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Estate Planning
Do you know what would happen legally to you, your loved ones, your money, and everything else you care about if something unexpected happened to you?
If you have an estate plan and it is out of date, your assets could be lost to the State Department of Unclaimed Property, or to an unnecessary Court process.
If you do not know exactly what would happen for everyone you love and everything you own, then the first step is to find out exactly what would happen, legally and financially, so that you can decide if the current state of your affairs is okay with you.
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Planning for Your Children
"Did you know that 69% of parents have not yet named guardians for their kids? And of the 31% who have, most have made one of 6 common mistakes?"
Having a will alone simply does not ensure the care of your kids if the unthinkable happens to you.
If you are a parent of minor children (or those with special needs) who are counting on you, your estate plan must begin with your children always being taken care of by the people you want, in the way you want, no matter what happens.
At DeCosimo Law, one of our areas of greatest expertise is planning for the well-being and care of the children you love.
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Legal Guardian
Begin here with our report on the 6 common mistakes parents make when naming legal guardians for their kids and how you can fix them now.
Then, consider taking the very first step that every parent must have in place (no matter whether you have $1 or $10 million), and name legal guardians for your children for the long-term here.
Finally, if you have not already read the book Wear Clean Underwear, it is the best-selling book on legal planning for parents and it is a must-read. You can get a copy of it with my compliments for free here.
If you and your spouse or partner cannot agree on who would be the ideal guardian(s) for your kids, that is something we can help with. We have special training from the Family Wealth Planning Institute on helping parents work through this critical decision.
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Asset Protection
Nobody expects to be sued. Just ask the 20 million people involved in lawsuits last year.
Divorce, inheritance, health issues, creditors, employees, theft, changing markets, malpractice suits, sexual harassment claims, natural disasters, and disgruntled business partners are just a few issues that can result in devastating lawsuits for unprepared business owners. The highest level of risk falls on those who think they are immune.
Americans are now more concerned than ever about protecting their assets from creditor claims, taxes, divorce, and other disasters. Rightly so.
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Pet Trust
What is a pet trust?
A pet trust is a legal arrangement to ensure ongoing care and financial support for your pets in the event of your disability, incapacity, or death.
Creation: The pet owner (grantor) establishes the trust, naming a trustee to manage assets and oversee care.
Funding: Assets, such as money or property, are transferred into the trust to support your pets.
Care Instructions: Detailed care guidelines for your pets are provided in the trust document.
Appointment of Caregivers: You name caregivers for day-to-day pet care.
Successor Caregivers: Alternate caregivers can be designated if primary caregivers are unavailable.
Distribution of Assets: Specify how trust assets are to benefit your pets, covering expenses like food and medical care.
Termination: The trust lasts until your pets pass away, after which remaining assets can be distributed as instructed.
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Frequently Asked Questions
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It's a great question, and the answer depends on your specific situation. While a will is a powerful tool, a trust offers additional benefits that a will doesn't, particularly when it comes to avoiding probate, protecting privacy, and managing assets.
What a Will Does ✍️
A will is a legal document that outlines your wishes for how your property should be distributed after you die. It allows you to name an executor to manage your estate and appoint a guardian for minor children. A will is a foundational piece of any estate plan, but it generally must go through the probate process.
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If you die without an estate plan in California, you are considered to have died "intestate." This means the state's intestate succession laws will dictate how your assets are distributed, and a court will manage the process. This can lead to outcomes you may not have wanted and creates additional burdens for your loved ones.
The Process: Probate and the State's Rules 🏛️
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Probate in California can be a costly, time-consuming, and public process. Fortunately, there are several effective strategies to help you and your loved ones avoid it. Here are the most common methods:
1. Revocable Living Trust
This is the most comprehensive and popular way to avoid probate in California.
How it works: Read More
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Asset Distribution 💰
Without a will, state law dictates who inherits your assets, which may not align with your intentions. An estate plan, typically a will or a revocable trust, allows you to name specific beneficiaries, such as nieces, nephews, close friends, or a charity. It prevents your property from going through the lengthy and public probate process and possibly to distant relatives you barely know.
Incapacity Planning 🤕
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You should review your estate plan regularly to ensure it accurately reflects your current life, wishes, and the law. A "set it and forget it" approach can lead to unintended consequences, as your family situation, assets, and even tax laws can change over time.
When to Update Your Estate Plan
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This is an excellent and common question. The core difference between a revocable and an irrevocable trust is the degree of control you, as the creator of the trust (the "grantor"), have over the assets once they are in the trust.
Revocable Trust (aka Living Trust) 🤝
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Yes, you absolutely can. In fact, for many people, naming a non-family member as an executor or trustee is an excellent choice. The key legal requirement in California for both roles is that the individual is an adult (at least 18 years old) and of sound mind.
While many people naturally choose a spouse, adult child, or other close relative, there are often compelling reasons to look outside the family.
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Have Questions? email us at support@decosimolaw.com
SERVING ALL OF CALIFORNIA
Deanna sees clients in person in the Temecula Valley, and virtually. We make estate planning easy for everyone and every family in California.
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