Torrance Trusts and Estates Law Blog

Much of estate planning focuses on how an estate can avoid the probate process. There are many reasons why an individual may want to do this. To start, probate can stall the asset distribution process. It requires the identifying of assets, the settling of debts, and determining how assets should be disbursed amongst heirs and beneficiaries. This process can be costly, too. This can cause heirs and beneficiaries to lose a significant amount of their inheritance's value as court and administration fees are withdrawn.

While a competent estate plan can help some Californians avoid the probate process altogether, there are other ways to minimize the impact probate can have on an estate. For example, California law allows for a simplified probate process when the value of an estate is $150,000 or less. Here, a successor need only follow a few simple steps in order to satisfy the law and ensure a quick transition of assets. To start, a successor needs to wait at least 40 days after the estate planner's death. Then, once that time has passed, the successor must submit an affidavit under penalty of perjury that states some pertinent information, such as the decedent's name, date of death, and a number of facts about the estate, its value, and its management.

The will is often thought of as the most basic of estate planning tools. This is true to a certain extent. This document basically spells out how one's assets will be distributed upon death.

As easy as that may sound, the truth is that even basic estate planning requires a lot of attention to detail to carry out effectively. Failing to thoroughly vet your will and other estate planning documents, such as trusts and powers of attorney, can lead to disastrous consequences for your estate and your beneficiaries and heirs.

Recently on the blog we talked about Medicaid planning and the effectiveness of long-term care insurance. These are important matters, considering the fact that most of us will need some sort of long-term care in the future. To successfully address these matters, individuals need to have some foresight. They need to know how to protect their and their family's financial interests, which usually means that they have to address these matters in a number of ways, including by creating an effective estate plan.

This can be a complicated process, which is why skilled legal professionals stand ready to help. A qualified attorney will know how to create trusts that allow assets to be excluded from consideration with regard to certain public benefits. This tactic is often successful in allowing an individual to retain wealth while at the same time secure benefits through programs like Medicaid.

Watching a parent or loved one get older and become less independent can be a difficult and upsetting experience. You may notice that you have to help them with an increasing amount of daily tasks, and you may also witness their personality change from being energetic and outgoing to reserved and fearful. If you are worried about their safety when they are home alone, you may have considered what the benefits of residential care could be.

If you are already convinced that a nursing home could increase your loved one's quality of life and safety, you will need to bring up the topic, which can be emotional and scary. If you are concerned about your loved one's future, you should consider approaching the topic sensitively. The following are some tips for discussing future living options with an aging family member.