One of the first steps that many people take when they decide to do estate planning is simply that they go through and make an inventory of everything that they own. You probably have a general idea of your assets, but it can be helpful to see if there’s anything that...
Estate Planning
Should you keep some assets out of your will?
Most people understand the importance of creating a will. Better still, most people know the process of creating a will. However, it is not uncommon to ask what you should include in your will and what you shouldn’t. Well, you might be surprised to learn that not all...
3 steps that can help your estate avoid probate
Probate is a legal process your estate undergoes after you pass on. During this procedure, a court will validate your will and authorize your executor to distribute your estate to the right heirs and pay any debt or taxes your estate might owe. That being said, the...
The advantages and disadvantages of joint trusts
Many people make a trust to ensure responsible parties handle their assets. Per California law, a trust is valid if the settlor establishes it and if said trust involves property and a beneficiary. Though you can establish a trust alone, you could consider sharing it...
When should you update an estate plan?
Your estate plan tells your loved ones what you want to happen with your assets when you pass away. It also sets up the plan for what happens if you become incapacitated. Many adults don’t realize that creating an estate plan isn’t a one-time deal. If you’re one of...
The advantage of using a discretionary trust
When you create a trust as part of your estate plan, you get to decide how much discretion the trustee is actually going to get. In some cases, they get almost none at all. For instance, you may set up an educational trust fund with instructions that the money is only...
How can you plan for incapacity?
Creating an estate plan is a responsible step to take to help protect your loved ones when you pass away. Many people don’t realize that estate planning is about more than just planning for death. You can also use your estate plan to provide instructions and...
Why use a medical power of attorney?
You already wrote an advance directive for your doctors. It tells them the type of care that you want. More importantly, It tells them about the type of care that you don’t want. If there’s ever a time when you can’t make these decisions due to injury or illness, the...
Don’t make these 2 common mistakes with your estate plan
Making your estate plans can be one of the most rewarding things you can do not only for yourself but for your family. The estate planning process typically involves totaling all your assets and setting instructions for how they should be divided. The first time you...
Is it wise to do estate planning later?
Estate planning is something that’s going to be needed by everyone eventually. Most people understand this, which is why the majority of people say that it’s important to have an estate plan. However, studies have also found that the majority of people do not have an...