If you have thought at all about estate planning, congratulations! You have already saved your family lots of hassle and expense. If you have set up a living trust, even better; you are very well prepared. However, even the best-laid plans sometimes change. When this happens, you might find yourself in the position of restating a trust.
Every parent worries about what will happen to his or her children after the parent dies, but single parents have double the worries. If you are married, the default option is that your children will stay with your spouse. They may remain living in the same house, and your spouse will most likely continue to work to take care of them financially. As horrible as it is to think about your spouse and children having to adjust to life without you, it is even scarier to think about your children’s future without you if you are a single parent. Therefore, it is important for single parents to get started on estate planning — even single parents who are young and healthy.
Certain legal terms cause people to clutch their wallets in fear. With regard to income taxes, people fear the word “audit". In family law, they fear the word “alimony”. The scariest word in estate planning is “probate,” which refers to the process by which the court effectively dictates what happens to a deceased person’s property. Knowing the term "transfer on death deed" can make probate far less scary. Unfortunately, since the implementation of this new estate planning tool, people are discovering title insurance problems with transfer on death deeds.
Owning property together is just one of the ties that can connect family members. Often through inheritance family members suddenly have to deal with the unexpected consequences of jointly owned property. It is important to understand how real property title can affect who receives the property when an owner dies.
To settle revocable trust assets after the trustee's death, you will follow a process similar to probating a will but without the court process. With this in mind, there are a few differences you must know. The successor trustee must follow specific steps to handle this process correctly. If you leave anything out, then the revocable trust may not be settled. A People's Choice can help you navigate the sometimes complicated process of how to settle a revocable trust after the trustee's death.
When most people think of estate planning, they assume it will be costly. After all, we are talking about your life's possessions here! However, inexpensive estate planning options will enable you to meet your goals without breaking the bank. While estate planning does not have to be expensive, you should do it correctly. A People's Choice can help with document preparation and other types of estate planning logistics. We don't cost nearly as much as an attorney, and our clients often save thousands of dollars.
In order for a disabled person to receive disability benefits, such as Supplemental Security Income (SSI) and Medicaid, he/she must demonstrate that he/she needs the income to live independently. Any assets, even gifts from family members, may be counted against him/her, and could reduce his/her benefits. There are two ways that family members can contribute to a disabled person without those contributions affecting their benefits- special needs trusts and California ABLE accounts.
A power of attorney is a legal document that allows you to appoint another person to manage your affairs in the event you become incapacitated. There are different types of power of attorneys. Each type permits the person you appointed, known as the "attorney-in-fact," to exercise different degrees of control over your affairs. They may be able to control your finances, make decisions about your health, or both. Most people do not realize there are different variations of this designation.
Creating an estate plan will make sure you and your loved ones are taken care of in case you become incapacitated or die. For larger estates, your estate plan should include a living trust and pour over will to avoid probate. Fortunately, there are many solutions to make a simple estate plan without a lawyer. Read on to learn more.