Was Your Living Trust Designed Just for You?

Perhaps you already had an estate plan drafted for you that includes all the proper documents including a Revocable Living Trust, Pour-Over Will, HIPPA Release, Durable Power of Attorney, and an Advance Healthcare Directive.

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Divorce and Estate Planning

Divorce is a mess. I know first-hand. There are several things you should consider after some of the smoke clears. If you don’t have an estate plan, now would be a great time to get it done. If you do have an estate plan, you will want to make some changes.

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How do I Create a Will?

A Will is a document that is drafted and executed (signed and witnessed) in accordance with California law that is used to dispose of a person’s property after their death. Some other characteristics of a Will is that it only “speaks on death” which can be interpreted to mean that it has no true significance until the person that created it (the Testator) dies.

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Asset Protection – Keeping the Inheritance Safe Part 2

How many ways are there to distribute an inheritance? Basically there are two ways: outright, and in Trust.

An outright gift provides no protection, and no direction. Now, if you have a beneficiary that is absolutely fantastic with handling money, and you have no concerns about creditors, predators, divorce, the possibility of losing means tested public benefits such as Medi-Cal or SSI, or concerns about the beneficiary’s own self-destructive tendencies, then outright is likely the best choice.

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Comparing a Will to a Living Trust Estate Plan Part 2

To pick up from where we left off in Part 1, here is what we are comparing with Wills and Living Trusts.

Part 1 of this Blog covers reasons A and B. Part 2 covers C and D.

Let’s look at these reasons and compare Wills and Revocable Living Trusts

A. To manage and control your property while you are alive and well.
B. To provide for ourselves and those who depend on us in the event that we lose capacity
C. To give what we want to whom we want
D. To minimize professional fees, costs, court costs, and the like.

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Asset Protection – Keeping the Inheritance Safe Part 1

As discussed elsewhere on my website and in my Blog, I have mentioned why people create Estate Plans. They do so for the benefits that Estate Planning provides. There are many benefits to creating a Revocable Living Trust, but we can condense them to four reasons or categories. These reasons are:

To control your Estate while you are alive.
To provide for yourself and the loved ones who depend on you.
To give the property you wish to give to those beneficiaries you select.
To minimize professional fees, court costs, taxes, and other costs.

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Why Does Someone Need a Will or Trust?

William Daniel Powell William Daniel Powell is a San Diego attorney that focuses his practice in the Estate Planning area helping families and individuals with Estate Planning needs. This is his regular blog where he writes on various subjects relating to estate...

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What is a Revocable Living Trust?

William Daniel Powell William Daniel Powell is a San Diego attorney that focuses his practice in the Estate Planning area helping families and individuals with Estate Planning needs. This is his regular blog where he writes on various subjects relating to estate...

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