Wills and trusts lawyers in Newport Beach have a pretty vast base of knowledge when it comes to what they do. In order to share a bit of that, here are the ABCs of wills and trusts in California.
A – Always work with an experienced lawyer.
B – Beneficiaries are those who receive the assets of the trust, at the discretion of one or more trustees.
C – Consider trustworthiness, financial savvy, and interpersonal dynamics when choosing a trustee. A good wills and trusts lawyer can help develop a strategy for this.
D – DO NOT use a one-size-fits-all wills and trusts product such as those found online or in office supply stores.
E – Everyone should have an estate plan!
F – Federal rules and taxes will apply.
G – Guardians should be named for all minor children or any individuals with severe disabilities.
H – Heirs are typically those who inherit something under state law because there was no will or trust in place.
I – Investments are an important means when you want a trust to grow.
J – Judges are responsible for determining who gets what if you don’t have a will or trust in Orange County.
K – Keep reviewing your estate plan each year with your wills and trusts lawyer in case there is a need for changes.
L – Legacies can be created in many different ways, and many of those don’t involve money.
M – Married couples have some special considerations to discuss with their Newport Beach wills and trusts lawyer, such as what happens to assets should the surviving spouse remarry.
N – Now is always the best time to start your estate planning.
O – Only about half of Americans have a will.
P – Parents have many options when it comes to providing for their children through trusts.
Q – Quit ignoring reality and find a wills and trust lawyer who can help you prepare for the future.
R – Revocable trusts serve a variety of purposes and can be revoked at any point during your lifetime.
S – Select a backup or “successor” trustee in case the person you originally chose cannot fulfill the role.
T – Trustees have legal authority over the trust and are legally required to manage it responsibly.
U – Universal and term life insurance are just a couple of ways a wills and trusts lawyer can help you fund a trust.
V – Valuable items—whether for monetary or emotional reasons—are some of the most commonly mentioned assets named in wills and trusts.
W – Working with a Newport Beach lawyer ensures your wills and trusts are upheld under state law. (Bonus: If you reside in more than one state, it’s best to work with a wills and trusts lawyer in both.)
X – Xenial lawyers will not just provide advice, but will make you feel comfortable while ensuring that you are well-informed about the decisions you’re making.
Y – You should realize by now you need a Newport Beach wills and trusts lawyer.
Z – Zero in on your goals for the future and make them happen!