Quality estate planning law services Orange County from Darren Veracruz: Living Trusts: Having a legal document that details what should happen to your assets upon your demise is a vital part of estate planning. One way to make sure that your final wishes are met is to create a living trust. There are three distinct benefits of creating a living trust; avoiding probate, saving money and maintaining the privacy of your estate. Probate Administration: Administering the estate of a person transferring their assets with a will or those dying without estate planning documents has benefits but the process is complicated and time consuming. We can help you understand your choices. Read additional info at https://veracruzlaw.com/.
You may stipulate that funds should be used for something specific — perhaps for medical care, college, or just for financial emergencies. Increasingly, parents want to keep the cash out of their childrens’ hands until they have reached a certain age and will be better able to manage these funds for their own benefit. The appropriate age depends on the beneficiary. You may want to consider how have they managed money in the past, or if there are any concerns about substance abuse or gambling. These questions and more should be considered when determining when (or if) the beneficiary should have ready access to funds from the trust you create. Of course, if your children are very young, you may not know how their money habits will develop. In this case, an older age may be most appropriate.
Best rated trust & probate attorneys Orange County, California with Darren Veracruz: Additionally, if you have selected someone as your Medical Power of Attorney, it’s advisable to make sure they are aware of that designation, and that they are familiar with your wishes so that should the time come, they can feel confident in their decisions. The person selected as your Financial Power of Attorney should also be made aware of their designation, and at least be given a general overview of the assets that will be under their direction. Let them down easy, if necessary. You may have loved ones who expected to play a significant role in your estate plan, who are not. You may want to sit down with them to specifically address their feelings around the subject, which we will discuss with greater consideration in a future blog post. These conversations might not be easy, but proactively sharing your wishes with your loved ones may help them understand and respect your choices, and ultimately serve as an important gesture of goodwill.
Lutheran Social Services of Southern California (LSSSC) was founded in 1944 and has dedicated the last 78 years to providing comprehensive emergency, transitional, and preventative services to at-risk communities. Over the years, LSSSC has expanded its service to eight area centers throughout six counties across Southern California- all aimed to address barriers to access in the areas of homelessness, food insecurity, health inequity, socioeconomic disparity, and education for the underserved. To adequately address these needs, we utilize evidence-based practices to design holistic services that contribute to long-term transformation.
There are a number of forms involved including: Bureau of Firearms Form 53 – Automated Firearms Request Form – If you are unsure what guns the deceased owned. Bureau of Firearms Form 4546 – Notice of No Longer in Possession – If you cannot locate any of the firearms or do not have them anymore, then you will want to submit this form. This is also a great anti-liability form getting you and your estate out from under any kind of problem or issue that may arise. If a transfer occurs between immediate family, parent and child, grandparent and grandchild, or spouse, you really only need to ensure that the member has a right to own them.
Have your estate planning done. Set the end of the year as your deadline to finally get this completed. Figure out why you have been procrastinating and conquer your fears. If it’s because you don’t have an attorney, ask friends and acquaintances for referrals. If it’s because you aren’t sure who you want to be the guardian for your minor children or who you want to be your executor or trustee or how to divide your estate, your attorney can help you decide. (You can always change your mind later; don’t let these decisions keep you from putting a plan in place now.) If money is an issue, start with what you can afford (a will, power of attorney, health care documents) and upgrade later when you can. Your attorney may also be willing to accept payments. Read even more info at trust & probate attorneys Orange County.