Trust Lawyer
A trust lawyer Beverly Hills, CA residents rely on from Inter Vivos, PLLC understands that most people don’t enjoy picturing a time when they are no longer here with those they love the most. It can be hard to imagine the future and everything you need to do to prepare for it. However, meeting our own mortality is an important step towards planning for the future. You need to think carefully about what will happen to your estate when you are gone. If you have a family, you need to think about how their future will be impacted as well. By writing an estate plan, you can ensure your legacy is distributed how you so wish. If you die without these documents, then the court may handle the distribution of your assets instead. They may make decisions that you may not necessarily agree with. To avoid that, you are highly advised to make an estate plan so that you have control over how your estate will be managed. It also prevents your assets from landing into the wrong hands. As you can imagine, most people are not too keen on the court system putting their hands into their estate. So knowing this fact often motivates people to get started writing their estate plan if they have yet to begin.
How Estate Planning Works
Estate planning refers to the preparations made to protect a person’s assets, name beneficiaries who will be receiving assets, and other related tasks once they pass away. It consists of several tasks that are completed to organize and secure assets. The purpose of an estate plan is to ensure that an estate will be distributed according to the wishes of the decedent (deceased individual). Having an estate plan means your beneficiaries will be left with the assets you want to bequeath to them, and prevents the court from making decisions you don’t approve of.
Things to Include in an Estate Plan
An estate plan can come in many forms, not all plans are made or structured the same way. What you should include in an estate plan depends on things like what types of assets you have and if you want to pass them down to anyone. If you want to leave special instructions for your loved ones, you can do that as well.
While estate plans are not the same for everyone, there are some key legal documents that are usually in them. Some of the things that you may want to include in an estate plan include:
- Will
- Trust
- Beneficiary
- List of Assets
- Power of Financial Attorney
- Power of Healthcare Attorney
- Appointed Executor
When To Update Estate Plan
Once an estate plan is made, it should be changed over time. It is a good idea to review it every couple of years, or if something important in your life happens. Your priorities may change, or you could go through an important life event that prompts changes to a plan. An estate plan must be updated to reflect changes that can occur during a lifetime. These documents outline your preferences regarding transfer of assets to beneficiaries, medical directives, powers of attorney, funeral wishes, deeds to property, and more. Once you are done writing your estate plan, the work isn’t over. You will have to update it as life goes on. For example, major life events that can require estate plan changes include the birth of a grandchild or the loss of a loved one that you intended to name as a beneficiary. Here are some of the most common reasons why clients come to a California trust lawyer in Beverly Hills at Inter Vivos, PLLC about editing their estate plan:
- Change in financial status
- Divorce or marriage
- Births or deaths
- Change in residency status
- New tax laws that impact estate
- Death of trustee or beneficiary
- Moving to a different state
- Unanticipated medical expenses
- Financial setbacks
- Buying or selling business
- Addition of in-laws to family
Probate and Intestasy Law
As a general rule, it’s a good idea to review your estate plan for changes every five years or so, unless big life events warrant you editing it sooner. Making sure your documents reflect current wishes is imperative in preventing your estate from disputes, probate, or other estate-related issues. Probate is a court-supervised process of distributing a deceased person’s estate. It can be a tedious process, which can force beneficiaries to have to wait an extended period of time before they can get ahold of assets passed down to them. When someone dies without an estate plan, the court will appoint an executor to transfer assets based on state intestasy law. Probate can be hard to understand and navigate, so if you have any questions about the process and how your estate may be affected by it, reach out to a lawyer for further guidance.
We’re Here To Help at Inter Vivos, PLLC
Estate planning can be stressful and confusing. But that’s where we come in! Instead of trying to navigate your way writing an estate plan on your own, let us do the tough work for you. You do not have to figure out estate planning on your own. You can access affordable services so that you can make an estate plan that addresses all of your needs and helps you accomplish your goals for the future. We can create estate plans that are tailored to your needs and wishes. Whether you need help writing your first draft, updating documents to reflect current wishes, or have other questions, a CA trust lawyer in Beverly Hills from Inter Vivos, PLLC is ready to take your call!
How to Know If You Need a Living Trust
A living trust is an estate planning document that creates a trust for assets you want to transfer into it. Although it’s more expensive to set up than a will, it comes with many advantages. Here are a few signs that you may benefit from a trust.
- You have reason to believe someone may contest your will. The last thing you want is for one of your family members to contest your will after you are gone. It will just make the entire situation stressful for everyone else. If you think that someone in your family may contest your will, it may be time to consider establishing a living trust. It is much more difficult to contest a living trust than a will.
- You are a private person. If you have privacy concerns, you have another good reason to set up a living trust. Unlike wills, trusts do not become public record. That means that strangers won’t be able to look up information about your assets and beneficiaries.
- You want more control over asset disbursement. One of the main advantages of a living trust is that it allows you to control how and when your beneficiaries receive their assets. For instance, if one of your beneficiaries is not very good with finances, you may decide to give them their inheritance in intervals.
- You want to support someone with a disability. If one of your close family members has a mental or physical disability, you may be concerned about how they will take care of themselves after you are gone. This is another good reason to consider establishing a living trust. In a trust, you can set aside money for your loved one’s care without it jeopardizing their government assistance benefits.
- You are concerned about your health. If you are facing health problems, it may be time to set up a living trust. In this document, you can select someone you trust to manage your health and financial matters when you are no longer able to do so yourself.
- You want to avoid probate. Probate can be time-consuming and costly, so some people want to avoid it altogether. If you wish to skip the probate process, you may want to establish a living trust. It can transfer your assets to your beneficiaries without going through probate.