You Will Feel Better After You Make the Call

Think about the peace of mind that you will have after your estate plan is modified. Think about the gifts that you can provide for your children, your partner, and the rest of your family. You and your estate planning lawyer can:

• Name a guardian for your child should anything happen to both you and your child’s other parent. Who will raise your child? This is the single most important thing you need to take care of as a new parent. You want to make sure that, even in your absence, your child will be raised with your values and by someone who loves him.
• Make sure that your child is provided for financially. You want to make sure that all of your assets go to benefit your child. You may want to consider how you will pay for your child’s day-to-day expenses as a minor and his or her education expenses as a young adult.
• Make sure that your family knows your medical preferences and honors them. It is important to have health care directives so that nobody has to make the agonizing decision about when, or if, to remove life support.

If you do not modify your will, trust, other estate documents, then your child may go into the custody of a court appointed guardian, not have the funds for education or other things you deem important, and have to live with the uncertainty of whether the adults in his or her life made the right decisions when you died.

Being a Good Parent Isn’t Always Fun—Yet, it Is Always Worth it

As a new parent of a newborn you have many exciting milestones to look forward to over the next few months and years. As you anticipate your child’s first giggle, first steps, first day of school, and other achievements, you deserve to have the peace of mind that comes from knowing that you are doing everything in your power to care for your child.

To find out more about how to modify your estate plan to include your plans for your child, or children, start a live chat with us today, or contact us HERE. If you know any other new parents, then we encourage you to share this FAQ on Facebook so that they can have the information that they need to protect their children.

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What type of situations may lead a parent to modify an estate plan in order to have more ongoing control over trust assets that are for the benefit of children? Following are several common examples:

1. The child is a minor or is still relatively young.
2. The child has a history of being irresponsible with money.
3. The child has a history of drug or alcohol abuse.
4. The child is in a relationship that you fear may end in divorce.
5. The child is involved in an ongoing legal battle, or you fear there is a possibility that a lawsuit could come about in the future.
6. The child has significant credit issues.
7. The child is involved in a bankruptcy proceeding.
8. The child is emotionally or mentally immature.

Deciding whether you need to update your estate plan to change how assets are distributed to your children and what types of changes to make is an important issue that requires careful consideration. Meeting with your attorney will allow you to review your current documents and discuss your present circumstances. To learn more about updating your Orange County estate plan, call our office today at for a consultation.

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4 Options to Make Stepchildren Beneficiaries of Your Estate

If you are considering an estate plan update to incorporate your stepchildren, the following are four options that should be weighed:

1. Consider using life insurance policies to make gifts of specific dollar amounts to your stepchildren. You do not have to give your stepchildren the entire value of the policy. Instead, you can have them receive a percentage of the death benefit. This allows you to provide for your stepchildren without necessarily having to amend your will or trust. The drawback to this method is that it could result in your stepchildren receiving a greater percentage of your overall estate than you originally intended if the remainder of your estate shrinks significantly before your death.
2. Consider making gifts to your stepchildren during your lifetime. If you can afford to do so and if your attorney and tax advisor recommend it, making gifts to your stepchildren while you are still alive can help you provide for these family members without needing to amend your will or trust. A negative aspect of using this method is that it is difficult to predict your financial situation many years down the road. You may give away assets now that you need later.
3. Consider amending your trust to incorporate your stepchildren. In order for this method to work effectively, it is important to fund the trust during your lifetime or through the use of a pour over will at your death. If the assets are never moved into the trust, your stepchildren will receive nothing.
4. Consider executing a codicil to your will or creating a new one entirely. Doing so can help ensure that your stepchildren are treated as if they were your biological children when you die. However, if all of your assets are held in trust, owned jointly with a right of survivorship, or have a named beneficiary, the terms of the will may not guarantee that your stepchildren ultimately receive anything.

Fortunately, an experienced attorney can help you determine which option is best for your needs. Contact us today at (714) 282-7488 for more information.

