Probate attorneys in Orange County work extensively with wills and trusts, as well as in situations where one was never created.  But for the typical citizen, these topics can seem quite mysterious.  When you throw in words like “estate” (only rich people have those, right?) and “probate” (is that when liquor was illegal?), things can get even more confusing.  Here, a probate attorney from Orange County walks you through some of the most common estate planning terms.

Assets

Assets are anything that you have that can be owned or controlled in a way that produces value.  Obviously, money is an asset, but so too are property, vehicles, businesses, stocks and bonds, other investments, personal items, and more.  If it can be converted into cash, it is considered an asset and should be accounted for in your estate plan.  If no will is created, the probate court may end up doing this accounting after your passing.

Beneficiary

A beneficiary is the person who is named to receive inheritance, such as all or part of a life insurance policy or the ownership of assets of a trust.  The word is often used to describe heirs when they have been specifically named.

Estate

An estate is not simply some rambling mansion on acres and acres of land in some exotic locale.  Really, your estate is determined by adding up all of your “assets” and subtracting your “liabilities.”  The difference is your net worth and is what will be passed on to your heirs.

Heirs

An heir is someone who may receive part or all of your estate upon your death.  This term is often used when the probate process is used to designate who will inherit personal items, property, money, etc.

Liabilities

While you would generally consider your home to be an “asset” to be passed on to your “heirs,” it can pose a liability.  These are outstanding bills and debts that need to be cleared up, either before the probate process or with the assistance of a probate attorney.  Some costs will be ongoing throughout the process, such as the mortgage on that home, property taxes, and many other administrative expenses.

Living Will

This document explains your ‘end of life’ wishes should you become somehow incapacitated.  It covers things such as who will be in charge of making medical decisions for you, as well as outlining what decisions you would like to have made.

Probate

When an individual dies without having made clear, legal wishes about his or her “estate,” the courts must step in to determine how best to divide the “assets” and take care of any financial obligations.  This is done through a process called probate during which everything is accounted for and decisions are made based purely on legal precedent.

Trust

There are a number of different types of trusts that can be created as a part of your “estate” plan.  These are used to transfer your property, money, etc. to another person before or after your death.  This may seem redundant when using a “will,” but there are a number of benefits to creating a trust, one of which is that it can save a tremendous amount of money for you and your “heirs.”

Will

Aside from seeing “the reading of the will” on some television drama, many people are still uncertain of what this mysterious document is all about.  Also sometimes called a testament (as in “last will and testament”), a will is a legal document that determines how your “estate” will be managed after your death.  It names an “executor of the estate” and outlines your wishes for “inheritance” and “beneficiaries.”

There is a lot to know about estate planning law, and this quick list will at least familiarize you with some of the most common terms.  If you are currently administering an estate and aren’t sure what to do next, you may benefit from contacting a probate attorney in Orange County.

As an Orange County Probate Attorney, I know that handling the legal end of a loved one’s death can seem nearly impossible, especially when you are grieving. Figuring out what documents you need and why can be even tougher. But the collection of the proper documents is something that needs to be done after a loved one passes away.

As an attorney who handles estate and probate issues in Orange County on a regular basis, I understand that this task is not an easy one, especially when you are dealing with the emotion of your loss. We are sorry that you have to go through this difficult time.

That is why we have created a checklist of the paperwork you’ll need to handle the estate. It is important to keep this information secure at all times, and it is not a bad idea to use a lockbox to store these documents when they are not in use.

Your loved one’s documents:

- Certified copies of the decedent’s birth certificate, death certificate, and marriage certificate

- Divorce decree(s) from all previous marriages

- Will or trust papers

- Insurance policies

- List of assets (house, car, jewelry, etc.)

- Bank account numbers

- Social security card or number (for both you and the deceased)

- Credit card numbers and statements

- Deeds to any real estate

- Tax return from the previous year

If you need help gathering any of these documents or have questions about why they are needed, contact our Orange County probate office at (949) 260-1400 to schedule a Family Wealth Planning Session.

As an Orange County probate attorney, I understand that after losing a loved one, there are few things that you would rather do except grieve for your loved one and celebrate their life. But unfortunately, life doesn’t stop moving, and in order to carry out your loved one’s wishes, there are certain steps you must take almost immediately after the funeral.

