estate planning documents « Morgan Law Group

Posts Tagged ‘estate planning documents’

Orange County Living Trust Attorney Talks Disasters and Estate Planning

Thursday, May 12th, 2011

The earthquake and tsunami in Japan…

The massive tornado outbreak in the southern United States…

Serious flooding in the Midwest…

Wildfires in Texas…

These are just a few of the natural disasters making headlines.

Just listening to the news is heartbreaking.

Any of these disasters can strike at any time.

If it happened to your hometown tomorrow, would you be prepared?

One of the most important things you can do for your family is to plan ahead.

You need to have a disaster plan in place so that everyone knows what to do if disaster strikes.

Everyone needs to know where to meet, what to have on hand if you need to evacuate, and what each person’s role is in the evacuation process.

But have you planned your estate to take care of your loved ones if the worst happened in one of these disasters and you were no longer there?

You should.

Here are the basics you need to have in place, just in case disaster strikes:

Estate Planning Documents

1. Will

The most crucial estate planning document is a will. It tells the courts who your heirs are and appoints a guardian if you have small children. If you haven’t made a will, do it today. If you die without one, the state gets to decide who gets your money, your possessions and who cares for your children.

And one very important note – never keep the original of your will at home. Keep a copy and have one original with your attorney and one original in another location with someone you trust that does not live near you. If the worst happens, the originals in your attorney’s office or in your home could be destroyed. If you have another original in another location, you’ve covered your bases.

2. Durable Power of Attorney

This document names the person you want to pay your bills and manage your money if you are unable to do so due to some physical or mental impairment. The person you name is your representative and can act on your behalf to handle your money and financial obligations in your place.

3. Durable Power of Attorney for Health Care

This document names the person you want to make decisions for you regarding your medical care if you are not able to do so. Make sure your doctor has a copy of this document in your file and make sure the person living in another location who has a copy of your will has a copy of your Durable Power of Attorney for Health Care as well.

4. Living Will

A living will tells your health care providers and your family exactly what kind of medical treatment you want and don’t want if you can’t tell them yourself.

These four documents represent the very basics of estate planning. It really does pay to plan ahead. Get your affairs in order now before disaster strikes and make sure you’ve taken care of your loved ones and that they know how to take care of you should the need arise.

Call us and we’ll talk about all these issues before you proceed.

Schedule your Family Wealth Planning Session today. Our Family Wealth Planning Session is normally $750, but this month I’ve made space for the next two people who mention this article to have a complete planning session with me at no charge. Call today and mention this article.

Tags: durable power of attorney, estate planning documents, living will, orange county living trust attorney
Posted in Orange County Estate Planning, Orange County Wills and Trusts | No Comments »

Newport Beach Estate Planning Attorney Talks Gifting to Nieces and Nephews – What You Don’t Know Can Hurt You (and Them)

Wednesday, March 9th, 2011

As a Newport Beach estate planning attorney, I want you to picture this scenario…

You’ve worked hard, saved and managed to accumulate some wealth.

You’re not a robber baron by any means but you’re comfortable. Your siblings haven’t fared as well and you want to make sure that their children have the benefit of a solid higher education. With no children of your own, it seems the right thing to do.

So you set up 529 college education savings plans for your nieces and nephews, make them the beneficiaries, and mention everything in your will.

And life goes on…

You don’t give it another thought beyond making regular contributions. You move to another state. You divorce.

All the things that happen in the normal course of living.

You know as far as Newport Beach estate planning goes, you need to change the beneficiary of your estate and name another executor (both are still your former spouse) but you never really get around to it.

And then the unthinkable happens. You die unexpectedly, with no time to make those changes you sincerely intended to make.

This is where things can quickly fall apart for those nieces and nephews you so wanted to take care of.

To make sure your wishes are carried out exactly as you intended, take these steps now to protect those 529 college education savings plans:

Name One or Both of the Child’s Parents as Participant or Owner

If you name your niece or nephew as the “beneficiary” of the 529 plan as a gift, you must add one or both of the child’s parents as the Participant or Owner. This gives them actual control over the 529 account. They can even change the beneficiary. If the child’s parent is not listed as an owner or participant, the plan will be considered part of the estate (which would then belong to your former spouse in this instance). Your niece or nephew would need the executor (again, your former spouse) to essentially turn the plan over to them in writing. And the executor and beneficiary of your estate would be well within their legal rights to refuse. Is that a risk you really want to take?