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Take These Steps to Protect Your Family

As a new stepparent, it is important to:

• Talk to your spouse. Together, you may decide how all of your children will benefit from both of your estates. You both may want to modify your estate plans to include each other’s children from former marriages. Or you each may want to leave estate money and property to your own biological or adopted children and not your stepchildren. These are important issues to discuss.
• Consider your options. If you modify your estate plan to include your stepchildren, there are various options to consider. You may want to leave them specific property or make them the beneficiary of a trust. You may want them to receive an equal share of the estate. Once you make these decisions, it’s important to have your wishes written in your estate plan as soon as possible.
• Talk to an estate planning lawyer. You don’t want your children, stepchildren, or other beneficiaries to fight over or challenge your estate after your death. Thus, it is important to make sure that your estate is legally binding and enforceable after your death.

Here is a estate plan guide for new stepparents. This may be the time to modify your estate plan. Here, find out what to consider when you make changes. Because you want to protect everyone you love, we encourage you to think about your options, and take appropriate action as soon as you become a stepparent. Even if you have been a stepparent for some time, it is not too late to act or to protect your stepchild.

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Following are three examples as to why this is the case:

1. If a minor is named beneficiary of a life insurance policy, a guardian may need to be appointed by the probate court so that payments can be made. This will likely defeat the purpose of setting up an estate plan that allows for a smooth and efficient transfer of assets to your loved ones without the need for court oversight.
2. A child that is named as the beneficiary of a life insurance policy may not be mentally or emotionally mature enough to handle such a large distribution of assets. Life insurance policies are not replacements for living trusts. As such, the payout will be one or more large lump sums. This may be contrary to the strategy that you have set up for the rest of your assets, wherein you give a trustee control over the assets until a time that you feel is appropriate for your child to be in control.
3. Payouts from insurance policies that name your child as a beneficiary will not impose restrictions over the use of the assets. This may not be in line with your estate-planning goals. For example, if you wanted your assets to remain in trust while your child completes college or graduate school, you should modify your estate plan to utilize the trust in conjunction with your life insurance policy.

If I named my children as beneficiaries of my life insurance policy? Following are three reasons why you should consider updating your estate plan. In addition to these three examples, there are several other reasons why your estate plan should be updated periodically. To learn more estate plan modifications and the use of insurance as part of an estate plan, sign up for our free newsletter today.

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10 Questions to Consider Before Appointing a Life Partner Guardian of Your Child

While your life partner may be an excellent choice to raise your child after you pass, the decision should still be considered carefully. Ask yourself the following questions before making a final decision:

1. What is your child’s relationship with your partner?
2. Is the child old enough to express an opinion as to who should be the guardian?
3. Is your partner receiving assets from your estate that would assist with the costs of raising your child?
4. Will your partner raise your child in a similar manner to how you would?
5. Does your partner understand the goals and priorities that you have for your child?
6. Does your partner have other children of their own, making it more difficult to give your child the time and attention that they need?
7. Is your partner responsible?
8. Where does your partner live? Would the child be raised in their current home or town?
9. Would your child have to change schools if your partner were to raise him or her?
10. Is your partner young enough and healthy enough to be a long-term guardian for your child?

If you decide to name your partner as guardian, it is important to have this conversation with him or her before you pass. You will want to make sure that any questions or issues are addressed now, while they are still able to be resolved.

When creating your estate plan, you will need to appoint a guardian for your minor children. Consider carefully whether your life partner is the ideal choice. We are happy to assist you with this and any other questions that arise as you create your estate plan. We encourage you to view our client testimonials page today to learn more about how we have helped many other families create their ideal estate plans.

