people are highly motivated to avoid. That is why I love estate planning with transfer on death accounts as a probate avoidance tool. By changing some accounts to transfer on death (T

Once your child graduates from high school, it’s important to recognize that many things change from a legal standpoint, including the need for some basic estate planning documents for children over 18, according to grbj.com in “Give your graduate the gift of legal documents.” Here are several recommended steps you can take to get a basic estate planning foundation in place for an adult child, so parents can still be involved and assist their children when needed: Have Adult

Imagine that a perfectly fine, aging-well parent has a minor stroke and is no longer able to manage their financial or legal affairs. What happens, asks the Daily Times, when you are confronted with this scenario in the aptly-titled article “Senior Life: What a nightmare! Untangling a loved one’s finances”? Estate planning attorneys know how stressful of an event this can be if an aging parent has not planned in advance by getting the appropriate legal documents in place. It

Many people don’t understand that their will (or trust) doesn’t always control all of their assets. Some of a person’s assets pass by beneficiary designation. That’s accomplished by completing a form with the financial institution that holds the asset and naming who will inherit the asset upon your death. While legally effective, there are common beneficiary designation mistakes that can lay estate planning traps for the unwary. Kiplinger’s recent article, “Beneficiary Design

There are many reasons to have a Living Trust. Living trusts (also called revocable trusts and revocable living trusts) are a great estate planning option for people who own real estate or any significant investments, for those with more complicated family situations (including concerns of an heir who may challenge their estate plan), those with concerns of diminished capacity in later years, or those who simply value privacy over their affairs and want to ensure a smooth and

Avoiding probate is a major estate planning objective of many California individuals and families. Probate is the legal court process necessary to recognize a person’s death, and administer their estate according to the terms of their will, or according to the laws of intestate succession of their was no will. The probate process in California can be lengthy and expensive for those who have a will, and even more so for those without one. For example, the median value of a Bay

Estate planning is a very personal process. If you’re childless, it’s actually much more important to have an estate plan than you might realize. When a person has no children or close relatives (other than perhaps a spouse), the decisions needed to create an estate plan can be overwhelming. Kiplinger’s recent article, “No Children? Why You Still Need an Estate Plan,” provides some ideas: Incapacity Planning Documents Everyone should have an advance healthcare directive and a

Estate planning is something new parents need to put at the top of their must do list. I know you may be sleep-deprived, overwhelmed, and frazzled. But don’t let that become an excuse to put off your estate planning. Having a child dramatically changes one’s estate plan and makes having that plan all the more necessary, says ThinkAdvisor’s recent article, “5 Legacy Planning Basics for New Parents.” Create a checklist—and set attainable dates to complete the items. Here are fi

When looking into charitable giving, it can easily become overwhelming. Talking to an experienced estate planning attorney can help make this a simple part of your estate planning that you feel great about. The Press & Guide’s recent article, “Estate planning and charitable giving,” explains that there are a number of ways to incorporate charitable giving into an estate plan. It is something that almost anyone can do. Let’s look at some common ways to give: Giving in your wi

More than 50% of Americans don’t have a will, according to a 2017 survey by Caring.com. A U.S. News & World Report’s article asks “Should You Make a Free Will Online?” According to the article, before writing your will or using an online service, you need to know the legal requirements in your area. In many instances, this is best left to a legal professional in your state. There are plenty of online tools that will help you create a will. However, before clicking on a websit

Fox 5 NY says in the article “Why estate planning is important regardless of your age or wealth” that this is great time to begin talking to your loved ones about estate planning, especially older relatives and parents. The key to a successful discussion with your parents about estate planning depends upon the right approach. Try to always make suggestions, rather than demands. One great way to start the conversation with family members, is to mention what you’re doing. You m

Estate planning is fairly easy to do. That said, it is also very easy not to do (as evidenced by the statistics on the subject). Therefore, it is helpful to understand the reasons why putting together your estate plan is so important.  Awareness of the importance of estate planning can help propel you into action. Investopedia’s recent article, “4 Reasons Estate Planning Is So Important,” says you should consider the following four reasons why you should have an estate plan.

Your estate plan has a big impact on your finances and should be considered as important as your investment portfolio, says Wealth Management in the recent article “Eight Simple Estate Planning Review Items for 2019.” Here are the items that may need your attention: Beneficiary designations When was the last time you checked these? Beneficiary designations are usually created when an account is initially opened, and often that’s the last time people see them. That is a huge m

If you’re concerned about family conflict after you pass away, you must have an estate plan to minimize that potential for conflict by making your wishes clear and legally documented. Unfortunately for families, most people (whether they are concerned about conflict or not) never get around to estate planning. In fact, research shows that about 60% of U.S. adults don’t have even a simple will. For those that do have a will, they often fail to recognize that not all of their p

The number one estate planning mistake is failing to have or to update an estate plan, says the Times Herald in the article “Top six estate planning mistakes.” Therefore, start by working with an estate planning attorney to create an estate plan, and you’ll be way ahead of most Americans. Why does this matter? An estate plan allows you to stay in control of your assets while you are alive, provide for your loved ones and for yourself in the event you become mentally or physic