Torrance California Estate Planning Law Blog

Creating a will is an important step in planning for the future of your estate and family after you're gone. A well-crafted, comprehensive estate plan can take time and expertise to complete, but it's worth the effort to mitigate the chances of a complicated, divisive probate process.

Poorly written or out-of-date wills can present any number of issues during a probate process. Beneficiaries are already struggling to grieve the loss of a loved one which means tensions are high and emotions are at the forefront for many involved in executing a will. To lessen the likelihood of a litigious probate process, keep in mind some common errors in estate planning and work to avoid these pitfalls.

Many families today include children from more than one marriage. Unfortunately, very few parents of blended families anticipate the inheritance challenges that can arise after they pass away.

For example, if a father passes away and leaves all his assets to his second wife, he may intend for his estate to provide for her throughout her lifetime with the remaining money to be distributed among his and her children. However, when the second wife dies, all her assets, which include those she received from her husband, may end up with only her children, and the children from the man’s first marriage may end up with nothing.

At the end of a calendar year, a Torrance resident may take stock in where they have spent their money and what they need to do to save for the future. This is often the result of looking at one's earnings and how they might be affected by federal and state taxes. For some, a surplus of income may mean looking into options that include giving to organizations and individuals that can benefit from financial support.

Charitable giving is a big part of many Californians financial planning. This is because many important social programs cannot run without patronage. As such, individuals may choose to give to charities when they are alive and through their estate plans.

Most California residents believe that their estate planning is finished once they execute a will. While a will is an excellent tool to provide information and guidance on how a decedent wishes to pass on their wealth and assets to their beneficiaries, there are options for individuals who wish to take more control of their estates. One tool that is well-suited to individuals who want to avoid probate is the revocable living trust.

A revocable living trust is a trust that is created during a person's lifetime and that may be revoked or changed. A person may put their assets into a trust and effectively remove them from their ownership, for once a piece of property is moved into a trust, it is owned by the trust and not the original owner. Therefore, a person may create a revocable living trust while they are alive, place their property into it, and then manage it for their own benefit and the benefit of those they love.