Update Your Will

I know you’ve heard this at least a thousand times but I’ll say it again because it is critically important in situations like this. If you undergo any kind of lifestyle change (i.e., divorce, death of a spouse or child, become incapacitated, move to another state, etc.), take the time required to have your will updated. This kind of situation happens all the time. The former spouse, as both executor and beneficiary, controls the 529 college savings funds because of a failure to properly set up the funds. If you’re going to the trouble of setting up a 529 fund and make regular contributions to it, take the necessary steps to ensure that money is used for what you intended.

Don’t Leave Assets or Insurance Outright to Your Nieces or Nephews

If you leave either assets or insurance directly to your nieces or nephews and they are minors at the time of your death, their parents will have to go to court to be named as guardians to gain access to these assets. Needless to say, that just adds another layer of complexity and more expense to the process.

Have Your Newport Beach Estate Planning and Financial Documents Thoroughly Reviewed

When you update your will, make sure that all your estate planning documents are reviewed, cross-referenced and do not contradict each other. Also, make sure that the person or persons you’ve named as beneficiaries and owners of your accounts are coordinated with your estate planning documents and that all your documentation supports your ultimate goals and objectives.

I can’t emphasize enough how important it is to have current estate planning documents. And this is especially true if you have 529 college education savings plans set aside for nieces, nephews, great-nieces or nephews, etc.

If you have started a 529 plan or would like to and would like an expert opinion on how a plan like this should be handled, call us to schedule your Family Wealth Planning Session today. We can identify what needs to be done to ensure that you have the appropriate language in the plan to make sure that the money goes exactly where you intended. Our Family Wealth Planning Session is normally $750, but this month I’ve made space for the next two people who mention this article to have a complete planning session with me at no charge. Call today and mention this article.

Tags: 529 plan, estate planning documents, newport beach estate planning
Posted in Orange County Estate Planning, Orange County Wills and Trusts | No Comments »

Orange County Probate Attorney Reveals the Top 8 Steps to Take Following the Death of a Loved One

Monday, January 31st, 2011

As an Orange County probate attorney, I know the days and weeks following the death of a loved one can be overwhelming. You may have a funeral or memorial service to plan, important people to contact and a stack of loose ends to tie up. Not to mention, you’re grieving! Sometimes it’s challenging enough to get out of bed, let alone deal with the required tasks of administering an estate.

Fortunately, knowing where to start and learning how to prioritize things can make a huge difference in preserving your sanity during this difficult time. Following a checklist will also help to ensure that you don’t overlook any important steps in closing out your loved one’s affairs.

So with that said, I put together a priority list of things to do immediately following the death of a loved one in the state of California. These steps are in no particular order, but should all be completed as soon as possible after a death occurs:

1. Secure any property- If your loved one owned a home(s), I would advise you to waste no time in removing the valuables and getting everything locked up tight. This will not only keep the house safe from criminals and vandals, but it will also help to ensure friends or family members will not start “administering the estate” and taking what they believe to be theirs before the proper time.

2. Request certified copies of the death certificate- You will need a certified copy of the death certificate to claim social security benefits, transfer property, close out bank accounts and handle any other financial affairs. You can typically order a copy of the death certificate from the funeral home or get a copy from the Orange County Health Care Agency here.

3. Freeze financial accounts- You’ll want to take an inventory of your loved one’s financial affairs as soon as possible following his or her passing. Essentially you’ll want to make sure all automatic debits are stopped and a freeze is placed on bank accounts and credit cards that are not jointly owned. You’ll also want to stop any automatic deposits scheduled to hit the bank account before you officially close it out.

4. Locate estate planning documents and contact a probate attorney- The steps you must take to administer your loved one’s estate will depend on the documentation he or she had in place at death. If your loved one did not have a will or only had a will in place, you will need an attorney to assist you in filing with the probate court. If your loved one had a trust in place, you will avoid the court process, but will still need to contact an attorney to ensure the trust is administered properly and all expenses of the estate are paid.

5. Relocate abandoned pets- If a loved one died leaving pets alone in the house, immediate steps must be taken to relocate the animals with another family member, friend or local shelter. You may also want to contact your loved one’s attorney to find out if they had legal plans in place to care for their pets upon their passing.

6. Contact social security- Social security must be notified following the death of a loved one. You should call them at 1-800-772-1213. Benefits will be stopped upon notification and you can also inquire about surviving benefits for a spouse or child.

