Planning, Protection, & Peace of Mind
Planning, Protection, & Peace of Mind
An estate plan in an arrangement to conserve, invest, use, manage, and transfer a person’s property, during life and after death. Some objectives in creating an estate planning are the following:
· To create an estate to maximize savings and investments and reducing or postponing taxes
that might be imposed at death;
· To ensure the care of minor children;
· To provide for your care and maintenance if you should become disabled or incapacitated;
· To facilitate transfers of trust property, both real property and personal property, at the time
of death
· To provide a benefit to family members and express your last wishes.
The estate plan consists of more than just a revocable trust or a will. In order to have a comprehensive plan, I can create the following documents:
· Revocable Trust = A revocable trust is a legal document that places the grantor’s assets into a
trust during his lifetime and then distributes them to his heirs or beneficiaries after his death.
The grantor can change or cancel the trust while he is still alive.
· Irrevocable Trust = An irrevocable trust is a legal document that places the grantor’s assets
into a trust, but the terms cannot be modified, amended or terminated for the purposes of
estate tax planning, eligibility of government programs, or asset protection.
· Pour Over Will = A pour-over will is a legal document that ensures an individual’s remaining
assets will automatically transfer to a previously established trust upon their death.
· Advance Health Care Directive = A health care directive is a document that allows you to
name a trusted person to oversee your medical care and make health care decisions for you
if you are unable to do so and set out your wishes for health care if you are ever too ill or
injured to speak for yourself.
· Durable Power of Attorney = A durable power of attorney is a legal document that gives
someone you choose the power to act as your agent in the event you ever become
incapacitated. Your agent will be legally permitted to take care of important matters for you.
Everybody needs some type of estate planning, whether it is a full comprehensive plan or alternative way of protecting yourself and your assets. The Law Office of Madison can help devise a plan that accomplishes your goals and makes sure that you are protected. Please contact the office to set up a consultation.
Once a person creates a trust, upon a certain event, usually upon their passing, the trust needs to be administered. Trust administration is the process in which the terms of the trust are carried out, there is a distribution of assets and certain steps are taken to comply with California law. The complexity of the administration will depend on the number and type of assets, the value of the assets, the number and identity of the beneficiaries and various tax provisions.
Trust administration is NOT usually a court-supervised process, which is one of the main purposes in creating a trust in the first place. The ultimate goal is to transfer the assets in accordance with the wishes of the loved one who has created the trust.
Trust administration provides for many advantages over probate in that the administration process has:
· Quicker distribution of property to beneficiaries;
· More private in nature because there is no court supervision or public proceedings;
· Usually less expensive then court proceeding because the fee is not based on a statutory fee;
· Property can be granted to various individuals who might not have received property through
the normal channels; and
· Limitations and instructions for distribution instead of outright distribution.
Most of the time, a loved one names you as the successor trustee and leaves you with the task of administering the trust. This can feel overwhelming, but that is where I can help. I serve as a legal adviser for trustees, offering guidance on such issues as successor trusteeship, investment options, standards of distribution, fiduciary responsibilities, titling of assets, estate tax planning, and income tax and property tax issues.
I can assist and guide you through every stage of the process and make sure that all necessary actions are taken in order to administer the assets to the beneficiaries and ensure a smooth process during a difficult time.
Probate is the legal process of validating a will (if one exists), paying the estate’s debts and taxes, and distributing property to heirs and beneficiaries. This task is usually undertaken by a person designated in the will as the “executor,” but if there is no will it is usually undertaken by a close family member such as a spouse or a child. Regardless, the person handling the probate usually does not have much experience with the probate process.
Once the personal representative is appointed by the court, they are responsible for:
· collecting, marshaling, and inventorying all estate assets;
· giving all proper notices required by law
· pay all outstanding debts and taxes
· deal with any real property in terms of selling, leasing, or transferring
· distribute property that remains to beneficiaries or heirs at law
· abiding by the California Probate Code statutory duties imposed on personal representatives.
Often times these duties and responsibilities can be confusing, complicated and a legal minefield. That is where I can provide assistance.
Working with an attorney who understands California probate law can give you peace of mind that the details have been handled properly and that deadlines have been met. It also reduces the chance that an heir or beneficiary will have reason to dispute how the estate was handled.
You will need to probate any estate in which the deceased did not have all of their property in a trust or other nonprobate assets. Probate will occur if there was a will, if there was no will or if some assets were left out of the trust.
The Law Office of Madison Lanson can help you navigate the legal process, make sure you are following all the statutory rules, and assist you in the distribution process to all heirs.
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