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5 Reasons to Update Your Estate Plan If You Wish to Include Stepchildren

Why should stepparents consider updating their estate plan? The following are five important reasons:

1. If you drafted your estate plan by making reference to your “children,” absent further modifications to your plan, your stepchildren would not be included in this group of beneficiaries. This is because the law does not treat stepchildren the same way it treats biological children.
2. If you do not update your estate plan to include your stepchildren, they may be left with nothing from your estate when you die.
3. If you do not update your estate plan to include your stepchildren, they may be left with nothing from their biological parent’s estate as well. This would be the case if the biological parent left everything to the surviving spouse, and the biological parent was the first to die.
4. Even if your children and stepchildren get along well and treat each other as if they were a biological family, there is no guarantee this will continue after you die. The loss of a parent is often emotionally stressful and difficult. During this time period, children and stepchildren may not cooperate as they once did.
5. Even if your children and stepchildren do get along well, it can be a mistake to rely on your biological children to simply “do the right thing” without updating your estate plan. If your children opt to give a portion of their inheritance to their stepsiblings, this may trigger undesirable tax consequences for the children.

Fortunately, updating an estate plan does not need to be a difficult or painful process. We are here to ensure that it is handled properly and efficiently. We encourage you to check out our client testimonials to learn more about how we have helped others.

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Modifying an Estate Plan After an Adoption

Wondering what types of modifications might be necessary if you adopt a child after creating an estate plan? The following are six common examples:

1. If the adopted child is a minor, ensure that you appoint a guardian in your will.
2. If you do not want the adopted child to receive assets outright when he is 18, consider including a trust that delays distributions until a later date.
3. If the adoption has not been finalized, modify the plan to ensure that assets are set to pass to the adoptee. Otherwise, he or she may not have any rights to your estate if you pass away.
4. If your adopted child has special needs, consider incorporating a special needs trust into your existing estate plan. This type of trust will allow you to set aside money for your child’s care without jeopardizing his or her right to receive government benefits.
5. If you have both biological and adopted children, update your estate plan to divide your assets between them as you see fit. You may opt to treat all children equally, or, you may decide to make different choices. For example, if your adopted child is significantly younger than your biological child, you may decide that the younger, adopted child needs more financial assistance than the older child.
6. If you want to outline certain goals for your adopted child’s upbringing, update your estate plan accordingly. For example, you may wish to include provisions in your trust to allow the child to remain in the family home, or to provide for their child if he or she wants to go to art school.

Regardless of whether you think the above scenarios apply specifically to your situation, it is a good idea to have your estate plan reviewed by an attorney after you begin the process of adopting a child. Your lawyer can help you identify areas of your plan that should be modified to accommodate your growing family.

after adoption it is important to update your estate plan. While many updates are needed, there are six common provisions that should be addressed. Want more information about modifying your estate plan as your family changes? We encourage you to sign up for our free newsletter!

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Update Your Will After the Birth of a New Child Under These Circumstances

At a minimum, after the birth of your child, it is crucial to contact your attorney. He or she may recommend an update to your will for the following reasons:

1. In addition to the change in your family size, there may be other changes in your circumstances that warrant an update to your will.
2. Your will may have been drafted so that your children are specifically named instead of referred to in a broad term. In these cases, it is important to update your will to name all of your existing children.
3. The birth of a child is an excellent reason to meet with your attorney to discuss an update to your estate plan as a whole, including your will. Even if you ultimately decide that an update is unnecessary, the meeting will have been valuable since you took the time to review your circumstances and discuss your options.
4. The birth of a new child means that you have a minor, and that you will need a guardian appointed for a longer period of time. You may decide that the birth of your child is a reason to update your guardian appointment in your will.
5. If you do not want your assets shared equally among your children, the birth of your new child is an excellent reason to modify your will in order to accurately reflect the inheritance that each child should receive.

Should I update my will if I have another child? If you are interested in learning more about updating your will after the birth of a child, we encourage you to contact us today. Send us an email today!

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How can a modification to a trust in Anaheim reduce your in-law’s access to trust assets? The following is an overview:

• The trustee can hold the assets in trust for the benefit of your grandchild until she is no longer a minor.
• The trust can give the trustee guidelines to make distributions for specific purposes until the trust is terminated.
• The trust can dictate that the in-law is not to serve as trustee.
• The trustee can you use his discretion to determine whether a request for a distribution is ultimately to benefit the grandchild or the in-law.

I want to leave money to my grandchildren but want to be sure that my son-in-law does not control it. Should I consider a trust modification in Anaheim? To learn more about the process of amending a living trust in California, 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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