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Torrance California Estate Planning Law Blog

What's In a Name? A Lot, When It Concerns Account Titles

Having an adult child added as an owner of bank account is a fairly common occurrence that allows both elderly parent and child to have access to the account if the parent needs assistance in managing their money. But most people don't know that by titling an account differently, the account can still be accessible without being owned by the child when the parent passes away.

Estate planning shouldn't begin near the end of your life

Many think of estate planning as something that only pertains to the rich. That's not the case though. It's actually a process that all adults, regardless of whether they're young or old, of means or not, could benefit from undertaking.

If you're waiting for the right moment to plan your estate, then there are certain life milestones that should get you thinking about doing it.

3 different varieties of trusts

Trusts are highly flexible documents that trust grantors can draft carefully to suit their needs. There are also numerous types of trusts to choose from when planning your estate. There are three common types of trusts that the average California resident might consider depending on his or her situation.

Revocable trusts: The trust creator sets up a revocable trust while he or she is still alive and maintains complete control of the trust in terms of modifying, revoking or changing it. These are often referred to as "living trusts." They are most valuable in permitting assets within the trust to bypass probate at the time of death.

The estate planning to-dos post-divorce

An estate plan doesn't become null and void simply because you've finalized the divorce. Unless action is taken, your entire estate, medical and financial decisions could pass to your ex-spouse upon your death or incapacity. To avoid this, you must update your plan as soon as possible.

Here are the most important things to update in your estate plan after parting ways with your spouse.

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