7. Claim important benefits- If your loved one had life insurance or was entitled to death benefits from his or her place of employment, union or civic organization, it’s important to contact such places and find out how to start your claim.

8. Consider long-term care for the surviving spouse- If your loved one left behind a surviving spouse who is elderly and unable to live alone, consideration should immediately be given to his or her long-term care. This could mean having the spouse stay with a family member until residency at an assisted living or nursing home facility can be arraigned or hiring in-home health aides who can provide care on a daily basis.

In addition to following the steps above, I also invite you to contact me, your neighborhood Orange County probate lawyer, if you need help sorting through the legalities (including the probate process!) following your loved one’s passing.

Tags: estate planning documents, health care agency, orange county probate lawyer
Posted in California Probate, Orange County Estate Planning | No Comments »

Orange County Probate Lawyer Reveals Why Planning Should be a Family Affair After Heiress Leaves Millions to Her Dogs

Monday, August 2nd, 2010

From the desk of Darlynn Morgan, Orange County Probate Lawyer

In a bizarre estate battle out of Florida, Brett Carr, the only surviving child of Heiress Gail Posner claims his mother’s staff manipulated her to leave millions of dollars and a lavish mansion to her pet dogs and the people who continue to care for them following her death in March.

Carr on the other hand was only left with $1 Million—a tiny fraction of Posner’s overall estate.

Here’s a snippet of the story from the TODAY show website:

“The bizarre will Posner left behind when she succumbed to cancer at age 67 in March is front and center in a lawsuit Carr filed against the estate, claiming his mother’s staff drugged and brainwashed her into signing over the biggest chunk of her holdings to them and her pets.

‘They saw a frail woman who was vulnerable, who had a delusional ego; she thought she was a movie star,’ Carr told Matt Lauer on TODAY Monday.

Slowly, they got into her world. And they saw, ‘OK, it’s working and it’s growing,’ and they completely took advantage.

(You can continue reading the full story here.)

Carr further offers home videos showing his mother’s aides in action and an admission from the heiress herself regarding the aide’s “control” over her affairs as proof that she was manipulated into giving the majority of her estate to her dogs and the staff would continue to care for them following her death.

And despite whatever proof or knowledge of his mom’s “real” wishes he may claim to have, Carr will be stuck battling this out in court for months, or even YEARS until a judge can determine if that is indeed what the heiress wanted done with her estate.

That is why as an Orange County Probate Lawyer, I can’t stress enough the importance of children staying involved with (and even helping them coordinate) their parent’s end-of-life care and estate planning needs so these surprising and unexpected consequences are avoided at their time of death.

And I want to make it clear that these ‘surprises’ are not limited to the ultra-rich either! If you don’t keep your documents updated as your life (and the law) changes through the years, your estate (or that of your parents) could end up going outright to an ex-spouse, a child with a serious addiction or money problems or even someone you named YEARS ago but forgot to remove after you fell out of relationship with him or her.

So moral of the story?

Have your documents reviewed often and make sure the estate planning process stays a family affair. Do what you can to ensure there are no postmortem surprises and that your will, trust and other estate planning documents will work exactly as you want them to should the unexpected occur.

Of course if it’s been awhile since your estate planning documents (or those of your parents) have been reviewed, call me, your neighborhood Orange County Probate Lawyer, at 949-260-1400 and schedule a Free Family Wealth Planning Session (normally $750) with the mention of this article. However, these appointments are limited to 10 per month so call today!

Tags: estate planning documents, orange county probate lawyer
Posted in California Probate, Orange County Estate Planning | 4 Comments »

You MUST Update Your Estate Plan Following a Divorce, Warns OC Probate Lawyer

Thursday, June 10th, 2010

From the desk of Darlynn Morgan, OC Probate Lawyer

For those of you following Gary Coleman’s death and subsequent will fiasco, it appears as though Coleman’s ex-wife, former manager (who is the original beneficiary of his 1999 will), and his parents are gearing up for a nasty and expensive battle in Utah probate court.

Of course there are a number of reasons for this, but essentially, Gary Coleman did not have the proper estate planning documents in place following his divorce in 2008. Consequently, his end-of-life wishes were not clearly known at the time of his passing and now a judge will have to decide who gets his pension and remaining assets as a result.

