Having a family or being married are not the only reason to create an estate plan. Single people need estate planning too. We discuss the reasons for creating an single life estate plan.
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Joint ownership of property my help avoid probate but does not mean you don’t need an estate plan! Talk with one of our attorneys to help you decide the best way to protect your property.
Millennials Should Talk With an Estate Planning Lawyer to minimize the risks now and in the future to their assets and to help prepare for things as they change throughout their lives. Here are three reasons to make that appointment.
Your vacation property may have been a place where memories were created for your children, and they may wish to continue those traditions for years to come. Make sure you include them in your estate plan.
Need a Will or Trust? Call Our California Estate Planning Attorneys
Ten Real Estate Questions to Ask while Creating Your CA Estate Plan
Vacation properties are unique in that they often hold both a financial and emotional value to beneficiaries of an estate. Your vacation home may have been a place where memories were created for your children, and they may wish to continue those traditions for years to come. Other beneficiaries may view ownership of the vacation property as more of a hassle than it is worth. Regardless of the scenario, many unique issues can arise when an estate contains vacation property. Fortunately, an experienced trust attorney in California can assist you in creating an estate plan that efficiently addresses your vacation property.
The following are just four of the many examples of situations that illustrate the importance of creating an estate plan when you own vacation property:
Some of your beneficiaries may wish to hold on to the vacation property, while others may wish to sell the property. By creating an estate plan in Orange County that addresses the vacation property, you are able to build in a fair mechanism for allowing some beneficiaries to own the property, while others do not.
Disagreements may arise over how taxes and other maintenance costs related to the property should be paid. An estate plan can instruct the beneficiaries as to exactly how these expenses are to be paid.
Disagreements may arise over the use of the property. Your estate plan can place some controls over the use of the property.
You may wish to restrict the class of people entitled to inherit an interest in the property. For example, you may wish to prevent the spouses of your beneficiaries from receiving any ownership rights in the property.
Whatever the scenario that may exist, it is vital that you create an effective estate plan for dealing with your assets. The knowledgeable Orange County trust attorneys at the Law Office of James F. Roberts & Associates, APC, will do just that. Call our office today at (714) 459-5481 for a consultation.
Having a court-appointed guardian offers far less control for you and less protection for your family. Set up an appointment today with an estate planning attorney to make sure your family is protected.
Why can’t I just have my child own a life insurance policy on my life rather than setting up an irrevocable life insurance trust?
Clients who opt to use direct ownership as a way to keep life insurance policy proceeds out of their estates often name their beneficiaries as the new owner. However, there are a lot of reasons that a trust would be a better option for the policy funds.