In a series of blogs, I will explain the 9 most critical steps you must take– which are in no particular order. Some of the steps may seem simple, but can turn into a lengthy process if not handled properly.

Let’s take a look at the first step, which is taking a property inventory.

In many instances, you would trade everything you own just to have your loved one back with you, which means you have little interest in the property that he or she left behind. But in order for an estate to be properly distributed, a list of the person’s assets and property must be made.

This list includes:

- Real estate, including those that are business-related or for vacation

- Stocks and bonds

- Bank accounts

- Retirement accounts

- Contents of safe deposit box, including jewelry

Most of these assets should be mentioned in the will, but use the above list to verify that everything is there.

If you are having a hard time compiling this list, please don’t hesitate to contact me, your neighborhood Orange County probate attorney at (949) 260-1400 to schedule a complimentary consultation.

For many people, Orange County Probate is extremely confusing.  Not only is it confusing, but it’s time consuming, eerily public and a very costly way to have to sort through your loved ones affairs when they are gone.

That’s why I want to take a few minutes today to walk you through the process so you know what to expect if you are currently dealing with the Orange County probate court.

Basically when a person passes away, the Superior Court of the County will finish off the financial proceedings of his or her estate. This process can last anywhere between eight months to many tedious years.

The executor (who hopefully was appointed in the deceased’s will if he or she had one) will generally file with the Superior Court to let them know who will be handling the deceased’s financial matters. If there is no executor appointed, the Superior Court will typically send out letters to all the heirs of the deceased in letting them know of future proceedings set to take place.

In every proceeding you have advantages as well as disadvantages. One “advantage” of Orange County probate is that a judge is going to handle disputes among family members. As you can imagine, this is common after the passing of a loved one, especially if someone does not agree with the provisions laid forth in the deceased person’s will or if there was no will to begin with.

Yet for most people, the disadvantages of Orange County probate typically outweigh the benefits.  As I mentioned earlier, the process could take years, which is a problem for families desperately waiting on money or assets to get by. It’s also expensive, as lawyers are required through the entire process and will be paid their full fees out of the proceeds of the estate.  Finally, its public, which means every scam artist and busy body in town will know exactly what your loved one has and who is getting what now that they’ve passed.

That’s why it’s extremely important for families to hire an Orange County probate attorney who understands the sensitive nature of such situations and also knows how to get the financial and legal closure a family needs during this difficult time.   If you’re not sure where to start in finding a compassionate, yet experienced Orange County probate attorney, I invite you to mention this article and call (949) 260-1400 to see what your next step would be.

As an Orange County probate attorney, I meet with many young families each month who know they need a will or guardianship nominations to protect their children if something happens to them, but they are at a loss on how to financially provide for their family in their absence.

This is actually a concern for many young families who simply don’t have large savings accounts, investments or other assets that their children could use for life expenses.   To compensate for this, I find many young parents choosing guardians that are financially well off, instead of choosing who they would really want to care for their kids if something happened to them.

Fortunately as an Orange County Probate Attorney, I’m able to intervene and help parents choose the guardians they want by shifting the focus to life insurance.  For young couples, life insurance is a great way to make sure your kids are provided for financially should the unthinkable occur.  Not to mention, the earlier you take out a life policy, the lower your premiums (or payments) are each month.    This could allow you to take out a more significant policy at a price point you are easily able to afford.

Specifically, if you should unexpectedly pass away, money from a life insurance policy will provide your family with:

-          Instant liquidity to cover funeral expenses, medical bills or any other immediate payments that must be satisfied following your death

-          The ability to maintain their current lifestyle and cover expenses such as tuition, mortgage payments, etc.

-          Emotional security knowing their needs will be provided for well into the future

Except in the case of someone who has a serious medical condition, a life insurance policy is a smart choice for parents who want to make sure their kids are provided for financially when they are gone.

However, if you feel overwhelmed by the prospect of buying life insurance or aren’t sure where to start as it relates to getting your overall financial house in order should the unthinkable happen, call our Orange County probate office at (949) 260-1400 for immediate help.

You can also mention this article and you can come in for one of our Family Wealth Planning Sessions for free (normally $750–limited to first 10 callers).  In that appointment I will personally hold your hand and help you take the steps necessary to make sure your children and family stay protected in your absence.   Again, simply call (949) 260-1400 to reserve your spot.