Posts Tagged ‘will and trusts lawyers’
Thursday, July 26th, 2012
There are a number of essential things a last will and testament can do for you, such as distribute family heirlooms and name a guardian for minor children, but there are some equally important things a will won’t do:
Diminish estate taxes – a will won’t help you decrease your estate taxes, but your Morgan Law Group attorney can advise you on what kind of trust instruments can accomplish this for you.
Provide long-term care – if you want to provide for someone with special needs or a person with long-term care needs, you will need to establish a trust or invest in a life insurance policy.
Distribute some types of property – to distribute assets from a retirement or investment account or the proceeds of a life insurance policy, you must execute the proper beneficiary designation forms, which supersede instructions in a will. If you own property jointly with someone else, your will won’t allow you to distribute that property.
Provide for pets – since pets cannot legally own property, you will either need to establish a pet trust or designate a caretaker and provide funds for the care of your pet after you are gone.
If you’d like to learn more about wills, living wills, advance health care directives, Power of Attorney for Health Care designations or any other aspects of estate planning, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.
Thursday, July 7th, 2011
Change is an inevitable aspect of your life. Seasons, styles, your likes and dislikes – nothing is immune to time.
The same goes for your will. The people whom you want to inherit your assets can change as the years pass by, as well as your preference for guardians, trustees or executors.
That’s why as a Newport Beach estate planning lawyer, I want to provide you with some basic “triggers” that signify a need to update your will or trust so it always reflects your wishes as your life and the law changes through the years.
Let’s take a closer look:
- After a marriage or divorce. Including your new spouse or excluding your former spouse should be clearly outlined in your will, in order to prevent problems after you are gone. Regardless of the state of your marriage, what is outlined in your will must be carried out.
- After the birth of a child or grandchild. If you have your children or grandchildren specifically not named in your will, ask your estate planning lawyer how to go about adding their name. If you know that you want your assets to be equally divided among your heirs, you can mention that, too, instead of using specific names.
- After major changes in your insurance policies. Any time your assets change by a significant amount, it is a good idea to take a peek at your will to see if changes need to be made.
- As your babies grow older. It is not uncommon for a young couple re-evaluate the decision of who will care for their kids as time passes, but this re-evaluation needs to be added to your will also. If the original named guardians are no longer suitable or pass away, make sure to choose someone else and change the will to reflect this.
Want to learn more mistakes to avoid during the estate planning process? Contact the experienced Newport Beach will and trust lawyers at Morgan Law Group and ask if you qualify for a free Family Wealth Planning Session ($750 value).
Southern California Probate Attorney / Estate Planning Lawyer / Wills & Living Trusts Law Firm
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The estate planning law firm of Morgan Law Group, apc serves all cities in Orange County, including: Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Capistrano Beach, Corona Del Mar, Costa Mesa, Coto de Caza, Cypress, Dana Point, as well as estate planning in Foothill Ravnch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, and estate planning and probate in Los Angeles, Mission Viejo, Newport Beach, and estate planning and probate law firm information in Orange, OC, Placentia, Rancho San Margarita, San Clemente, Santa Ana, Seal Beach, Tustin, Villa Park, Westminster, and Yorba Linda.