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What Rights Do You Have as a Grandparent?

Generally, if your child’s will and estate plan were created according to California law and are found to be legally binding, there may not be much you can do to change them. It is likely you will have to respect the decisions that your child made and find a way to live with your child’s choices.

However, if you believe that your child’s will or estate plan was created with undue influence by a third party or your child did not have the mental capacity to create a will or estate plan, you may be able to challenge the will and estate plan.

You Are in a Difficult Situation

You want what is best for your grandchildren and for your whole family, but you may not have the legal authority to change the terms of your child’s will and other estate planning documents. We encourage you to find out more about your rights by reading our related links and subscribing to our free newsletter for regular updates on topics that may be of interest to you.

Related links:

• Can a Beneficiary Challenge a Trust?
• Understanding Undue Influence

The post What If You Disagree With the Estate Plan Created By Your Adult Child and Your Grandparent Rights? appeared first on Law Office of James F. Roberts & Associates, APC.

The following is a list of changes that are generally permissible, even before a divorce is finalized:

1. You may revoke a revocable living trust.
2. You may revoke a non-probate transfer.
3. You may sever a joint tenancy, such as real estate or joint ownership of a bank account.

While you may be permitted to make these changes, there are some requirements that are involved. For example, the proposed change must first be filed with the court. Thereafter, the change must be served on the other spouse before the change takes effect.

Despite these extra steps required to make changes to an Anaheim estate plan, it is still worth considering. Consult with your estate planning attorney to discuss whether the changes are important for your overall estate plan. It is important to keep in mind that if a joint tenancy remains in effect, one spouse would inherit the entire asset if the other spouse passed away.

If you are in the process of waiting for my divorce to be finalized, it is very important to think about updating your estate plan. view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Call our office of experienced Anaheim trust modification attorneys today at (714) 282-7488 for a consultation.

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Planning Your Estate: Know Who Might Create Conflict

What groups of people are prone to conflict when a person dies or becomes disabled? The following is an overview:

1. Spouse and children. This is especially true in families involving second marriages. It is very easy for either your spouse or your children to feel short-changed when it comes to your estate planning. In addition, since it is difficult to predict the future, it can be tricky to create a plan that accomplishes your goals for both parties. It is crucial to talk through the various options available to you in great detail with your attorney.
2. Children. While some families have siblings who get along well, others are not so lucky. Even if your children get along well while you are alive, losing a parent can stir up many potential issues that can lead to disputes among children. If you are not treating your children equally as part of your estate plan, it is important to discuss your options with your attorney when creating your estate plan. It is also important to understand that what you may consider equal, your children may not. For example, perhaps you paid for graduate school for one child but not for another. An attorney can help you plan to avoid disputes.
3. Loved ones and your business partners. If you own a business with other parties, issues can easily arise if you die without proper planning done during your lifetime.
4. Co-trustees or co-personal representatives. Before naming multiple people to serve jointly in these roles, it is important to understand the types of issues that can arise. Your attorney can help you to understand whether using co-fiduciaries is right for your estate plan.

When creating an estate plan, there are many disputes between certain groups of people that can arise if your estate plan is not created properly. Fortunately, creating your estate plan can be a much easier process when done with the guidance of an experienced professional. We are here to help. We encourage you to contact us today for more information at (714) 282-7488.

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Naming Your Trust as Beneficiary of Life Insurance Policy Can Give You Added Peace Of Mind

Naming your trust as beneficiary of life insurance policy is not necessary to avoid probate because the named beneficiary would receive the funds outside of probate. However, you may still want the protection of naming the trust the beneficiary of the policy.

An example we will discuss my own personal trust.

My wife and I have substantial life insurance policies, and each has our trust listed as beneficiary. We did this intentionally. If we were to get into a car wreck and I were to pass away and my wife outlive me for some short period of time, then if she were listed as my beneficiary the checks would come to her. In her name, then if she died shortly after and was never able to cash the checks, they would force our children to open probate simply to use the life insurance policy which was supposed to avoid probate all along. We instead named our trust the beneficiary so that if something happens our successor trustee can simply handle the issues and the money will come from the insurance into the trust and be able to go where we decided it would go when creating our trust. This allows us to avoid probate because anything over $150k would cause our beneficiaries to go through probate and having a trust allows us to avoid that worry.

I know it is complicated, but if you have any questions then give us a call and we can talk about how to help you avoid that added worry and protect your loved ones. Contact us today and set up an appointment.

We offer a many different resources and pamphlets on the subject of creating, updating and implementing estate plans. We also offer a regularly scheduled seminar in our office to help people determine what the best options are for them in their estate planning needs. We hope you sign up for one of our seminars to help you find your best options.

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5 Issues That Can Arise Between Second Spouses and Children From a Previous Marriage

What types of conflict can arise between spouses and children from previous relationships? The following are five examples:

1. If you leave the majority of your assets to your children, your spouse may feel she’s being left with nothing. This can feel frightening and stressful for a surviving spouse because she may worry about how to support herself going forward.
2. If your plan is designed to first take care of your spouse, with the remainder left to your children after your spouse dies, your children may feel as though their step-parent is robbing them of their “rightful” inheritance.
3. If you leave assets for your spouse in trust and name a child as trustee, the spouse may feel as though the child is controlling his or her property, giving rise to conflict.
4. If your plan is designed to distribute assets to your children only after your spouse dies, consider carefully the age difference between your spouse and kids. If the age difference is not substantial, there is a chance that your children may never receive an inheritance because the spouse could outlive them.
5. If you leave some or all of these assets to your children, your spouse may feel that your children are taking what belongs to her. She may feel a sense of ownership over certain assets even when the assets were held in your name alone.

After a second marriage, it is important to have an estate plan in place. Your planning should consider issues that could arise between children and second spouses.As you create your estate plan, we can help you with a strategy that accomplishes your goals while minimizing the risk of conflict. Check out our client testimonials page today to learn more about how we have helped previous clients achieve their estate planning goals.

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Related Links

• Implementing an Estate Plan: Family Meeting When a Loved One Struggles
• Anaheim Estate Attorney: Having “The Talk” with Your Aging Parents

Creating an estate plan in Orange County is vital to ensuring that your affairs are administered in the manner that you choose after you become disabled or pass away. As part of the estate plan creation process, you may consider holding a “family meeting” that involves your beneficiaries, your fiduciaries, and your professional advisors. There are many advantages to holding this type of meeting. The following are just a few examples of why a family meeting may be right for your estate planning needs. A family meeting can be used to:

• Explain what steps you have already taken in the estate plan creation process.
• Outline your reasons behind your estate planning decisions.
• Educate your fiduciaries with regard to the intention for your estate plan, as well as how you would like it to be carried out.
• Explain to your loved ones the roles of the various fiduciaries.
• Explain to your loved ones what steps they should take if you become disabled or pass away.
• Explain the overall estate plan administration process.
• Give your loved ones an opportunity to ask questions about the plan.
• Begin the process of building a relationship between the beneficiaries, the fiduciaries, and the professional advisors who will be called upon to help administer the plan.

An experienced Orange County trust lawyer can oversee the family meeting. For those who prefer more privacy and desire to keep their wishes confidential until after their passing, the family meeting can also be tailored to be more of a vague discussion as to the roles and duties of a fiduciary and the basic concept of each document. Contact the knowledgeable Orange County trust attorneys at the Law Office of James F. Roberts & Associates, APC, for more information. Call our office today at (714) 282-7488.

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