The story breaks down like this:

1999- Coleman had a will drafted leaving his assets to his friend and former manager should something happen to him.
2007- Coleman marries then 21-year-old Shannon Price and files a handwritten amendment known as a Codicil leaving all of his assets to her should he die.
2008- Gary Coleman and Shannon Price divorce.
2008- Gary Coleman and Shannon Price reconcile.
2009- Shannon Price arrested for domestic violence against Coleman
2010- Gary Coleman suffers brain hemorrhage after a fall in his home (which some mistrusting fans still believe his ex-wife had something to do with).
2010- His ex-wife (who claimed to be his wife at the hospital) made the decision to pull the plug, resulting in Coleman’s death at age 42.

Of course as this story unfolded, many people were outraged that Coleman’s ex-wife had the right to pull the plug or make medical decisions for Gary Coleman in the first place. However, she did have the legal ability to do this under Utah common law, and Coleman simply didn’t have health care directives in place stating otherwise.

The same holds true with Coleman’s assets. Because Gary did not have documentation in place stating that he wanted or did NOT want his ex-wife to still receive his assets following their divorce, all parties involved are now headed to court to fight for his estate.

However, the attorney who helped Gary file the codicil in 2007 believes Shannon Price won’t receive his assets anyway because the couple is divorced and under Utah law, the original 1999 will (leaving everything to ex manager Dion Mial) still stands.

Would Coleman have wanted that? Was he even in contact with his ex-manager at the time of his death? Again, we’ll never know because he did not take the time to put his wishes in writing.

So the moral of the story is this: Gary Coleman should have updated his will following his divorce so everyone would be clear on his wishes if, and when, something happened to him. Who knows, maybe he DID want his ex-wife to get everything he had, but because of his failure to consult with a lawyer after such a major life change, she may now lose out under Utah law.

So as an OC probate attorney, I can’t stress enough the need to update your estate planning documents after every major life change you experience such as a marriage, divorce or birth of a child.

If you don’t, someone you would never want to make important decisions on your behalf or receive your entire inheritance may end up doing so because of negligence on your part.

And of course if you have gone through a divorce and now need your estate planning documents updated, we offer complimentary “divorce wills” and Family Wealth Planning Sessions ($750 value) that you can take advantage of simply by calling our OC probate law firm at 949-260-1400 . However, these sessions are limited to 10 a month so schedule your appointment right away!

Tags: estate planning documents, oc probate attorney, oc probate lawyer
Posted in California Probate, Orange County Estate Planning | 1 Comment »

Where to Keep Your Newport Beach Estate Planning Documents

Tuesday, June 1st, 2010

From the desk of Darlynn Morgan, Newport Beach Estate Planning Attorney

I am often asked by clients and friends of our firm “where is the best place to keep my estate planning documents?”

It may sound like a silly question, but where you keep your Newport Beach estate planning documents is a critically important decision in ensuring your original copies are not lost, damaged or forgotten about through the years.

My top recommendation on where to keep your Newport Beach estate planning documents is a safe deposit box. With a safe deposit box, you can rest easy knowing your documents are in a centralized location and protected from theft, fire, damage or accidental loss.

However, if you do choose to store your Newport Beach estate planning documents in a safe deposit box, be sure to let your family know that you a) have a safe deposit box, b) where it is and c) how to access it if something happens to you. It may also be a good idea to put a joint holder on the box to ensure your family can open it in your absence.

You can also store your documents in a home safe that is waterproof and fireproof. Yet I’m leery of this approach simply because in most cases of home robbery, thieves will take the entire safe out of the home and root through it later for jewelry and money. So if your safe is not secured or bolted to the floor, this may not be the best option for your documents either.

Finally, you can store your documents at the office of your Newport Beach estate planning attorney, but again, be sure to let your family members know they are there if something happens to you!

And as always, remember to physically pull your documents out of the safe deposit box (or wherever you hide them!) every few years to make sure they are up to date. An outdated will is just as bad, if not worse than one ravaged by fire or flood!

If it’s been a few years since your Newport Beach estate planning documents have been reviewed and updated, don’t just put your head in the sand and do nothing. Simply mention this article and come in for a free Family Wealth Planning Session ($750 value) and get your documents checked out before tucking them away in the drawer again. Simply call 949-260-1400 to book your appointment (limited to 10 per month).

Tags: estate planning documents, newport beach estate planning, newport beach estate planning attorney
Posted in Orange County Estate Planning | No Comments »

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